Insolvency Guardian Media Centre
Photo courtesy The Lost Cajun
Casual dining chain The Lost Cajun filed for Chapter 11 bankruptcy protection Wednesday, citing the impacts of the pandemic on its operations and franchisees.
The New Orleans-inspired concept, which was founded in 2010 in Colorado and lists 25 locations on its website, reported liabilities of more than $1.4 million and assets of about $338,000 in a petition filed in the U.S. Bankruptcy Court for the District of Colorado.
The Lost Cajun Spice Company LLC, which was formed in 2016 to handle the sale and distribution of goods to the chains restaurants, also declared bankruptcy.
During the pandemic, The Lost Cajun reduced salaries and reduced or eliminated franchise fees.
A number of The Lost Cajun franchis…
Read the full article at: https://www.restaurantbusinessonline.com/financing/lost-cajun-declares-bankruptcy
Sydney, April 22, 2021 (GLOBE NEWSWIRE) — Gordon Brothers and Ritchie Bros. have created a formal joint venture, the Gordon Brothers & Ritchie Bros. Alliance. The Alliance provides end-to-end asset advisory and asset remarketing services to the insolvency and restructuring market in Australia and South East Asia.
The new Alliance will generate superior outcomes forclients, ranging from Administrators, creditors, Receivers, bankers andfinanciers to the businesses in distress. The Alliance already has a strong track record in the mining, agriculture,construction and transport sectors. Clients will benefit from global reach and leverage of the Alliance and the ability to provide cash-backed, guaranteed outcomes.
Byentering intoa strategi…
Read the full article at: https://www.globenewswire.com/news-release/2021/04/22/2215459/0/en/Gordon-Brothers-Ritchie-Bros-Form-Alliance-to-Assist-Australian-and-South-East-Asian-Insolvency-and-Restructuring-Market.html
Final Verdict
As you compare credit counseling agencies, there are plenty of questions you should ask yourself. For example, what do you hope to accomplish? And do you need one-time credit counseling assistance or a long-term debt relief plan?
The FTC also recommends making sure you ask the right questions of agencies you’re considering, including inquiring about the services they offer and any fees they charge. Ultimately, we believe that Cambridge Credit Counseling Corp. is the best option for most consumers who need credit counseling services, but other companies can be worth considering depending on your needs. For example, Money Management International may be a better choice if you need counseling to help recover from a disaster,…
Read the full article at: https://www.investopedia.com/best-credit-counseling-services-5179499
Greensill Capitals Australian business, which collapsed last month with debts of A$4.9bn, has entered liquidation.
Administrator Grant Thornton said creditors had voted by 23 to zero, with a handful of abstentions, to liquidate the parent company of the disgraced supply chain firm.
Read more: Hand it over: David Cameron ordered to show lobbying text messages
As of today, the company is now in liquidation, Grant Thornton said. The liquidators will continue to identify and realise available assets, monitor developments in relation to the administrations of Greensill UK and the Greensill Bank AG, and continue their investigations in relation to Greensill Capital Pty Limited in liquidation.
The liquidation process will see Grant Thornton c…
Read the full article at: https://www.cityam.com/prosecutors-raid-greensill-offices-and-board-members-homes-in-germany/
Bio-Hybrid GmbH has filed for insolvency with the Nuremberg District Court. The start of series production, which was planned for mid-2021 after the separation from Schaeffler, is thus in jeopardy.
In October 2020, the automotive supplier Schaeffler sold all shares in its subsidiary Schaeffler Bio-Hybrid GmbH to Micromobility Services and Solutions. Series production of the four-wheeled Bio-Hybrid pedelec was to begin under the new owner in mid-2021. What will become of it is unclear in view of the insolvency proceedings.
In the meantime, the local court has appointed an insolvency administrator, with Hubert Ampferl from the law firm Dr. Beck & Partner GbR in Nuremberg taking on the task. There are no further details on the background o…
Read the full article at: https://www.electrive.com/2021/04/22/bio-hybrid-company-files-for-insolvency/
KUALA LUMPUR (Reuters) – Malaysias former prime minister Najib Razak has been served with a bankruptcy notice for failing to pay more than $400 million in unpaid taxes, a move that the ex-premier described as an attempt to destroy his political career.
Najib, who lost a historic election in 2018, is facing dozens of corruption and money laundering charges over the suspected theft of billions of dollars from 1Malaysia Development Berhad, a state fund he co-founded.
