The embattled German shipbuilding group FSG-Nobiskrug Holding along with its two shipyards and its design group have been provisionally declared insolvent by a German court due to a filing by an insurance company. Investor Lars Windhorst, who has controlled the group since a prior insolvency filing in 2020, is vowing to fight the proceeding and use it as an opportunity to reorganize the group.

The Flensburg District Court today, December 12, accepted the filing made by a health insurance company starting the insolvency process. The court named two prominent German lawyers, Christoph Morgen and Hendrik Gittermann, both well-known in restructuring cases as provisional insolvency administrators to oversee the operations, but…

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December 12 – Following the failed takeover of ADA Group, Belgian second-division club KMSK Deinze has been declared bankrupt by a local court in Ghent. 

The writing had been on the wall for weeks, if not months. In November, following the departure of ACA Football Partners, an investment firm from Singapore, ADA from Luxembourg, fronted by Doudou Cissé, who previously worked in the Middle East, took over the club, promising rescue from its mounting debts.

However, deadlines were not met and the club was slapped with points deductions as well as a transfer ban. Creditors moved to sue the club and on Wednesday, and a Belgian court declared the club bankrupt.

“The information and documents provided by the claimant show that…

Queensland call centre AGAT Business, currently under investigation by the corporate watchdog, has gone broke and been put into voluntary liquidation.

Customers had alleged AGAT sales representatives phoned them offering to check their current super arrangements for free before referring them to financial advisers.

Some of those financial advisers then recommended customers move their super to a troubled investment scheme called the Shield Master Fund.

AGAT’s collapse is one of a string of insolvencies that means some people who are worried about their investment in Shield have also had the call centre they dealt with close their doors and their financial advice firm shut.

This conduct of lead generators and financial advisers forms part of…

Several years of high inflation are still straining the budgets of millions of Americans. Despite recent cooling, essential living costs like food, gas and housing remain elevated. Many pinched consumers are turning to their credit cards to make ends meet. 

Consequently, many are becoming more reliant on credit cards, with an average credit balance of around $8,000. With credit card interest rates averaging 23.37% and exceeding 30% on some retail cards, the cost of carrying a balance can create an untenable…

Pope Francis has made headlines as he calls on the wealthier nations and institutions to reduce or potentially cancel debt owed by poorer countries. This plea, rooted firmly within the framework of global justice, aligns itself with the upcoming Vatican Jubilee Year slated for 2025, which opens new avenues for hope and renewal.

During his address, delivered at the Vatican, the Pope emphasized the pressing need for significant re-evaluations concerning international debts, stating, “Many nations find themselves unable to settle their outstanding debts.” He urged for substantial changes, alluding to the need for solidarity among nations so as to break free from the continuous cycles of debt and dependency.

The embattled German shipbuilding group FSG-Nobiskrug Holding along with its two shipyards and its design group have been provisionally declared insolvent by a German court due to a filing by an insurance company. Investor Lars Windhorst, who has controlled the group since a prior insolvency filing in 2020, is vowing to fight the proceeding and use it as an opportunity to reorganize the group.

The Flensburg District Court today, December 12, accepted the filing made by a health insurance company starting the insolvency process. The court named two prominent German lawyers, Christoph Morgen and Hendrik Gittermann, both well-known in restructuring cases as provisional insolvency administrators to oversee the operations, but…