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.
WAYNE, Pa., December 10, 2024--(BUSINESS WIRE)--Trinseo PLC (NYSE: TSE), a specialty material solutions provider, ("Trinseo" or the "Company") today announced
Munich-based spyware company FinFisher declared insolvency last month, Bloomberg and Netzpolitik Monday, amid an ongoing investigation into its business dealings.
As economic pressures continue to bear down on businesses, liquidations are reaching significant levels.Image: SuppliedIn a recent interview, PJ Veldhuizen,
On Tuesday, Tesla (NASDAQ:)’s CEO Elon Musk made a bold statement about the potential consequences for anyone holding a short position against his company. Musk suggested that even someone with the wealth of Bill Gates could face bankruptcy if Tesla becomes the most valuable company in the world. The context of Musk’s claim is rooted in past reports that Gates, the Microsoft (NASDAQ:) co-founder, had taken a multi-billion dollar short position in Tesla. However, the current status of Gates’s position on Tesla’s stock is not known.
Tesla’s shares have experienced a significant surge, increasing by 60% since the U.S. election results. This rally is partly attributed to Musk’s burgeoning relationship with President-elect Donald Trump….
Insolvency specialists Begbies Traynor enjoyed a surge in revenues in the six months to the end of September 2024 and are on course to hit a target of £200m in income.
Analysts expect the Manchester-based professional services group to post full year “adjusted” pre-tax profits of £23.0m-£24.3m, which this morning’s statement said the company was “confident of delivering”.
The business made pre-tax profits of £4.7m on turnover of £76.3m in the half year, with adjusted profits of £11.5m.
The business has grown by acquisition and market share, but also by an increased insolvency activity levels in higher value cases.
Ric Traynor, Executive Chairman of Begbies Traynor Group: “I am pleased to report a…
Cashflow was a big problem for many businesses, he said. “When they run out of cash is when all the problems really come to the surface and you tend to see that spilling over into the numbers for February, March and April.”
Economic pain was still escalating and many businesses were facing lower margins because they could not raise prices, and were selling less, he said.
WAYNE, Pa., December 10, 2024–(BUSINESS WIRE)–Trinseo PLC (NYSE: TSE), a specialty material solutions provider, (“Trinseo” or the “Company”) today announced that it and certain of its subsidiaries have entered into a Transaction Support Agreement (the “TSA”) with certain holders and lenders (collectively, the “Supporting Creditors”) of Trinseo’s outstanding senior notes and term loans. Pursuant to the TSA, the Supporting Creditors have agreed to support a series of transactions to refinance near-term maturities, provide additional operating liquidity, extend the Company’s nearest debt maturity to 2028, and capture discount from an exchange of its 2029 senior notes.
Upon consummation of the transactions contemplated by the TSA, the…
The gross non-performing assets of public sector banks (PSBs) stood at ₹3.16 lakh crore as of September 30, which is 3.09% of the outstanding loans, Parliament was informed on Tuesday.
Minister of State for Finance Pankaj Chaudhary said in the Rajya Sabha that as per provisional data of the Reserve Bank of India (RBI), gross NPAs of PSBs and private sector banks as of September 30, 2024, were ₹3,16,331 crore and ₹1,34,339 crore, respectively.
Further, gross NPAs as a percentage of outstanding loans were 3.09% in public sector banks and 1.86% in private sector banks.
Chaudhary further said as of March 31, 2024, 580 unique borrowers (excluding individuals and overseas borrowers), each having loan outstanding of more than ₹50…
Munich-based spyware company FinFisher declared insolvency last month, Bloomberg and Netzpolitik Monday, amid an ongoing investigation into its business dealings.
The controversial firm was accused of selling surveillance spyware to repressive regimes to target dissidents, activists, and journalists. “FinSpy,” the company’s most profitable spyware, has been monitored by the German government and human rights organizations for years. German officials launched an investigation into FinFisher in 2019 after a number of NGOs filed a criminal complaint claiming that FinSpy was sold to the Turkish government — without having the legal documentation to do so — and used in a 2017 Turkish operation that preyed on anti-government…
LONDON, UNITED KINGDOM, December 10, 2024 /EINPresswire.com/ — Aryza Group, a leading provider of financial software solutions, has announced a partnership with TransUnion, a global information and insights company.
The partnership will leverage the strengths of both companies to offer comprehensive credit and debt management solutions across all Aryza platforms and services in the UK and Ireland, whilst keeping consumer well-being at the heart of decision making.
The collaboration is designed to address the growing demand for integrated credit and debt management solutions among TransUnion’s customer bases. The partnership aims to fill the gaps identified by TransUnion for clients that are looking…
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Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.
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A property company has been ordered to pay a former employee nearly £21,000 for unfair dismissal.
But it is unclear how the award will be paid as the Scottish company went into liquidation last year and no longer trades, even though just two years ago it reported an turnover £11.4 million that had increased 33% that year.
One of its directors, The Neg has discovered, has links to several other property firms in Scotland including a lettings agency.
An employment tribunal in Scotland ordered the compensation after hearing the facts of the case involving Sandstone UK Property Investment Ltd and an employee, Angela Kirkwood.
Loss of earnings
Judge Jones said: “The respondent [Sandstone] entered into compulsory liquidation…
As economic pressures continue to bear down on businesses, liquidations are reaching significant levels.
Image: Supplied
In a recent interview, PJ Veldhuizen, managing director of specialist commercial law firm Gillan & Veldhuizen Inc, highlighted that liquidations remain prevalent in the post-Covid landscape. “In January 2024 alone, there was a 34.6% increase in business liquidations compared to the previous year, with the financing, insurance and real estate sectors hit the hardest.”
The liquidation process
Depending on the severity of the liquidity problem, the business may consider various legal options but liquidation is more often than not the next step. There are two types of liquidation:
