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.
Video PlayerClose WINDHOEK, Jan. 30 (Xinhua) -- Financially-beleaguered Air Namibia on Friday survived liquidation attempts by defunct Belgian company ChallengeAir
The first creditors meeting in the administration of Adelaide-based Australian Fashion Labels (AFL) will take place on January 15.
The business entered voluntary administration on January 06, appointing Duff & Phelps administratorsBrett Lord and Marcus Ayres to handle the process.
According to reports fromSmart Company,the ongoing effects of COVID-19 as well as legacy costs from restructuring to an online-only business put the company under intense pressure.
“The legacy of those restructuring costs, plus the impact of COVID-19 on sales have become an increasing hang on the business,” administrator Ayres told the publication.
The administrators are seeking a buyer for the business or the capital to continue its operation into the future…
If there’s anything you can count on in an extradition case, it’s that the process will not be simple or brief.
Extradition requests are not common over the past decade, Australia has made an average of about a dozen extradition requests each year, and just 82 requests have been granted.
Dozens of those requests are still going through the legal process, which can often take years to reach a conclusion.
Over the 2019-2020 financial year, just three of the 11 extradition requests made by Australia were granted.
In 2020, a 21-year-old Colombian man was extradited from the Caribbean island nation of Aruba and charged with the murder of a woman in Sydneys eastern suburbs.
A Canadian man was extradited from Toronto over the alleged importation …
With the Covid-19 pandemic driving up government debt across many nations, there are growing calls for debt swaps to be used to help developing nations achieve a green recovery.
This week, two separate research teams from the US and China have called for China in particular to implement such debt swaps in exchange for efforts by developing nations to increase nature conservation, as well as climate adaptation and mitigation.
The researchers conclude that by implementing such debt swaps, China could not only help to relieve fast-spreading indebtedness in the developing world, but also provide precious finance to countries that are vulnerable to both climate change and environmental degradation.
Banned adverts for two debt advice firms represent just the tip of the iceberg in terms of how people are misled, a leading advice charity has warned.
The Advertising Standards Authority this week upheld complaints against two firms, National Direct Service and Fidelitas Group Ltd, about misleading claims they made about their services in paid-for search ads and on their websites.
It found the companies had exaggerated the speed and ease with which debt can be reduced, included misleading reviews, and suggested they were linked with StepChange Debt Charity or endorsed by the government.
Although they claimed to be qualified to provide debt counselling, they were just lead generators who passed on peoples details to firms offering paid-for h…
The National Company Law Appellate Tribunal is the Apex Tribunal in the country dealing with all aspects of Corporate Law.
The judgments pronounced by the Appellate Tribunal in the areas of Insolvency, Competition and Company Law regulate all elements of a companys functioning in India; from its registration to its functioning, operation to its interaction with the market and various stakeholders, to its insolvency and potential resuscitation. This monthly column seeks to cover the landmark judgments delivered by the National Company Law Appellate Tribunal and to offer a brief summary of the same in a capsule-form for the benefit of the reader.
The judgments of the National Company Law Appella…
This week, online players in the UK swallowed up some of the countrys most venerable fashion retailers in a dramatic changing of the guard that suddenly gathered momentum.
On Monday, digital fast fashion group Boohoo snapped up the 243-year-old department store chain Debenhams, acquiring its intellectual property and website, but not its 130 physical stores, for 55 million ($75 million). The same day, e-tailer Asos said it was in talks to buy Topshop, Topman and Miss Selfridge also sans stores from Sir Philip Greens troubled Arcadia Group, which collapsed into administration in November. By Friday, Boohoo had also confirmed it was in discussions to buy the rest of the Arcadia empire the Dorothy Perkins, Wallis and Burton brands for …
PLEASANT GROVE, Utah, Jan. 29, 2021 /PRNewswire/ —Qube Money, a money management and digital banking platform, today announced the launch of its app. Designed to empower consumers to control their finances and eliminate debt, Qube Money brings the envelope budgeting method to a cashless world.
“The COVID-19 pandemic accelerated the need for cashless solutions for our day-to-day transactions,” said Ryan Clark, Co-founder and CEO of Qube Money. “Qube Money helps people successfully navigate the shift to a cashless society by digitizing cash allocation and spend planning to ensure their money has purpose pre-determined by the individual.”
Qube Money sets up digital envelopesthat work in conjunction with a Qube Money debit card tied to an …
WINDHOEK, Jan. 30 (Xinhua) — Financially-beleaguered Air Namibia on Friday survived liquidation attempts by defunct Belgian company ChallengeAir SA which had applied to the Namibian High Court to have the carrier liquidated.
ChallengeAir SA had filed for the loss-making flag carrier’s liquidation, arguing it is insolvent and unable to repay about 16.7 million U.S. dollars in debt incurred for the lease of a Boeing 767 back in 1998. Air Namibia canceled the lease agreement after it had found that the aircraft was defective.
Lawyers representing the two parties reached a settlement agreement minutes before the liquidation proceedings were due to start in the capital Windhoek.
NAIROBI (Reuters) – Ethiopia plans to seek a restructuring of its sovereign debt under a new G20 common framework and is looking at all the available options, the countrys finance ministry told Reuters on Friday.
Ethiopias government bonds saw their biggest ever daily fall on the news and analysts said restructuring concerns could spill over to hit other borrowers.
G20 nations agreed in November for the first time to a common approach for restructuring government debts to help ease the strain on some developing countries driven towards the risk of default by the costs of the coronavirus pandemic.
Chad became on Wednesday the first country to officially request a debt restructuring under the new framew…
Recent History and Economics graduate and content writer for Credit Strategy.
The spike in the last quarter was driven by a rise in the number of IVAs, which accounted for 77% of total insolvencies during Q4. The Insolvency Service said that IVAs accounted for 70% of all personal insolvencies during 2020.
There were 111,424 personal insolvencies in total for the whole of 2020, a decrease of 8.6% on 2019. According to the data, this decrease was driven by a 25% reduction of both bankruptcies and DROs. The total number of bankruptcies in 2020 was the lowest since 1990.
Colin Haig, president of insolvency and restructuring trade body, R3, said: The increase in personal insolvencies between Q3 and Q4 of last year may indica…
On next weeks Neighbours in the UK, another residents money struggles tempt them into Kanes underground blackjack games. Will they stay quiet when they realise Hendrix is also caught up?
These episodes air in the UK from Monday 1st February.
Its fair to say Nicolettes life has taken a downward spiral of late. She was living quite a nice life on Ramsay Street she had a secure nursing job at Erinsborough Hospital, Pierces departure meant she could finally enjoy her friendship with Chloe, and she had even found herself on the cusp of parenthood with David and Aaron.
Yet Audreys brief but explosive months in Erinsborough turned all of that upside down. After guilt got the better of her, Audrey ended up blurting out her and Nicolettes bi…
COPENHAGEN, Denmark (AP) Norways government said Friday it will give low-cost carrier Norwegian Air Shuttle a 1.5 billion kroner ($173 million) loan as long as the ailing company manages to raise at least 4.5 billion kroner ($520 million) from other investors.
The government had put several conditions for participating in the Norwegian airlines restructuring, including that the Oslo-based company must get new capital from private investors.
The state has no ambitions to become an owner of Norwegian, stressed Trade Minister Iselin Nyboe. A formal proposal for the loan was presented Friday to Parliament.
Earlier this month, the airline said it will end its long-haul operations and instead focus on European destinations as it str…
