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.
Europe’s third largest Tour Operator “FTI Touristik” has declared bankruptcy upsetting the plans of thousands of travelers, with scheduled trips expected to be either canceled or partly suspended as early as tomorrow, Tuesday, June 4.
According to sources, the German-based company has reportedly settled any outstanding debts to nearly all its client hotels in Crete, while market pundits estimate the Tour Operator still owes approximately 2 million euros to hotels in the rest of the country.
FTI Touristik GmbH, the parent company of FTI Group, filed for insolvency with the Munich District Court. The company in its statement said trips scheduled to start from tomorrow, Tuesday, June 4, are likely to be canceled or only partially…
The National Bank has classified Commercial Investment Bank JSC as insolvent due to risky activities that threatened the interests of depositors and creditors. Writes UNN with reference to the NBU.
The National Bank has classified Cominvestbank as an insolvent bank. Since it held only 0.04% of the market, this will not affect the stability of the banking sector.
The basis for this decision was the establishment of the fact of risky activities that pose a threat to the interests of depositors or other creditors of the bank, based on the following identified features: improper organization of the internal control system, including the risk management system, and insufficient income of the bank.
Shoosmiths is pleased to announce the appointment of Jonathan Dunkley as a partner in its Corporate Restructuring & Advisory (CR&A) team. Jonathan is based in Shoosmiths’ London office, where he will play a key role in enhancing the firm’s CR&A capabilities.
Jonathan joins Shoosmiths from Womble Bond Dickinson, where he led the London Restructuring and Insolvency team. He brings extensive experience in advising lenders, insolvency practitioners, underperforming companies, creditors, and purchasers on a broad range of insolvency matters, with a particular focus on corporate insolvency transactions. He has a proven track record in guiding clients through the complexities of insolvency, from initial contingency…
The Hyderabad bench of the National Company Law Tribunal ( NCLT ) held that the Comittee of Creditors ( CoCs ) can take decision to consolidate the Corporate Insolvency Resolution Process ( CIRP ).
The application has been filed by the suspended director of M/s. Manjeera Retail Holdings Private Limited ( MRHPL ),Gajjala Yoganand which, along with its holding company, Manjeera Constructions Limited ( MCL ), is undergoing the CIRP.
The Corporate Debtors were admitted into CIRP and the Resolution Plans approved by their respective Committees of Creditors ( CoC ) have been submitted by the common Resolution Professional ( RP ).
The applicant submitted that both companies have common assets and liabilities being inextricably intertwined…
Consolidating your credit card debt this holiday season could be a smart move for a few different reasons.
Getty Images/iStockphoto
With the holiday season underway, millions of Americans are grappling with an unprecedented level of credit card debt, which has surged beyond $1.17 trillion nationwide. This staggering figure isn’t just a number — it represents countless families struggling under the weight of high-rate debt, with the average cardholder owing approximately $8,000 on their credit cards before even starting their holiday shopping. And with average credit card interest rates sitting above 23%, many…
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WE heard a lot this week about financial pressures and difficult decisions during the Scottish Budget. Let’s be clear though, those experiencing the toughest financial pressures and most difficult decisions every day are people like those the Citizens Advice network supports across Scotland.
With Christmas just a few weeks away, some people might be thinking about last minute stocking fillers. But for thousands of others, they’re thinking about meeting the most basic and essential needs. They are worried about keeping their homes warm and how to put food on the table.
That’s why we want anyone worried about energy bills and how they’ll afford the essentials to know that we’re here to help.
Reserve Bank of India Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors under the insolvency resolution process.
While emphasising that the Insolvency and Bankruptcy Code, which was introduced in 2016, has gained significant traction as a recovery and resolution mechanism, Rao also said significant improvements are needed with respect to the area of the Committee of Creditors .
The Committee of Creditors has a key role in implementing the corporate insolvency resolution process under the IBC.
At a conference in the national capital, Rao said there have been instances where the Committee of Creditors’s performance has been found lacking in several aspects.
True Value, a 75-year old hardware store brand, has filed for bankruptcy and is selling substantially all of its operations to a rival, the company announced Monday.
In a press release, True Value said it will continue day-to-day operations of selling hardware and other homeware tools to its 4,500 independently operated locations during the Chapter 11 process, which includes a $153 million stalking horse bid from rival company Do it Best.
True Value said its stores will remain open, because they are not part of the bankruptcy proceedings.
Motions brought by boom-time developer Seán Dunne in an effort to dislodge officials overseeing his bankruptcy have been dismissed by the High Court.
Mr Justice Liam Kennedy said Mr Dunne (aged 70) failed to bring new proceedings and instead took a procedurally incorrect route in seeking to challenge the validity of two officials’ appointments within the original bankruptcy case.
Mr Dunne was declared bankrupt in 2013, owing hundreds of millions of euro to the banks.
He recently issued motions alleging, among other claims, that the legislation used to appoint official assignees to his bankruptcy is unconstitutional.
A preliminary objection was raised by former official assignee Chris Lehane, his successor Ian Larkin, and the head of the…
