EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process.

Loan requests

Initially, the EY-Parthenon teams were asked to advise the bankruptcy of the parent company, with the ambition to find an alternative way ahead for the subsidiaries of Abengoa, where the majority of employees and debt were housed.

With support from EY teams, the subsidiaries requested help from the state-owned company SEPI, who are often used as a tool to implement government…

As the history books reflect, Bruno Mars is a diamond single-making machine. However, according to reports, the “24K Magic” singer has a problem with the color green.

According to NewsNation, Mars has allegedly racked up over $50 million in gambling debt at MGM. A source close to the matter spilled the chips with the outlet. “He owed millions to the MGM,” they said.

“[MGM] basically owns him,” they continued. “He makes $90 million a year off of the deal he did with the casino, but then he has to pay back his debt. [He will] only make $1.5 million per night after taxes.”

Mars has become a staple in Las Vegas’ entertainment thanks to his residencies (including a solo run and one as part of Silk Sonic). But, based on…

Health officials will launch an independent review into the financial viability of the radiation oncology sector after the country’s largest provider of cancer services, GenesisCare, emerged from bankruptcy a far smaller group.

GenesisCare, founded in Brisbane and backed by KKR, fell into bankruptcy protection in the United States on June 1. As part of the finalisation of its bankruptcy, the company, which once had a valuation of some $5 billion, has struck a deal with the Department of Health to deal with historical issues including the overcharging of Medicare through the use of its propriety payments system known as EasyPay.

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Vanuatu has put its national carrier, Air Vanuatu, into voluntary liquidation, after it cancelled flights to Australia and New Zealand, leaving tourists stranded.

The Pacific island’s government made the decisions after representatives from accounting firm EY arrived in Port Vila on Thursday and conducted initial assessments of the airline’s financials.

The airline had cited extended maintenance requirements for its aircraft when it cancelled its flights through to Sunday.

Liquidator EY said the aim would be to resume normal operations as soon as possible after conducting safety and maintenance checks.

Air Vanuatu, which runs crucial routes connecting Pacific locations with Australia, has confirmed all scheduled international flights…

The mechanism for providing debt relief to the world’s poorest countries is failing to produce results and requires a major rethink, a senior official at the World Bank has said.

Indermit Gill, the bank’s chief economist, said that after four years the G20’s common framework – designed to speed up and simplify debt restructuring – had not provided a single dollar of new money.

More than half the 75 countries deemed poor enough to be eligible for concessional finance from the World Bank are either in distress or close to it, and Gill said cripplingly high repayments were entrenching poverty.

Interviewed by the Guardian at the bank’s spring meetings in Washington, Gill said: “We have to recognise the problems. The common…

Councillors at Birmingham city council “ignored the warning signs” of its financial crisis and caused a “self-inflicted” disaster that will take years of cuts to rectify, according to the lead government commissioner drafted in to help.

Local government expert Max Caller, who has been nicknamed Max the Axe for his unsparing approach to budget cuts, was lured out of retirement to take on the task of fixing England’s largest local authority after it effectively declared itself bankrupt.

“They should never have done this. They ignored the warning signs, crashed on regardless and they have created themselves a controlled disaster,” said Caller, who is five weeks into the task of pulling the local authority from the financial…

UPDATED 3/18/24, 3:47 p.m. ET: MGM Resorts International has denied allegations that Bruno Mars is in debt with the global hospitality and entertainment company.

“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” MGM wrote in a statement provided to Complex. “From his shows at Dolby Live at Park MGM to the new Pinky Ring lounge at Bellagio, Bruno’s brand of entertainment attracts visitors from around the globe. MGM and Bruno’s partnership is longstanding and rooted in mutual respect.”

The statement continues: “Any speculation otherwise is completely false; he has no debt with MGM. Together, we are excited to continue creating unforgettable experiences for our guests.”

See…

EuroScience, the association behind the European Science Open Forum (ESOF), Europe’s largest science conference has gone bankrupt after failing to secure funding for the 2026 event.

This year’s ESOF will go on as planned in Katowice, Poland, but uncertainty looms over the future after the European Commission, a co-funder of the conference, changed the way it allocates money for the biennial event, prompting other supporters to pull out. 

EuroScience was set up in 1997 by a group of 250 scientists and research professionals from 25 European countries, with the goal of bringing together people interested in science, technology and the humanities. The association has actively participated in shaping science and technology policy…

About CTCL, NLU, Delhi

The Centre for Transnational Commercial Law (“CTCL”) is a constituent unit and specialized research centre of the National Law University Delhi established in 2008 by Act No. 1 of 2008 of Delhi. Since its establishment in 2016, CTCL has actively undertaken various initiatives to promote research and scholarship in the area of commercial laws.

CTCL envisages being a centre of excellence in private and government transnational commercial law reform, advice, and policy evaluation, to conduct research, and provide consultative services to Governments, Institutions, and Organizations, dedicated to the development of Transnational Commercial Law and Policy.

About the Courses

These courses introduce legal and…

More than three million Australians will have their student debt wiped in a bid to win over younger voters crushed by the cost of living crisis.

Education Minister Jason Clare on Sunday announced the government would cap the Higher Education Loan Program (HELP) indexation rate, eliminating about $3 billion of student debt.

The capped rate would ensure indexation matched either the Consumer Price Index (CPI) or Wage Price Index (WPI) – whichever was lower – after Australians were slugged a student debt increase of 7.1 per cent in 2023.

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The record increase was based on CPI, whereas under WPI, the debt spike would have only been 3.2 per cent.

The government said it would backdate the change -…

The Federal Court has recently delivered judgment in the case of Cooper as Liquidator of Runtong Investment and Development Pty Ltd (In Liq) v CEG Direct Securities Pty Ltd [2024] FCA 6, a case where a liquidator was successful in having a mortgage declared as an unreasonable director-related transaction.