Insolvency Guardian Media Centre
Family Metal Foundry Saves a Business The KTM Insolvency Nearly Killed MSN
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Lilium faces insolvency again Aerospace Global News
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Party says Jabu Mbalula’s appointment highlights gross failure in governance and accountability
ActionSA demands accountability for the appointment of insolvent acting Premier Jabu Mbalula
19 December 2024
ActionSA is deeply concerned about the shocking revelations surrounding the appointment of Jabu Mbalula as Acting Premier of the Free State. This appointment, marred by allegations of insolvency and the lack of proper vetting, highlights a gross failure in governance and accountability.
It has been confirmed that Mr Jabu Mbalula, who is also the MEC for Community Safety, Roads, and Transport, is insolvent and currently under debt administration. Despite this, he was appointed as both MEC and Acting…
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Image credit: Lilium
Lilium Aerospace has filed for insolvency again after a last-ditch funding deal collapsed, marking the end of the German eVTOL developer’s turbulent journey.
A group of investors had pledged more than €200 million to revive Lilium after its initial insolvency in October, but the funds never materialised. With no viable alternatives, the company confirmed it would cease operations
“While talks about alternative solutions are still ongoing, the chance for restructuring right now is highly unlikely and therefore operations will be stopped,” Lilium said in a statement. “Given the situation, this is deeply regretful for all employees and Lilium Aerospace thanks them for their resilience and…
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Thames Water has won court approval for up to £3bn in emergency debt that will allow it to avoid collapse – at least in the short-term.
The debt package is an important staging post for the utility, which supplies water and sewage services to nearly a quarter of the UK population, as it seeks to repair its finances.
Yet it still has a long way to go before it is out of danger.
Why did this happen?
Thames Water had said that it would run out of cash on 24 March. That outcome would force the government to take over in a special administration regime – a form of temporary nationalisation – in order to keep serving its 16 million customers across London and south-east England.
The company said the debt deal, with a host of investors and…
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Eskom debt relief: municipalities must meet conditions to avoid exclusion MSN
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New Look to close 26 Irish stores amid running losses and liquidation challenges Apparel Resources
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Insolvency law: Council settles on position for core capital markets union legislation consilium.europa.eu
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The High Court has now appointed a provisional liquidator for Paul Y’s five subsidiaries to handle debts and formulate a restructuring plan.
The government said while the 78-year-old company is undertaking a number of public works projects, the impact of the formerly-listed firm’s situation should be manageable.
In a statement, the government said the company is currently working on 13 public works projects — all but one of them were undertaken by way of joint venture with other construction companies.
Paul Y is also responsible for a number of projects for other public organisations.
“As the…
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The High Court has now appointed a provisional liquidator for Paul Y’s five subsidiaries to handle debts and formulate a restructuring plan.
The government said while the 78-year-old company is undertaking a number of public works projects, the impact of the formerly-listed firm’s situation should be manageable.
In a statement, the government said the company is currently working on 13 public works projects — all but one of them were undertaken by way of joint venture with other construction companies.
Paul Y is also responsible for a number of projects for other public organisations.
“As the…
Read the original article here
The alarming statistic, revealed by recent analysis, underscores the dire straits faced by small business owners in the state.
The construction and hospitality sectors have borne the brunt of these closures, accounting for nearly a third of the failed businesses.
The sectors, particularly vulnerable to economic fluctuations, have been severely impacted by high interest rates and reduced consumer spending.
Liberal…