He has denied wrongdoing and on Monday launched a court appeal to set aside his con…
Read the full article at: https://www.reuters.com/article/us-malaysia-politics-najib-idUSKBN2BU09L
Thursday, April 22, 2021
A new study finds that Rhode Islanders love their gambling.
Rhode Island ranks 15th overall in the new study and second only to Massachusetts in New England.
And, Rhode Island is ranked first — tied with the Commonwealth — with sales of lottery tickets per capita.
GET THE LATEST BREAKING NEWS HERE — SIGN UP FOR GOLOCAL FREE DAILY EBLAST
Gambling exists in every state, even Hawaii and Utah, where gambling is prohibited by law. But not all gamblers are the same, reports WalletHub.
Recreational or ‘social’ gamblers, for instance, buy the occasional lottery ticket, take the rare casino trip or bet small stakes in fantasy sports. But they also are mentally able to quit at…
Read the full article at: https://www.golocalprov.com/business/ri-ranks-as-one-of-americas-biggest-gambling-states-says-report
Creditors have voted to liquidate Greensill Capitals Australian business, which collapsed last month with debts of A$4.9bn to companies including Credit Suisse and SoftBank.
Administrator Grant Thornton said on Thursday that creditors had voted by 23 to zero, with a handful of abstentions, to wind up the parent company of the London-based supply-chain finance group founded by Australian entrepreneur Lex Greensill. No buyers had emerged for the business, which crashed into administration on March 8, it said.
As of today, the company is now in liquidation, Grant Thornton said in a statement.
The liquidators will continue to identify and realise available assets, monitor developments in relation to the administrations of Greensill UK and …
Read the full article at: https://www.ft.com/content/0a256a37-d8e4-4655-91cc-678e38685628
Japanese insurer Tokio Marine and the Australian Tax Office were listed as yet to be quantified.
The shift to liquidation from administration will give Grant Thornton greater powers to investigate Greensills collapse and gather documents, including examining whether former directors or officers of the company had committed any offences that need to be reported to the Australian Securities and Investments Commission.
Directors resigned
Grant Thornton is expected to examine the groups access to external funding and the solvency position of Greensills main UK operating business to examine whether it traded while insolvent.
The administrators said in their creditors report, released last week, that while it did not appear that the Australia…
Read the full article at: https://www.afr.com/companies/financial-services/greensill-creditors-vote-for-liquidation-20210422-p57lgf
A closely-watched report has noted the largest quarterly leap in the number of businesses suffering significant financial distress since 2014 following a year of coronavirus disruption.
The latest Red Flag Alert produced by insolvency specialists Begbies Traynor measured a jump of 93,000 firms in the first quarter of 2021, a period that took in the anniversary of the UK’s first COVID-19 lockdown last March.
It meant there were 723,000 businesses suffering in total, the report said, a 42% increase over the past year.
The quarterly rise was put down to the latest enforced shutdowns of parts of the economy deemed non-essential as UK national governments sought to curb the spread of the virus and protect citizens through the vaccination …
Read the full article at: https://news.sky.com/story/covid-19-largest-jump-in-businesses-facing-significant-financial-distress-since-2014-12283383
Loxley Plc is planning to push forward and achieve consecutive growth after completing a two-year business restructuring task which saw it cut 40 underperforming firms and form seven core companies.
Suroj Lamsam, Loxley president and chief executive officer, said the firm experienced a positive turnaround last year with a better bottom line after experiencing several years of low profit or losses.
Its consistent bad performance was attributed to the business restructuring process which saw the company close subsidiaries which had a registered capital of 1-2 million baht and this helped generate revenue of around 5-10 million baht per year.
As a result, almost 40 companies have been cut into seven active companies which mostly focus on I…
Read the full article at: https://www.bangkokpost.com/business/2103447/loxley-streamlines-via-shakeup
Hertz Global Holdings Inc. agreed to provide some value to equity holders when it leaves chapter 11, vindicating the individual traders who have insisted the company is worth something despite its bankruptcy filing.
Hertz proposed in a chapter 11 exit plan on Wednesday that current stockholders receive warrants to purchase up to 4% of the restructured business, the first time the company has said it is worth enough to distribute some value to its owners.
The shareholder distribution would amount to a recovery of 60 to 70 cents per share, a material return to equity, Hertz lawyer Thomas Lauria said during a court hearing Wednesday.
If approved by the U.S. Bankruptcy Court in Wilmington, Del., that outcome would make Hertz a relative rari…
Read the full article at: https://www.wsj.com/articles/hertz-accepts-sweetened-bankruptcy-exit-deal-with-equity-payout-11619021884