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.
Reliance Strategic Business Venture Limited, a subsidiary of Mukesh Ambani-led Reliance Industries Ltd, has successfully bid for Karkinos Healthcare Pvt
SINGAPORE: A Singaporean casino high-roller who incurred a multimillion-dollar baccarat debt with The Star Gold Coast Casino has been ordered to repay the casino about A$38.7 million (S$33.6 million).
Dr Wong Yew Choy incurred an A$43 million debt at the casino in Queensland, Australia, between July 26 and Aug 2, 2018, but left Australia on the last day without settling it.
Star Entertainment Queensland, which operates the casino, attempted to recover the debt with a signed blank cheque he had previously given Star Sydney, a related establishment.
Dr Wong had exchanged the cheque for gambling chips in May 2017 as part of a cheque-cashing facility…
The Bill to amend the Insolvency and Bankruptcy Code (IBC), set to be presented in Parliament during the Budget session, may include provisions for the introduction of “group insolvency” norms, according to official sources.
To increase value maximisation of assets, reduce the workload of National Company Law Tribunals (NCLTs), and improve cost efficiency, there is a need to formally codify group insolvency norms, they said. Group insolvency refers to the process in which multiple companies under common management or ownership face insolvency issues simultaneously. For example, a default by one company in a group can trigger a cross-default affecting other companies within the same group.“This situation is typically complex due…
Australian luxury fashion retailer Harrolds has collapsed while owing more than $12 million.
The four entities that make up the Harrolds Group were placed into liquidation at the start of October.
In a statement provided to 9News, liquidator SMB Advisory put the department store’s collapse down to the difficult post-pandemic economy.
A shoe display at a Harrolds store. The luxury retailer has collapsed and gone into liquidation. (Harrolds/Instagram)
It said Harrolds owed its creditors more than $12 million.
“The decision to appoint a liquidator to the companies comes after significant efforts to navigate the post-COVID retail landscape, which has presented unprecedented challenges for businesses across the sector,” the statement…
It’s a smartwatch that promises to help keep children safe, but parents who have bought a Moochies device say it shows their kids are hundreds of kilometres away from where they actually are.
It’s just one among a slew of complaints customers have against the watch seller — from incorrect charges to difficulty cancelling plans.
Now, the Telecommunication Industry Ombudsman has raised concerns that the products are still being sold in the lead-up to Christmas, when “unwitting parents could buy these watches for their kids”.
‘Never even slightly accurate’: customer complaints mount
Marina Haddow bought her son a Moochies watch when he wanted to start catching the bus to school by himself.
The 10-year-old has autism and Ms Haddow wanted to…
The Vöcklabrucker Metallgießerei GmbH has become the latest company impacted by the ongoing crisis within KTM AG. The foundry initiated insolvency proceedings on Friday, putting 134 jobs at risk.
According to KSV1870, which represents the creditors, the company’s management had believed until recently that KTM AG would provide the necessary liquidity, especially after the firm was acquired by KTM Components GmbH in September.
The submitted documentation reveals debts amounting to approximately €3.5 million and details the jobs at stake: 103 factory workers, 23 office staff, and eight trainees. The insolvency filing was prompted by the company’s inability to pay salaries by the December 15 deadline.
KTM‘s financial situation appears to have deteriorated, as reports suggest the company has backtracked on its commitment to pay its employees before 2025. The Upper Austrian Chamber of Labour revealed that KTM staff will not receive their December salary, despite the company’s earlier promise to provide a 90 percent advance on the month’s pay.
The difficult situation arises amid financial challenges faced by KTM’s parent company, Pierer Mobility Group (PMG), which is currently undergoing insolvency proceedings. While KTM’s MotoGP project has so far remained unaffected, KTM’s failure to pay staff their salaries paints a grimmer picture than initially anticipated. Stating that KTM has backtracked on its promises, the Upper Austrian…
Reliance Strategic Business Venture Limited, a subsidiary of Mukesh Ambani-led Reliance Industries Ltd, has successfully bid for Karkinos Healthcare Pvt Ltd, a Mumbai-based technology-led oncology platform. The Mumbai Bench of the NCLT on 9th December 2024 approved Reliance Strategic Business Venture Limited’s Rs 352-crore resolution plan. Earlier, the Committee of Creditors (CoC) had approved the plan by 100 vote share.
As per the resolution plan, Reliance Strategic Business Venture Limited would pay 100% of the admitted claims of the creditors. The resolution plan offers to pay Rs 37.59 crore – same as the admitted amount – to secured financial creditors. Unsecured financial creditors would receive Rs 65.12 crore….
If you’re having trouble paying your credit card bills every month, a debt management plan from a nonprofit credit counseling agency might be the help you need.
A debt management plan has less effect on your credit score than other debt payoff options, like debt settlement or bankruptcy, and can help you pay down credit card debt while saving on interest.
What is a debt management plan?
A debt management plan is a type of financial product offered by credit counseling agencies that can help you pay off unsecured debts, like credit cards andpersonal loans. Secured debts — such as mortgages or car loans — and student loan debt aren’t covered.
A debt management plan lumps your debt payments into a single payment, reduces your interest…
