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One of Australia’s most established private colleges has been placed under external administration, making it potentially the biggest institutional victim
Since the pandemic, during which insolvency rates were low due to government measures, there has been a considerable rise in insolvencies in the UK and many other jurisdictions. High interest rates have significantly increased the cost of borrowing and many companies are saddled with mountains of debt that was taken out in better times and which are now difficult to repay. In addition, high inflation and energy costs, lower consumer confidence and volatile supply chains have all contributed to making the last few years very difficult for businesses.
An increase in company insolvencies throughout 2023
Insolvency specialists estimate that more than 47,000 businesses are near collapse in the UK at the start of 2024 and,…
The board has decided to extend the last date of submission of the liquidation and voluntary liquidation forms till December 31, 2024. Further clarifying that, for ongoing liquidation and voluntary liquidation cases, the responsibility for filing all forms shall lie with the Insolvency Professionals (IP) currently handling the process.
Presently, the IPs submit the details regarding the liquidation process to the Board through emails,…
BAKU, Azerbaijan, December 3. The European Cars
LLC has announced its liquidation in Azerbaijan, Trend reports via the
‘Vergilar’ media outlet of the State Tax Service under the nation’s
Ministry of Economy.
The source notes that, in a merger with Dream Auto LLC, the
company is being liquidated.
To note, the European Cars was registered in 2012. The legal
representative of the company with a charter capital of 300 manat
($176) is Vugar Mammadov.
Stay up-to-date with more news at Trend News
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One of Australia’s most established private colleges has been placed under external administration, making it potentially the biggest institutional victim of the federal government’s international education crackdown.
International House (IH), a 27-year-old college registered to teach around 10,000 overseas students, is under voluntary administration despite avoiding enrolment caps that would have limited it to less than 1,000 vocational and higher education commencements next year.
The eight-campus college has weathered challenges which have decimated international student numbers, including Covid-19, the Asian financial crisis of the late 1990s and a major downturn 15 years ago.
The Christians Against Poverty (CAP) Debt Centre Isle of Wight is hoping to raise £30,000 to offer free help to more households in financial crisis.
A group of churches on the Isle of Wight have been partnering with the group for two years, helping local people out of debt and providing practical and emotional support.
But, this winter, the need for the service is expected to increase as people struggle to afford to live, and with two new local debt coaches currently training to offer this free, face to face support, urgent funding is needed to meet this demand.
The Ahmedabad bench of the NCLT has approved the Rs 48.17 crore resolution plan by Mercury Terra Firma for corporate debtor Shree Rajeshwaranand Paper Mills, an Ahmedabad-based BSE-listed manufacturer of paper and paper products. The resolution plan was earlier approved by the Committee of Creditors (CoC) with 97.36% vote share. The liquidation value of the company was arrived at Rs 33.16 crore, while the fair value arrived at Rs 45.85 crore.
As per the resolution plan, Mercury Terra Firma promises to pay Rs 39.35 crore to secured financial creditors against their admitted claims of Rs 72 crore. The unsecured creditors get Rs 50 lakh against their admitted claims of Rs 4.68 crore. Operational creditors (including statutory…
Another part of big four consulting firm PwC could soon have a new home.
Street Talk understands that the insolvency arm of PwC’s deals practice, known as Business Restructuring Services, is on the cusp of being sold to public relations and advisory company Teneo in a deal brokered by the big four firm’s veteran dealmaker Rob Silverwood.
According to news reports, a major cruise line is facing a potential class-action lawsuit over allegations of predatory gambling practices.
An Australian law firm is investigating a potential class-action lawsuit against P&O Cruises Australia, alleging that the cruise line engaged in gambling practices that targeted vulnerable passengers.
The firm, Carter Capner Law, has been hearing stories from cruise passengers who claim they were exploited by P&O’s casino operations.
These allegations include being offered excessive credit limits, pressured to gamble beyond their means, and detained on the ship until debts were settled.
One particularly tragic case involves Shane Dixon, a 45-year-old father…
Australia’s Star Entertainment Group Limited said Tuesday that it has satisfied the conditions precedent to draw down the first AU$100 million tranche of a recently announced debt facility, with the funds expected to be received by next Monday 9 December.
The facility, which may include a second AU$100 million tranche pending Star satisfying additional conditions, is aimed at giving Star much needed liquidity and ultimately buying Star and its recently appointed CEO Steve McCann time to restructure the business amid concerns the company is sitting on the edge of collapse following a second finding of unsuitability in NSW and a cost blowout…
