Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Oceania Glass, a leading Australian architectural glass manufacturer based in Dandenong, Victoria, has entered voluntary administration as of February 4.
German biomethane supplier Landwärme has today declared insolvency under the country's self-administration procedure and has initiated restructuring measures "to overcome
Oceania Glass, a leading Australian architectural glass manufacturer based in Dandenong, Victoria, has entered voluntary administration as of February 4.
Grant Thornton Australia partners Lisa Gibb, Said Jahani and Matt Byrnes have been appointed as Joint and Several Voluntary Administrators to oversee the process.
Specialising in float glass, coated glass and laminated glass, Oceania Glass operates distribution centres nationwide, playing a key role in the Australian construction industry. The Administrators have confirmed that the company will continue trading while an urgent financial review is conducted, alongside an accelerated sale process aimed at securing a buyer to keep the business operational.
In their submissions on White’s behalf, Marie and Russell argued NPDC’s pursuit of the rates arrears was wrong on multiple layers and failed to recognise the act.
Two days before a substantive hearing of the arguments, the council withdrew its proceedings and has since reassessed White’s land in line with the act as non-rateable.
Organisers of this week’s Treaty of Waitangi commemorative events learned about White’s win through a video post Martin-Kemp made on Facebook and invited her to speak on the main stage at Waitangi.
Keen to share his success, White will be with Martin-Kemp as she tells other freehold Māori landowners how they, too, could qualify for rates remissions and exemptions.
Katie Price has had her bankruptcy court case adjourned until next month, in the latest hearing to resolve her ongoing financial troubles.
The former glamour model was arrested at Heathrow Airport last month and appeared in court several days later where she was told by the judge that she must be present at all future hearings “no ifs, no buts, no holidays”.
Price, 46, arrived at the Rolls Building in central London on Tuesday morning in a black cab accompanied by a woman. Wearing black and with sunglasses to shield her face, she did not speak to the waiting press outside.
As she entered courtroom 15 of the Rolls Building, Price spoke to the public gallery, smiling and asking: “You alright there guys?”
German biomethane supplier Landwärme has today declared insolvency under the country’s self-administration procedure and has initiated restructuring measures “to overcome the consequences of the ongoing decline in prices of German greenhouse gas (GHG) emission reduction quota”.
Self-administration proceedings are a proven legal framework in German restructuring law analogous to the US’ Chapter 11 bankruptcy proceedings. They allow businesses to reorganise structures and financing while operations continue.
Landwärme attributed the price decline of German GHG tickets to an influx of imported, falsely-labelled biodiesel since the start of last year, as well as other alleged fraud cases regarding upstream emission reduction (UER)…
Insolvencies rose 12.1 per cent last year compared with 2023, with business insolvencies leading the way, up 28.6 per cent.
Construction, transportation and warehousing, and accommodation and food services were the sectors that saw the biggest increases in insolvencies in 2024, according to the Office of the Superintendent of Bankruptcy. Insolvencies include both bankruptcies and proposals.
The Canadian Association of Insolvency and Restructuring Professionals says 2024 saw a 15-year high in business and consumer insolvencies – about 375 insolvencies per day.
Association chair Andre Bolduc says businesses and consumers should expect continued pressure in 2025 amid potential tariffs and mortgage renewals.
Macau Asia Satellite Television (MAST) was declared bankrupt by the Court of First Instance last week, TDM reports.
The troubled Chinese-language broadcaster’s creditors have until mid-September to file their repayment claims.
Established in 2001, MAST has been engaged in labour disputes since around 2018 – both in Macao and in Taiwan. The station broadcasts in Macao, Hong Kong and Taiwan.
In light of the disputes, the Labour Bureau cut all non-resident labour quotas for the broadcaster, local media have reported. MAST has been accused of denying promised wages and of paying staff irregularly. In 2021, lawmaker Ella Lei held a press conference…
OTTAWA — Insolvencies rose 12.1 per cent last year compared with 2023, with business insolvencies leading the way, up 28.6 per cent.
Construction, transportation and warehousing, and accommodation and food services were the sectors that saw the biggest increases in insolvencies in 2024, according to the Office of the Superintendent of Bankruptcy. Insolvencies include both bankruptcies and proposals.
The Canadian Association of Insolvency and Restructuring Professionals says 2024 saw a 15-year high in business and consumer insolvencies — about 375 insolvencies per day.
Association chair Andre Bolduc says businesses and consumers should expect continued pressure in 2025 amid potential…
Insolvency board IBBI on Tuesday issued a discussion paper to provide clarity on various operational aspects including those related to coordinated resolution of interconnected entities and streamlining of submission of resolution plans. The paper proposes several amendments to address operational challenges in the resolution framework. The IBBI has invited public comments on the discussion paper till February 25 through its website. In the discussion paper, the Insolvency Bankruptcy Board of India (IBBI) said, one of the major proposals is to strengthen the Committee of Creditors (CoC) decision-making process by mandating regular review of operational expenses, particularly leased properties.
A Luxembourg court ordered Life insurance company FWU Life Insurance Lux into liquidation on Monday after several years of protracted troubles for the company.
Also read:
Luxembourg life insurer insolvency puts 30,000 pensions at risk
The Luxembourg insurance supervisory authority, the Commissariat aux Assurances (CAA), fined the company €200,000 in August 2024 for “deficiencies detected in the product supervision process and governance requirements”. The fine was accompanied by a ban on marketing its products in France.
No rescue possible
Last summer, FWU Life Insurance Lux SA informed the CAA that it “no longer met the Solvency Capital Requirement and Minimum Capital Requirement” set under law. Under threat of having its licence…
