Insolvency Guardian Media Centre
Jetstar will go on a hiring blitz to fill hundreds of new roles as airline switches some of its grounded international fleet towards domestic flights which are surging in demand.
Jetstar chief executive Gareth Evans revealed they were preparing for three Boeing 787s to be brought into service for domestic flights later this month, with a further two potentially added if demand persisted.
As a low fares airline, weve always been nimble, responding quickly to opportunities, but the COVID crisis has led us to be even more creative in finding new markets and different ways to use our Jetstar Group f…
Read the full article at: https://www.theaustralian.com.au/news/latest-news/jetstar-announces-it-will-create-hundreds-of-new-jobs-as-it-moves-international-fleet-into-domestic-market/news-story/039bec5f863634ea75cad4c62477f3bd
Car park giant NCP has started a formal “last resort” process to pull out of contracts for unprofitable parking facilities and implement cut rents, as it reels from the impact of stay-at-home orders due to the coronavirus pandemic.
The company said it had seen revenues drop by 80% and the plan to restructure the business will be put to creditors at the end of May.
NCP’s Japanese owner, Park 24, said it backs the plan and will cut funding if it does not succeed. NCP said this would tip it over into insolvency.
If the plan fails 1,000 jobs hang in the balance and the future of its business looks uncertain.
T…
Read the full article at: https://au.news.yahoo.com/ncp-restructuring-plan-coronavirus-park-24-jobs-164332875.html
As against CIRP, which follows creditor in control model, the pre-pack process would work on debtor in possession model.
- By Harish Kumar and Itee Singhal
Ease of Doing Business for MSMEs: The pre-pack insolvency resolution process (pre-pack process), which has been in many discussions since the publication of the Insolvency Law Committees (committee) recommendations on the subject, was notified on April 4, 2021, through the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021. The minimum default threshold of Rs 10 lakh, which has been prescribed for initiating the process, would provide much respite to MSMEs by enabling them to have access to an effective resolution process under the pre-pack process. This would not have been …
Read the full article at: https://www.financialexpress.com/industry/sme/cafe-sme/pre-pack-insolvency-for-msmes-how-it-differs-from-corporate-insolvency-resolution-process-key-features/2244529/
LONDON (Reuters) – Company insolvencies in England and Wales fell to their lowest level in more than 30 years during the first three months of this year, as government support measures helped businesses hit by the coronavirus pandemic to ward off bankruptcy.
Britain suffered its sharpest fall in economic output in more than 300 years last year, but government-backed lending schemes enabled firms to borrow more than 75 billion pounds to bridge a shortfall in cashflow.
The number of businesses which were declared insolvent sank to 2,384 in the first quarter of 2021 from 3,053 i…
Read the full article at: https://www.reuters.com/article/uk-britain-economy-bankruptcy-idUSKBN2CH1B3
Hainan Airlines Holding, the aviation unit of debt-laden Chinese conglomerate HNA Group, has posted the biggest-ever annual loss among listed Chinese companies.
Hit by the outbreak of Covid-19 and provisions for asset losses linked to a restructuring at its parent firm, the Haikou-based carrier reported a loss of 64 billion yuan (US$9.9 billion) for 2020, or 3.83 yuan per share, it said in an exchange statement on Friday. And the airline continues to be unprofitable this year too it reported a first-quarter loss of 2.6 billion yuan in a separate filing.
While the epidemic has paralysed the aviation industry by deterring travellers and grounding flights, HNAs business restructuring has also added to Hainan Airlines financial woes. The l…
Read the full article at: https://www.thestar.com.my/aseanplus/aseanplus-news/2021/05/01/hainan-airlines-hit-by-covid-19-and-hna-group-restructuring-posts-biggest-ever-annual-loss-for-a-listed-chinese-company
ROLLE, Switzerland–(BUSINESS WIRE)–Garrett Motion Inc. (Garrett) today announced it has emerged from its pending Chapter 11 cases, successfully completing the restructuring process and implementing the Plan of Reorganization (Plan) that was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on April 23, 2021. With the support of a significant majority of its stakeholders, led by funds managed by Centerbridge Partners, L.P. (Centerbridge) and funds managed by Oaktree Capital Management, L.P. (Oaktree), Garrett will remain a publicly traded company and expects to list its common stock on Nasdaq, effective May 3, 2021, under the ticker symbol GTX.
Olivier Rabiller, President and Chief Executive Officer of Garret…
Read the full article at: https://www.businesswire.com/news/home/20210430005564/en/Garrett-Motion-Successfully-Completes-Chapter-11-Restructuring-With-New-Capital-and-Strong-Balance-Sheet
HONG KONG — Ping An Insurance Group and other investors have agreed to contribute to an $11.3 billion bankruptcy restructuring package to secure and rejuvenate a financially troubled corporate empire established by China’s top university.
