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.
Swedish electric motorbike company Cake files for bankruptcy.The company, which makes extremely unique-looking utility-themed motorbikes and motorcycles, was forced to
McGill and Partners, the global boutique specialist (re)insurance broker, has launched a ready-made and self-contained coverage solution for corporate insolvency,
Regional Express (Rex) subsidiaries Australian Airline Pilot Academy (AAPA) and Pel Air are not involved in the voluntary administration of airline operations announced yesterday.
Rex Group directors have appointed Ernst and Young Australia as Joint and Several Voluntary Administrators, but the administration is limited to the airline and investment arms of Regional Express Holdings, which does not include AAPA and Pel Air.
Flight training organisation AAPA, which has bases at Wagga Wagga and Ballarat, will continue to operate as normal. The academy uses Warriors, Seminoles, C172s and King Airs to train pilots for careers in the airlines, with a cadet program fast track to Rex SAAB operations.
Swedish electric motorbike company Cake files for bankruptcy.
The company, which makes extremely unique-looking utility-themed motorbikes and motorcycles, was forced to make the decision after a major investor bailed right before a funding round was set to close, according to Electrek. Certainly this will come as sad news to fans of Cake’s two-wheelers, which are geared toward off-roading and cargo-hauling.
Our own Thomas Ricker was taken with the Ösa’s multifaceted features, but found the price and digital display to be lacking.
McGill and Partners, the global boutique specialist (re)insurance broker, has launched a ready-made and self-contained coverage solution for corporate insolvency, known as SAIFElimits.
This innovative offering is designed to seamlessly integrate into primary directors’ and officers’ (“D&O”) policies, automatically triggering coverage upon the occurrence of an insolvency event.
SAIFElimits is specifically engineered to address the challenges faced during corporate insolvencies and enables directors and officers to enjoy protection for up to six years throughout the insolvency process.
The unpredictable risk of insolvency, even for large companies, can emerge suddenly and without warning, as exemplified by cases like Carillion,…
A Hong Kong court has ordered one of China’s biggest property developers, Evergrande Group, to liquidate after it was unable to reach a restructuring deal with creditors over hundreds of billions of dollars it owes.
Key points:
Evergrande has been ordered to liquidate after failing to come up with a restructuring deal with creditors over US$300 billion in debts owed
The liquidator will now attempt to take control of Evergrande assets outside China, but there are fears that could pave the way for other lawsuits
It could take years for the offshore liquidator to take control of subsidiaries across mainland China
The liquidation could have severe consequences for the world’s second-largest economy, as the Chinese property sector continues to…
The Federal Court has ordered that a company associated with Melbourne business figure “Diamond” Joe Gutnick be wound up and declared insolvent amid allegations of millions of dollars of dishonest related party transactions.
The Federal Court on Wednesday appointed liquidators to the publicly traded mining company Merlin Diamonds Limited after a provisional liquidators’ report showed it had just $1331 in the bank and liabilities of $13 million.
Joe Gutnick appearing at the Federal Court in Melbourne in 2017.Credit: Jason South
Judge Michael O’Bryan said a liquidator would allow for investigations into a number of inter-company loans, related party transactions and “round robin” payments that “have the appearance of uncommercial and…
Local government fulfils an essential role in society. It provides fundamental services – from social care and transport to education, water and waste collection. And when it no longer can, when a council goes bankrupt, it is the most vulnerable citizens who bear the brunt of that failure.
In the UK, this has been deftly illustrated by the situation facing the town of Slough, in Berkshire. In 2021, the council issued a section 114 notice, effectively declaring itself bankrupt. The recovery and renewal plan subsequently drawn up laid out how services would be downsized and staffing numbers cut. So far, five care services have been closed and local transport has been reduced, with more measures likely to be introduced. The…
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This innovative offering is designed to seamlessly integrate into primary directors’ and officers’ (“D&O”) policies, automatically triggering coverage upon the occurrence of an insolvency event.