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.
MILAN —La Perla’s financial troubles have reached a tipping point.
According to media reports, a Bologna, Italy, court declared the state of insolvency Thursday, with judge Michele Atzori naming a trifecta of court commissioners tasked with leading the Italian subsidiary La Perla Manufacturing Srl out of the quagmire. This marks the exit of the brand’s owner Tennor.
As part of the procedure, after assessing the company’s financial condition, commissioners can rule in favor of liquidation or judicial administration, the latter geared at preserving jobs and business continuity.
This comes a few days after a judicial liquidation was commenced in the U.K. for La Perla Global Management UK, the British company…
The future of Regional Express Airlines, or REX, is literally up in the air with the financially troubled carrier going into voluntary administration overnight.
A notice posted on the airline’s website says all regional planes are still flying as scheduled, but jet services between capital cities have been cancelled.
REX is still taking bookings in and out of Devonport, Burnie and King Island, but jet flights in and out of Hobart have been cancelled.
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The airline hasn’t made a profit since the pandemic and has been losing around $1 million dollars a week.
Los Angeles Dodger star Shohei Ohtani told reporters Monday his former interpreter, Ippei Mizuhara, had stolen money from his bank account and “told lies,” distancing himself from Mizuhara and denying that he knowingly covered Mizuhara’s gambling losses in his first public comments on the matter—as the interpreter facesinvestigations after allegedly using Ohtani’s money to pay off millions in gambling debt.
Ohtani’s conference took place at 2:45 p.m. PST on Monday. (Photo by DAVID SWANSON / AFP) (Photo by … [+] DAVID SWANSON/AFP via Getty Images)
AFP via Getty Images
Key Facts
Ohtani said in a statement to reporters translated by an interpreter he was “beyond shocked” by the situation, insisting he did not…
Germany has experienced an increase in corporate bankruptcies as 5,209 companies filed for insolvency in the first quarter, according to the Federal Statistical Office, or Destatis.
The first three months of this year saw a 26.5-percent increase in bankruptcies compared to the same period last year and an 11.2-percent increase compared to 2020 before pandemic-related closures.
Experts told German press agency dpa they believe the number of corporate insolvencies in Germany would likely rise to approximately 20,000 cases this year, following a consistent long-term trend.
In May, there was a 25.9-percent increase in regular insolvencies compared to the previous year, marking a continued trend of double-digit…
Overview: President Biden has taken another step towards student debt relief for approximately 30 million Americans, with the proposed rules bringing the total number of borrowers eligible for relief to over 30 million. The rules, if finalized, would provide partial or full debt relief for borrowers who owe more now than they did at the start of repayment, those who have been in repayment for decades, and others. Borrowers will only be eligible for the proposed relief if they have entered repayment at the time that the Department would be determining eligibility. More information about this debt relief is available to borrowers at StudentAid.gov/debt-relief.
RetireAustralia says it is committed to completing the 42 independent living apartments at Tarragal Glen Retirement Village at Erina despite the building company entering into voluntary administration.
Stevens Construction (NSW) Pty Ltd, a major Central Coast company, announced on May 27 it had entered voluntary administration after almost two decades in the construction industry.
Described as a Tier 2 building business, Stevens Construction had been operating for 18 years, with projects including Central Coast landmarks such as Bonython Tower and Ravello luxury apartments, Central Coast Grammar School’s Performing Arts Centre, Mingara One Aquatic Centre, Element Building Erina, The Rise Apartments at Wood Glen Retirement…
An Actura tour photo posted on the official Merici College Facebook page in July 2023, accompanied by a post that read: “Our NASA Junior Space school update: Day 2 – morning at the hotel for Opening Ceremony”.
Parents of Merici College Canberra students left out of pocket by the sudden liquidation of an educational tour operator say they’re upset at the “radio silence” of their school, which previously sent them emails saying they had partnered with the now defunct company.
Actura Australia, which ran educational camps to places such as NASA since 2014, went into liquidation on 14 June 2024.
A liquidator report published on Thursday (27 June) revealed the company owed creditors across Australia and New Zealand more than $17…
You’d be hard-pressed to find a worse news cycle for Major League Baseball than the one currently involving Shohei Ohtani, the new Los Angeles Dodgers star and global face of the sport engulfed in a scandal involving Ippei Mizuhara, his closest companion since arriving in MLB in 2018 and his longtime interpreter.
The story features conflicting and changing accounts of what happened. Both Mizuhara and a spokesperson for Ohtani told ESPN enterprise reporter Tisha Thompson in an interview on March 19 that Ohtani wired millions to a bookmaking operation to cover Mizuhara’s gambling debt. But as ESPN prepared to publish its story the following day, the spokesman disavowed Mizuhara’s account, Ohtani’s lawyers said he was the victim of…
When ex-US President Donald Trump woke up on Saturday (Feb 17), his total legal debt obligations had soared to over half a billion dollars. A day before, a New York Judge ruled that he must cough up more than $350 million plus pre-judgment interest for intentional financial fraud stretching more than a decade.
According to New York Attorney General Letitia James, who brought the case against Trump, the GOP leader may be forced to pay $463.9 million in total. “That represents $363.9 million in disgorgement, plus $100 million in interest, which will continue to increase every single day until it is paid,” she said in a press conference Friday night.
This penalty came weeks after he was ordered to pay $83.3 million to writer E. Jean…
The future of Regional Express Airlines, or REX, is literally up in the air with the financially troubled carrier going into voluntary administration overnight.
A notice posted on the airline’s website says all regional planes are still flying as scheduled, but jet services between capital cities have been cancelled.
REX is still taking bookings in and out of Devonport, Burnie and King Island, but jet flights in and out of Hobart have been cancelled.
Article continues after this ad
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The airline hasn’t made a profit since the pandemic and has been losing around $1 million dollars a week.
On its face, the shuttering of Tally, a FinTech focused on helping consumers manage credit card debt, offers a snapshot of how tough fundraising is in the technology arena, how cash, once burned, is tough to replenish.
Beyond the cautionary tale for FinTechs overall in terms of business economics, there’s also a highlighting of the urgency — that several companies are trying to meet — of helping consumers manage their credit card debt.
Unable to Go On
As has been widely reported, and as detailed in a LinkedIn post, the California-based startup has come to the end of its road as it was, in the words of CEO Jason Brown, “unable to secure the necessary funding to continue our operations.” Tally had…