Peking University Founder Group (PKU Founder), a state-owned conglomerate founded by the university, has been in a Beijing court-supervised bankruptcy proceeding since February 2020.
On Friday, court-appointed administrators reached an agreement with Ping An and two municipal governments in the southern province of Guangdong to lead the restructuring.
According to the announcement from Ping An and the administrators on Friday night, the New Founder Group will be established based on assets held by P…
Read the full article at: https://asia.nikkei.com/Business/Markets/China-debt-crunch/Ping-An-to-lead-11.3bn-restructuring-of-Peking-U-s-corporate-empire
KATIE Price is looking to buy two more horses – despite being made bankrupt.
Katie, 42, is hoping to snap up a new dressage horse from overseas and has also been looking at ponies for her youngest daughter Bunny, six.
6
Speaking to Your Horse magazine, the mum-of-five said: “Ive been looking in Holland for another dressage horse for me.”
She added: “Ive recently looked at a pony for Bunny too; the pony is 16, and I think people think thats old for a horse, but they still have so many years left in them.”
Katie, who has just got engaged to her partner Carl Woods, was declared bankrupt in 2019.
At the height of her fame, she was worth an incredible 45millio…
Read the full article at: https://www.thesun.co.uk/tvandshowbiz/14821281/katie-price-plans-buy-more-horses-bankrupt/
Canberra Cavalry pitcher Shawn Morimando in action at Narrabundah Ballpark. Photo: Peter Norton.
A new ownership structure as part of an overall restructuring of the Canberra Cavalry national baseball franchise is imminent after the club was forced into voluntary administration at the end of March.
Back-to-back seasons disrupted by unforeseen circumstances hit the club hard, and plans are in motion to secure its long-term financial security so it can weather any further unexpected events.
The club is keeping mum for now, anxious not to frighten the horses as the administrator goes about the work of ensuring a future for the Cavs in Canberra.
But a season clouded by bushfire smoke that eroded revenues followed by the pandemic, which p…
Read the full article at: https://the-riotact.com/struggling-cavalry-in-pitch-to-secure-long-term-future/454013
Released
30 April 2021
Next release
30 July 2021
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Statistical enquiries
Becca Wedge-Roberts (author)
Kate Palmer (responsible statistician)
1. Main messages for England and Wales
- One in 396 active companies (at a rate of 25.3 per 10,000 active companies) entered liquidation between 1st April 2020 and 31st March 2021. This is a decrease from the 40.5 per 10,000 active companies that entered liquidation in the 12 months ending 31st March 2020.
- During Q1 2021, there were 2,384 (seasonally adjusted) registered company insolvencies, as shown in Figure 1, comprising 2,047 creditors voluntary liquidations (CVLs), 108 compulsory liquidations, 192 administrations and…
Read the full article at: https://www.gov.uk/government/statistics/company-insolvency-statistics-january-to-march-2021/commentary-company-insolvency-statistics-january-to-march-2021
The United Kingdom Statistics Authority has designated these statistics as National Statistics, in accordance with the Statistics and Registration Service Act 2007 and signifying compliance with the Code of Practice for Official Statistics.
Designation can be broadly interpreted to mean that the statistics:
- meet identified user needs;
- are well explained and readily accessible;
- are produced according to sound methods; and
- are managed impartially and objectively in the public interest.
Once statistics have been designated as National Statistics it is a statutory requirement that the Code of Practice shall continue to be observed.
1. Data Sources and data validation
Individual-level company insolvency data for England & Wales, Scotland a…
Read the full article at: https://www.gov.uk/government/statistics/company-insolvency-statistics-january-to-march-2021/methodology-and-quality-document-company-insolvency-statistics-january-to-march-2021
Company insolvencies in England and Wales fell to their lowest level in more than thirty years during the first three months of this year, as government support measures helped businesses hit by the pandemic to ward off bankruptcy.
Britain suffered its sharpest fall in economic output in more than three centuries last year, but government-backed lending schemes enabled companies to borrow more than 75 billion to navigate cashflow problems.
The number of businesses declared insolvent sank to 2,384 in the first quarter of 2021 from 3,053 in the final three months of 2020, the lowest number in seasonally adjusted data that goes back to the first quarter of 2011. Longer-running figures that are not seasonally adjusted show the lowest numbe…
Read the full article at: https://www.thetimes.co.uk/article/insolvencies-at-32-year-low-thanks-to-covid-loans-gg2908mh0