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.
A handsome country farmhouse stood on the road between St Leonards and Killafaddy, on the left side overlooking the North Esk when the area was known as Paterson’s Plains. Named Sidbury, it was the residence of Mr Robert Manley who came to the colony from England on the Magnet in 1828. He married Miss Anne Hodgkinson possibly from Shropshire, in 1836 at St John’s Church, Launceston, Van Diemen’s Land. It is a curious thing that in Shropshire, England there is a village named Sidbury. There is also a village named Sidbury near Launceston in Cornwall, England. Robert and Anne had four children: Anne Maria who died from croup at six months; Robert, Annie and Charles Edward. Robert Manley senior’s fortunes declined, he was declared insol…
Slough is facing a deficit of around 100million by next year (Picture: Getty Images/REX/Google Maps)
After years of financial mismanagement and accounting errors, Slough Borough Council has effectively declared itself bankrupt and has begged the Government for help.
Yesterday the local authority announced it had issued a section 114 notice, banning all non-urgent spending in an attempt to balance its books.
It is the third English local authority to become effectively insolvent in the past three years, after Northamptonshire and Croydon.
As of the end of March this year, Slough is estimated to have a deficit of 56million, which is set to rise by another 40million in 2021/22.
If things dont change by 2025, the Labour-run council es…
The Kerala High Court ruled that the High Courts should refrain from interfering with Corporate Insolvency Resolution Process as Insolvency and Bankruptcy Code, 2016 (IBC) is self contained Code.
The petitioners, M/s Orlem Pharma Pvt. Ltd. and St. Antonys Medical Distributors challenge the Corporate Insolvency Resolution Process initiated under the Insolvency and Bankruptcy Code, 2016 with respect to the respondent; Corporate Debtor. The proceedings commenced at the instance of two Operational Creditors. The order was issued by the NCLT appointing the Interim Resolution Professional (IRP). The IRP was reappointed as the Resolution Professional (RP) by the members of the Comm…
JAKARTA, July 1 (Reuters) – Indonesian business groups on Thursday urged authorities to ensure there is enough financial support for companies, warning that otherwise new restrictions to tackle a surge in COVID-19 cases could result in layoffs and bankruptcies.
The emergency curbs, which come into effect between July 3 to 20, will shut shopping malls, force staff at non-essential businesses on the islands of Java and Bali to work from home and ban dining in at restaurants.
The curbs come after Indonesia reported record daily numbers of coronavirus cases of more than 20,000, as the spread of the more contagious Delta variant accelerated infections and strained the countrys healthcare sector.
Amidst a global pandemic, there were plenty of interesting bankruptcy and restructuring events and changes that occurred in 2020. We saw new Bankruptcy Code amendments go into effect (through the Small Business Reorganization Act of 2019), a government bailout in excess of $2.3 trillion (through the CARES Act), many life-long retailers on the brink of disappearing (and the oldest – Lord & Taylor – is disappearing), the shuttering of over 100,000restaurants and small businesses, an ailing travel industry that claimed the largest bankruptcy of the year (Hertz), and record breaking oil & gas bankruptcies.
In case you missed a Corporate Restructuring Review (CRR) Article covering some of the issues this year, CRR would like to provide you w…
Credit Suisse has so far clawed back $US5.6 billion for investors in the frozen funds, but it is still grappling with several large debtors whose ability to repay the Greensill debts is in question.
GFG and other companies took invoices – debts they owed or were owed – and in effect sold them to Greensill Capital, which funded the scheme by packaging the outstanding invoices into bonds and on-selling them to Credit Suisse.
When Greensill collapsed in early March, Credit Suisse was left holding the companies debts – and not all the companies were able to pay it back.
The three debtors of most concern are GFG alliance, US coal company Bluestone ($US700 million) and Softbank-backed Katerra ($US400 billion).
This builds on the liquidity boost from new share subscriptions in Dream Cruises by investment group Darting and Ocean World, a Genting HK subsidiary. Darting paid $59m cashfor its shares, while Ocean World offset nearly $248m in intercompany loans.
The approved restructuring terms are only slightly differentwhat was reported here in early May.
New money
Included isa new 240m subordinated secured loan facility. And a60m silent participationtakes effect via provision of a limited-recourse equity stake to the lender in exchange for contributing funding, together with 300m in new funding from Germany’s Economic Stabilization Fund (WSF) for MV Werften and/orsubsidiaries to fund the completion of Crystal Endeavor, delivered June 26, and G…
The ACT Health Minister has called on the federal government to reconsider cutting off Canberra from bulk-billing incentives, as 30,000 members of a key affordable healthcare provider face an uncertain future. However, Royal Australian College of General Practitioners president Karen Price said bulk billing wasn’t the answer and broader reform of the system was needed. The National Health Co-op has entered voluntary administration saying the end of JobKeeper and “recent staff changes” had left an “insurmountable” forecast deficit. Health Minister Rachel Stephen-Smith said it highlighted the difficulty to make a bulk-billing general practice “add up” in the ACT. Dr Price said “Band-Aid” solutions for parts of the system wouldn’t help. “…
Liquidators are encouraging MTI members to lodge claims, saying they will not be asked to pay contributions to the insolvent estate.
Some of MTIs leaders are believed to have made hundreds of millions from the scheme. Image: Luke MacGregor/Bloomberg
Collapsed bitcoin scheme Mirror Trading International (MTI) was placed in final liquidation this week by the Cape High Court.
This comes as liquidators revealed that they had managed to track down roughly 8000 additional bitcoin, on top of the 1281 bitcoin recovered from Belize-based broker FX Choice and sold for about R1.1 billion.
An additional 8000 bitcoin at current market prices is worth about R4 billion. Liquidators believe they will be able to track down m…
James Prentice, 41, from South Devon, was sentenced to 6 months imprisonment suspended for 2 years, ordered to carry out 150 hours of unpaid work and ordered to pay compensation of 4,500 to his victims.
Exeter Crown Court heard Prentice was declared bankrupt in December 2014 and although he could continue working as a builder through his company, JSP Woodworx, the terms of his Bankruptcy Restrictions Undertaking (BRU) meant he could not take more than 500 as a deposit from clients without disclosing he was a bankrupt.
Despite this, between June 2016 and January 2018, Prentice took more than 271,000 to build a retirement home on farmland in Taunton for his victims which he claimed was for his services and to supply goods needed for …
BDO Consulting Group announced that Michael Edelschick has rejoined the firms Business Restructuring & Turnaround Services practice as a Managing Director and national leader of the Bankruptcy Litigation Services group. Edelschick was previously with BDO for seven years until he was hired in 2019 to lead the post-bankruptcy executive team of a specialty supermarket chain as its CFO and the only c-suite executive. After two years and the supermarkets highly successful turnaround, now with approximately 300 employees, revenue exceeding $100 million and profitability far above industry norms, Edelschick has returned to BDOs New York City office.
Edelschick has nearly 25 years of experience in bankruptcy litigation, restructuring and investm…
The Donald Buckley Photo & Frame store in Invercargill, and one in Gore, are closing their doors on Friday, after more than 40 years in business in Southland.
A well-known Southland photography business has gone into liquidation and its stores in Invercargill and Gore are closing down, largely because locals didnt support it, the owner says.
Donald Buckley Photo & Frame director Nigel Cuckow has put his business into voluntary liquidation.
Cuckow, who has owned the business for nearly four years, said there were a number of reasons for the business failing.
He was fighting illness, Covid-19 had seen a reduction in customers and a lot of people had gone the cheap way of getting their photos printed at big box …
