Insolvency Guardian Media Centre
IRD pursues 44 sushi companies BusinessDesk | NZ
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It has been a difficult year for mm2 Asia, whose Cathay Cineplexes unit has already entered voluntary liquidation
[SINGAPORE] Mired in debt and facing insolvency, mm2 Asia is experiencing its annus horribilis.
This year, its iconic Cathay Cinexplexes unit shuttered under millions in debt; now the entertainment group itself is facing existential threat as banks join landlords in issuing “pay up or else” letters of demand.
The company – which produced local blockbusters like Ah Boys to Men and I Not Stupid 3 – diversified into multiple entertainment subsectors, but all that is now unravelling.
To stave off immediate winding up by banks and creditors – the group has borrowings of over S$200 million due within a year – mm2 Asia has…
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Short-term rentals company Sonder on Monday said it plans to file for bankruptcy, a day after Marriott International said a licensing agreement between the two companies had ended.
The deal, signed in August 2024, allowed Sonder hotels to be booked via Marriott’s Bonvoy website and was widely considered a lifeline for the San Francisco-based company, which struggled financially through the Covid-19 pandemic, and after going public via a SPAC merger in 2022.
In a statement published Sunday, Marriott said the 20-year licensing agreement was “no longer in effect,” citing Sonder’s “default” as the reason.
In its own statement on Monday, Sonder said it made “comprehensive efforts” to improve the company’s finances following Marriott’s…
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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 former senator’s bid to discover where Brittany Higgins’ $2.4 million compensation payout went following their bruising defamation battle has been frustrated by a bankruptcy paperwork glitch.
Ex-Liberal senator Linda Reynolds successfully sued Ms Higgins over a series of social media posts the former defence minister believed damaged her reputation.
Ms Reynolds was awarded damages of $315,000 plus $26,109 interest after Western Australia’s Supreme Court in August found some of the posts were defamatory.
The former political staffer was also ordered to pay 80 per cent of her former boss’s legal costs, which are estimated to…
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The founders of MEVCO had ambitious plans – the Australian company aimed to replace light commercial vehicles in the mining industry with electric pickups and off-road vehicles. It also planned to take on their maintenance, build the necessary charging infrastructure in the mines, and provide monitoring solutions.
Initially, MEVCO planned to deliver a total of 8,500 converted Toyota Hilux and Land Cruiser vehicles to various mining operators. In April 2024, around two years after its founding, the system integrator announced an official partnership with Rivian. From then on, factory-new Rivian R1T models – designed from the ground up as electric vehicles – were to serve as the base for MEVCO’s mining conversions.
These vehicles…
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The former chief executive of StrongRoom AI has told a court that he knew his company was at risk of insolvency after making an acquisition that it could not afford without new funding but pushed it through anyway.
Max Mito ran the pharmacy software platform before it collapsed because of alleged fraud, having founded it with his childhood friends Christopher Durre and Kieran Start in 2017. He is being pursued by EVP, a local venture capital firm that led a $17 million fundraising round earlier this year, just weeks before the company collapsed into administration and gave evidence on Tuesday as part of a lengthy liquidation.
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Aaron Bunch |
A former senator’s bid to discover where Brittany Higgins’ $2.4 million compensation payout went following their bruising defamation battle has been frustrated by a bankruptcy paperwork glitch.
Ex-Liberal senator Linda Reynolds successfully sued Ms Higgins over a series…
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Sonder goes bankrupt, blames Marriott International deal Proactive financial news
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A decision on whether Brittany Higgins will be declared bankrupt has been delayed due to a court technicality.
Higgins and her husband, David Sharaz, have been ordered to pay Higgins’ former boss, former Liberal senator Linda Reynolds, upwards of $341,000 in damages and likely more than $1 million in legal costs after her defamation action against the pair.
Former WA senator Linda Reynolds and her lawyer, Martin Bennett, arrive at court last year during defamation proceedings against Brittany Higgins and David Sharaz.Credit: Trevor Collens
Justice Paul Tottle found in August that social media posts from Higgins and Sharaz had conveyed an imputation that Reynolds and her office had orchestrated to “cover up” the alleged rape of…
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A decision on whether Brittany Higgins will be declared bankrupt has been delayed due to a court technicality.
Higgins and her husband, David Sharaz, have been ordered to pay Higgins’ former boss, former Liberal senator Linda Reynolds, upwards of $341,000 in damages and likely more than $1 million in legal costs after her defamation action against the pair.
Former WA senator Linda Reynolds and her lawyer, Martin Bennett, arrive at court last year during defamation proceedings against Brittany Higgins and David Sharaz.Credit: Trevor Collens
Justice Paul Tottle found in August that social media posts from Higgins and Sharaz had conveyed an imputation that Reynolds and her office had orchestrated to “cover up” the alleged rape of…
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The enactment of the Insolvency and Bankruptcy Code, 2016 (IBC) marked a paradigm shift in the way corporate insolvency is addressed in India. Central to the code is the distinction between financial creditors and operational creditors, as only certain creditors can initiate proceedings under Section 7 of the IBC for the initiation of the Corporate Insolvency Resolution Process (CIRP).
Understanding who qualifies as a financial creditor is pivotal for safeguarding creditor rights, ensuring proper application of insolvency provisions, and maintaining the integrity of the insolvency ecosystem.
While the definition of financial creditor may appear straightforward under Section 5(8) of the IBC, judicial interpretation and…