A liquidation petition was filed against indebted developer Sunac China Holdings in Hong Kong amid its efforts to restructure its offshore debt for the second time, marking the latest drama for China’s cash-starved property sector.

Sunac’s Hong Kong-listed shares slumped 21 per cent to HK$1.38 at the noon break on Friday, after falling nearly 29 per cent in the morning session.

Sunac said it would make a statement later Friday, while China Cinda did not reply to a request for comment.

The company, ranked 18th among Chinese developers by sales, has told some of…

875 corporate insolvencies were recorded last year – the highest number since 2016.

New figures from Deloitte show that SMEs continue to be the worst affected.

The services sector recorded the highest number of insolvencies, followed by hospitality and retail.

There was a significant increase in the retail and hospitality sectors, up 64% and 48%.

Leinster had the highest number of insolvencies last year with 677 – that’s just under 80% of all insolvencies recorded.

The report lists a number of reasons for the high levels on insolvencies.

These include the higher cost of doing business for SMEs, the ending of the debt warehousing scheme, and limited working capital supports.

Unfortunately, the outlook isn’t much…

CHICAGO, Jan. 08, 2025 (GLOBE NEWSWIRE) — Amplify ETFs, a leading provider of exchange traded funds, today announced the scheduled liquidation of the Amplify U.S. Alternative Harvest ETF (NYSE Arca: MJUS) (the “Fund”).

Based on the recommendation of Amplify Investments LLC, the Fund’s investment adviser, the Board of Trustees of the Amplify ETF Trust unanimously determined that it is in the best interests of the Fund and its shareholders to liquidate the Fund.

The Fund will no longer accept creation orders after the close of business on January 20, 2025. Shareholders may sell their shares in the Fund prior to the end of trading on January 27, 2025. Customary brokerage charges may apply to these transactions. The Fund will…

A liquidation petition was filed against indebted developer Sunac China Holdings in Hong Kong amid its efforts to restructure its offshore debt for the second time, marking the latest drama for China’s cash-starved property sector.

Sunac’s Hong Kong-listed shares slumped 21 per cent to HK$1.38 at the noon break on Friday, after falling nearly 29 per cent in the morning session.

Sunac said it would make a statement later Friday, while China Cinda did not reply to a request for comment.

The company, ranked 18th among Chinese developers by sales, has told some of…

(InvestigateTV) — If you overspent during the holidays, you’re not alone. A recent survey by NerdWallet found that 28% of credit card users are still paying off 2023 holiday debt.

Leslie Tayne, a debt relief attorney, stressed the importance of taking action now to avoid repeating the cycle next year. She advised starting with a clear understanding of your current financial situation.

“Open up all of your credit card and financial statements, look online, and check your dashboards,” she said. “See where your money has gone and make a plan.”

Being proactive is key, Tayne emphasized.

“If you wait until the last minute in opening those bills and paying those bills, you could end up carrying those balances over to additional…

John Barnes, the former Liverpool and England winger, has been declared bankrupt by a Liverpool insolvency court only days after he was fired as manager of Tranmere Rovers.

Barnes, 45, gave his occupation as a ‘provider of media services, lately a footballer’. He was declared insolvent and will be discharged on 14 October, 2010.

The hearing took place five days after Barnes’ dismissal from Prenton Park, where his side lost eight of the 11 games under his control. Barnes had quit as manager of Jamaica in May to take over at the League One club, who are local to him.

It was the culmination of an unhappy career in management for Barnes, who had a lucrative playing career, winning 79 England caps and twice winning the Footballer of the Year…

SINGAPORE – EVCo, the electric van leasing company that went into liquidation in March, has been sold for an undisclosed sum to Pan Pacific Leasing Group.

Pan Pacific Leasing, a commercial vehicle leasing company, completed the deal on June 3 to take over EVCo’s fleet of 529 electric vehicles (EVs) and existing leasing contracts. But EVCo’s creditors have to wait longer before they can be paid, as the liquidation process has not ended.

EVCo, also known as Strides DST, was incorporated in March 2022 with a paid-up capital of $10 million. It was 60 per cent owned by transport operator SMRT’s business arm Strides Holdings and 40 per cent by Dishangtie Green Technology (Hong Kong).

In a statement, SMRT’s Strides Digital said…

Before its demise, Enron was a large energy, commodities, and services company based in Houston, Texas. Its collapse affected over 20,000 employees and shook Wall Street. At Enron’s peak, its shares were worth $90.75. When it declared bankruptcy on Dec. 2, 2001, shares traded at $0.26.

Enron’s History and Accounting Method

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• Sri Lanka’s prime minister said on Tuesday that his country was “bankrupt.”
• One expert blamed government incompetence for the financial crisis ravaging Sri Lanka. 
• Energy minister says fuel supplies have run out and it is now in talks with the IMF about a bailout.

Sri Lankan prime minister Ranil Wickremesinghe declared the country “bankrupt” on Tuesday as its financial crisis deepens.

The economy began to falter in late 2020, which the government blamed on the pandemic but one expert said was mainly caused by political mismanagement and racking up debts with China. 

Sri Lanka defaulted on its…