Insolvency Guardian Media Centre
Until this morning, it seemed certain that Lilium would cease operations and let go all of its more than 1,000 employees. Founded in 2015, the Munich based electric aircraft startup, had recently failed to secure follow-on funding, and was reaching the point of insolvency. Just before Christmas, the company had to lay off all its employees.
But earlier today, on December 24th, surprisingly the signing of an asset purchase agreement with Mobile Uplift Corporation has been announced. Mobile Uplift is a company set up by an experienced consortium of investors from Europe and North America, who are intending to acquire the operating assets of the subsidiaries Lilium GmbH and Lilium eAircraft GmbH.
Subject to the satisfaction of certain…
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The National Company Law Tribunal has initiated insolvency proceedings against Hero Electric following a plea filed by the company’s operational creditor Metro Tyres, which has claimed a default of Rs 1.85 crore.
And, in keeping with the provisions of the Insolvency and Bankruptcy Code, the tribunal has suspended the Hero Electric board and in its place appointed Bhoopesh Gupta as interim resolution professional to oversee the company.
The NCLT bench rejected Hero Electric’s contentions that there was a pre-existing dispute with the operational creditor and said that it was “not just a moonshine or feeble legal argument.”
The objections raised by Hero Electric are not found “tenable in law” and have been duly negated by Metro…
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Lim Oon Kuin, the founder of Hin Leong Trading Pte., and his two children, Lim Huey Ching and Lim Chee Meng, were officially declared bankrupt on December 19, according to a government gazette published on December…
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Singapore Oil Mogul Declared Bankrupt After Empire Collapsed Bloomberg
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(Bloomberg) — Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.
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The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were both directors at the company.
Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, according to the gazette.
At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities. But the downfall of the man widely known as OK Lim came in 2020, as Covid—19 sent oil prices into…
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(Bloomberg) — Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.
Most Read from Bloomberg
The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were both directors at the company.
Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, according to the gazette.
At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities. But the downfall of the man widely known as OK Lim came in 2020, as Covid—19 sent oil prices into…
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Singapore Oil Mogul Declared Bankrupt After Empire Collapsed Bloomberg
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Former oil tycoon Lim Oon Kuin, 82, has been declared bankrupt along with his two children, according to a government gazette published on Dec. 27, 2024.
The bankruptcy order was made against the 82-year-old and his two of his three children — Lim Huey Ching, 57, and Lim Chee Meng, 54 — on Dec. 5.
It took effect on Dec. 19.
After getting sued by Hin Leong’s liquidators, the trio had a judgment of US$3.5 billion (S$4.75 billion) entered against them in September.
They said they would be filing for bankruptcy as they do not have enough…
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2024 was a busy year for the City of Swift Current filled with many accomplishments and accolades.
Mayor Al Bridal reflects on one of the biggest projects of the year.
“An exciting nuts and bolts part for me is Chinook Pathway completion from the hospital area the north east tying under the number one and number four highways back to the rest of the city so children and adults can walk and ride their bikes and not have to cross the highways and parents can feel safe about that.”
Mayor Bridal added that it was also a successful season fixing streets and sidewalks and in addition the city tried micro-surfacing for the first time. The cost of this process is less and Mayor Bridal says so far it looks good and…
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Borrowers are eligible if they register at least 50 hours at a Connecticut non-profit and meet other criteria.
HARTFORD, Conn. —
State Representative Corey Paris is all too familiar with the struggle of paying back student loans.
“I still hold student loan debt,” said Corey Paris, State Representative for the Stamford 145th district. “I put myself through school. I didn’t have the luxury of having family to be able to help me pay for school and that’s the reality of many of our young people across the state and country.”
It’s an issue that he still lives through till this day, which is why…
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