Insolvency Guardian Media Centre
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VAST Networks, once valued at over R1 billion, was shut down in 2019 after failing to turn a profit. Founded in 2014 as a joint venture between Dimension Data and Naspers, the company aimed to provide carrier-grade Wi-Fi across Southern Africa. Despite significant investment and expansion, VAST struggled to monetize its services. After unsuccessful sale efforts, the company’s assets were liquidated in 2021, fetching just R492,295 at auction.
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The seventh BizNews Conference, BNC#7, is to be held in Hermanus from March 11 to 13, 2025. The…
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The Karlsruhe Local Court began the provisional insolvency administration the following day and appointed Tobias Wahl, Partner and Attorney at Anchor Rechtsanwältegesellschaft mbH, as its administrator.
Volocopter develops all-electric vertical takeoff and landing (eVTOL) aircraft. Founded in 2011, the startup company is nearing the finish line to obtain aircraft type certification and launch its urban eVTOL, the VoloCity.
The company has said it aims to enter the market in 2025 following VoloCity’s successful certification by the European Union Aviation Safety Agency (EASA).
Dirk Hoke, CEO of Volocopter, commented: “We are ahead of our industry peers in our technological, flight test, and certification progress. That makes us an…
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(Bloomberg) — Saudi Arabia, one of the largest bond issuers in emerging markets last year, signaled it’s set to maintain a similar pace of borrowing in 2025 to help fund huge oil-diversification projects.
The kingdom’s funding needs this year are estimated to be 139 billion riyals ($37 billion), the National Debt Management Center said in a statement late Sunday. Just over 100 billion riyals will cover the budget deficit, while the rest will be used to repay maturing debt, the NDMC said.
As well as bonds, the Saudi government is likely to issue loans. Last week, it announced it got a $2.5 billion three-year revolving credit facility from three banks. They were Abu Dhabi Islamic Bank, Credit Agricole SA and Dubai Islamic Bank,…
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The recent judgment by the National Company Law Appellate
Tribunal (NCLAT) in NCC Ltd. v. Golden Jubilee Hotels Pvt.
Ltd.1 sheds light on the treatment of
operational creditors under the Insolvency and Bankruptcy Code,
2016 (IBC). This ruling emphasizes the evolving judicial
perspective regarding the categorization and sub-classification of
operational creditors, highlighting the need for flexibility based
on objective considerations.
This judgment seeks to establish a significant precedent
regarding the sub-classification of operational creditors within
IBC proceedings. It affirms that such classifications are
permissible when grounded in operational necessity and commercial
wisdom and aimed at maximizing value for the…
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Business insolvencies in Ireland hit their highest level in six years according to research by PwC.
Insolvencies increased by 16 per cent, although they came in below expectations as the fourth-quarter saw a drop off in company collapses. The total figure for 2024 was 852, which was well shy of PwC’s forecast that insolvencies would breach the 900 mark this year.
The retail and hospitality sectors accounted for more than 40 per cent of all insolvencies.
Liquidations accounted for almost 80 per cent of all insolvencies last year, while receiverships made up less than 15 per cent. The average lifespan of companies declaring insolvency in 2024 was 13 years, with the shortest being just 10 months and longest being almost…
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Business insolvencies in Ireland hit their highest level in six years according to research by PwC.
Insolvencies increased by 16 per cent, although they came in below expectations as the fourth-quarter saw a drop off in company collapses. The total figure for 2024 was 852, which was well shy of PwC’s forecast that insolvencies would breach the 900 mark this year.
The retail and hospitality sectors accounted for more than 40 per cent of all insolvencies.
Liquidations accounted for almost 80 per cent of all insolvencies last year, while receiverships made up less than 15 per cent. The average lifespan of companies declaring insolvency in 2024 was 13 years, with the shortest being just 10 months and longest being almost…
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Birmingham’s city center is thronged by empty lots with unfinished and unstarted building projects, like this one in the Deritend area.
In 1890, an American journalist named Julian Ralph traveled from New York to Birmingham, an industrial powerhouse lying squarely in the center of England, and found it to be “the best-governed city in the world.”
Over 12 breathless pages in…
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Source: Business Times
Article Date: 28 Dec 2024
Author: Tay Peck Gek
This comes after the family agreed to pay US$3.5b to the court-appointed liquidators of the company and top creditor HSBC.
Hin Leong’s founder Lim Oon Kuin and his two children were declared bankrupt last week, the electronic government gazette published on Friday (Dec 27) showed.
Better known in the oil trading industry as OK Lim, the 82-year-old, his 57-year-old daughter Lim Huey Ching and 54-year-old son Lim Chee Meng will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.
The bankruptcy stemmed from the former Singapore oil tycoon…
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PARIS, January 06, 2025–(BUSINESS WIRE)–Regulatory News:
ACTICOR BIOTECH (FR0014005OJ5 – ALACT), a clinical stage biopharmaceutical company developing glenzocimab, an innovative drug for the treatment of cardiovascular emergencies, announced today that the Paris Commercial Court, has declared on January 2, the company in liquidation proceedings.
The liquidator is Marc-Antoine Rey, SELARL BDR & Associés, 34 rue Sainte Anne, 75001 Paris, [email protected]
In view of this decision by the Paris Commercial Court, Acticor Biotech shares will not be listed again, and Euronext will shortly be asked to delist them.
Dr Gilles Avenard has published a letter to shareholders available on the Company’s website: www.acticor-biotech.com
AS Tallink Takso plans to cease operations within the next month and will undergo liquidation. The company will immediately begin negotiations to terminate taxi service agreements and other contractual obligations. Contractual taxi services will continue until all obligations are fulfilled, while non-contractual clients will be serviced for the next month. As part of the liquidation process, 14 employees from the office and call center will be made redundant.
All future capital allocation into these new ventures will be via equity investments and internal accruals, Tata Sons told lenders concerning the holding company’s new financing approach.
Tata Sons voluntarily surrendered its certificate of registration with RBI last year, after it repaid more than ₹20,000 crore in debt to remain unlisted.
Going forward, funding for its new businesses will largely…