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.
Signage for HNA Group Co. is displayed atop the company’s building in Beijing, China, on Thursday, Feb. 1, 2018. Photographer: Giulia Marchi/Bloomberg
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The once high-flying Chinese conglomerateHNA Group Co. Ltd.is seeking strategic investors for its airline, airport and retail businesses after receiving court approval to include the giant and 320 of its related companies in asingle bankruptcy restructuring case.
A Mayo senator has welcomed new legislation – the second stage of which is currently passing through the Oireachtas – which protects the family home in personal insolvency cases.
Senator Paddy Burke said the Personal Insolvency (Amendment) Bill 2020 removes the requirement that an insolvent debtor is only eligible under the Act to apply for the insolvency court review if his or her home mortgage was already in arrears before January 1, 2015 which, he said, is very welcome.
The Castlebar-based representative elaborated: “I was a member of the finance committee which started out on the road of this bill when many people wrote to us about their cases.
“We heard about harrowing situations where people were in ferocious debt and los…
NO liquidation appointment notices have been listed for businesses in the Sunshine Coast Local Government Area so far today. The total for the past year is 23.
News Corp analysis of ASIC Insolvency Notices and ABN Lookup data shows the locations of company liquidations across the state.
Queensland-based companies operating without an ABN were omitted from the list below, however can be found in our monthly statewide list.
Here’s the list for Sunshine Coast, listed by postcode in date order:
4551
Dent Industries Pty Ltd Trading As Cold Rock Ice-Creamery Caloundra, ABN: 40629041032, Main Business Location: QLD 4551, Notice Date: March 24, 2020, Liquidator: David Lewis Clout
Mvs Sunshine Coast Pty Ltd, ABN: 18143992385, Main Business Loc…
Join prevention staff from the Center for Alcohol & Drug Services, Inc. at 1 p.m. Wednesday on Zoom to learn about the often hidden addiction of gambling.
For many, gambling is a form of entertainment but for others, gambling can lead to debt, bankruptcy, and failed relationships, a news release says. Participants in the presentation, which is free and open to the public, will learn why being aware of problem gambling behaviors is important, how to identify signs of problem gambling, how to access help, and how to gamble responsibly.
The once high-flying Chinese conglomerate HNA Group Co. Ltd. is seeking strategic investors for its airline, airport and retail businesses after receiving court approval to include the giant and 320 of its related companies in a single bankruptcy restructuring case.
HNAs decision, made public Friday in three separate announcements by its restructuring team, offers a glimpse at which parts of the conglomerates sprawling business empire might survive restructuring as the company attempts to crawl out from under the heap of debt it amassed during a global buying binge. Once one of Chinas most prominent and prolific dealmakers, HNA attracted attention for purchases including stakes in New York-listed hotel giant Hilton Worldwide Holdings In…
As part of its global cost restructuring plans, Finnish telecom giant Nokia will lay off around 1,500 employees in India. Through this cost restructuring, the telecom bellwether aims to increase investment towards research and development capabilities and reduce site fragmentation.
The restructuring plans will hit Nokia’s global operations as well as its India operations. Consultation processes in this regard are likely to begin soon. “It is too early to comment in detail, but we expect the consultation processes to start shortly, where applicable. Business groups are looking to reduce site fragmentation, but we have no further details at this point,” a Nokia spokesperson told Times of India.
The worlds largest airlines have built up a mountain of more than $300bn in net debt, a sign the pandemic will hamper recovery for years as carriers face paying back huge bills from rescue financing and state support.
With hopes of a limited restart to travel in the summer, attention is turning to how quickly airlines can heal their balance sheets after the biggest crisis in aviation history.
Liquidity is and has been of great importance to always make sure we have enough cash to manage the situation, easyJet chief executive Johan Lundgren told the Financial Times.
The sale of assets as a going concern under liquidation is very similar to a Resolution Plan during the insolvency and resolution process.
By Nitin Jain
The main objective of the Insolvency and Bankruptcy Code 2016 (IBC) is to maximize value for the creditors. Keeping in line with this objective, the regulator through an amendment dated 25.07.2019 added a new regulation 32A for the sale of the corporate debtor as a going concern under liquidation. As per this new liquidation regulation, if the committee of creditors or the liquidator is of the opinion that the company or its business should be sold as a going concern, then the liquidator in order to maximize the value shall first endeavour to sell the whole company or identified asse…
Boris Becker illegally gave money to his wife and his ex-wife to evade bankruptcy rules, a court heard yesterday.
The 53-year-old tennis legend earned a fortune from a career that started with a Wimbledon title at the age of 17 and included another five grand slam singles …
Bankruptcy can happen to anyone even billionaires. The news is full of former high-flying celebrities whose careers have tanked, or they made unwise investments. Filing for bankruptcy isnt a prison sentence. Youll see a multitude of bankrupt celebrities, movie stars, musicians, and athletes.
Some celebrities of the past who went bankrupt include singer and actress Debbie Reynolds, rock star Andy Gibb, founder of Penthouse magazine Bob Guccione, and actor Burt Reynolds.
Current Crop of Celebrities Who Lost It All
Its fun to speculate about other peoples financial problems, but dont get too carried away. Anyone can lose it all, but some make modest or spectacular comebacks. Most people with a BA degree earn up to $2 million over their ca…
The Liberal-National Coalition government pushed its industrial relations legislation through the Senate yesterday, but it had to drop key aspects of the bill that had been demanded by big business in order to win the votes of crossbench MPs.
While the laws contain attacks on the rights and conditions of casual workers, and have been hailed as a victory by the Coalition, their passage will do nothing to stem a deepening crisis of the government.
Scott Morrison speaking at the National Press Club (Facebook/Scott Morrison)
The legislation has been greeted with intense dissatisfaction from different quarters of the establishment.
The corporate elite, and its mouthpieces in the financial press, have decried the fact that key changes to w…
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