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.
The Commercial Court of Marseilles approved the recovery plan for Bourbon Maritime after an agreement was reached with the creditors. The decision completed the reorganization proceedings that began nearly 18 months ago. The company expects to complete the financial and capital restructuring of the group by the end of the year as it continues to overhaul its business.
Bourbons recovery is based on the continuation and deployment of its strategic action plan. According to the company its two priorities will be transformation of business models towards more integrated services and the digitalization of the fleet. The goal is to improve while gradually reducin…
With tourism battered by the pandemic and mass gatherings shut down, some local governments are having to make good on those pledges.
Maryland Heights had to step in and help even before its ice centre and music arena got a chance to fully debut. Financed with $US55.5 million ($73.4 million) of bonds, the ice centre opened in 2019, only to close less than a year later because of COVID-19. It has since reopened.
The arena, which had an agreement with events promoter Live Nation and was set to open in May 2020 with a concert featuring Kesha, had to cancel all its shows for this year.
As revenue from ticket sales and concessions disappeared, the price of some of the bonds sold for the project due in 2039 tumbled, indicating concern among i…
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of Novembers corporate and personal insolvency statistics for England and Wales:
The increase in corporate insolvency numbers in November has been driven by a rise in Creditors Voluntary Liquidations (CVLs). However, Company Voluntary Arrangements (CVAs), Administrations and Compulsory Liquidations all fell compared to the previous month.
Numbers of all types of personal insolvencies fell in November compared with October, leading to an overall month-on-month drop of over a fifth. The fall compared with the same month last year is less preci…
NEW DELHI: Markets regulator Sebi on Wednesday decided to tweak norms pertaining to 25 per cent minimum public shareholding for companies which undergo corporate insolvency resolution and seek relisting following the process.
Besides, it decided to enhance disclosure for such companies, Sebi said in a statement after its board meeting.
The move would ensure revival of the corporate debtor pursuant to the resolution plan and provide any listing gains over the next three years to shareholders.
Post the Corporate Insolvency and Resolution Process (CIRP), such companies will be mandated to have at least 5 per cent public shareholding at the time of their admission to dealing on stock exchange.
Corporate insolvencies increased by 4% to 889 in November 2020 compared to Octobers figure of 862, and were 41% lower than November 2019s figure of 1,512.
Personal insolvencies fell by 22% in November 2020, with 9,319 compared to Octobers figure of 11,945, and were 3% lower than November 2019s figure of 9,568.
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of Novembers corporate and personal insolvency statistics for England and Wales:
The increase in corporate insolvency numbers in November has been driven by a rise in Creditors Voluntary Liquidations (CVLs). However, Company Voluntary Arrangements (CVAs), …
Heres two contradictory datasets: one from the Citizens Advice Bureau, reporting that 600,000 more people are falling into ruinous debt, unable to pay their energy bills; the other from the UK Insolvency Service revealing that individual bankruptcies and debt relief orders have fallen over the last year, and dramatically so. Yet both paint an accurate picture of debt in the UK during the pandemic.
The insolvency figures are extraordinary. The number of personal bankruptcies this year a period of forced business closures, furloughs, rising unemployment has dropped to the lowest level for a decade. They are running at just one-sixth the level common in 2010. Individual voluntary arrangements (IVAs) are up, but only marginally, rising arou…
Luxury leather goods retailer Mon Purse has entered liquidation and reportedly ceased trading, amid complaints from customers saying they have been waiting for weeks to receive their orders.
Liquidators from Wexted Advisors are seeking urgent expressions of interest for the business and its assets, according to theSydney Morning Herald, following their appointment on December 11.
According to a notice on the Mon Purse website, the business online store is undergoing scheduled maintenance and its made-to-order range is temporarily unavailable due to the current effects of COVID-19.
A number of customers have taken to the brands Facebook page in recent weeks to complain about orders not being fulf…
Auckland property developer Andrew Montgomerie has been made bankrupt after failing to pay his brother back
A man has bankrupted his brother after he failed to repay a $1.2million loan.
James Montgomerie, a Florida-based businessman, in 2011 loaned the sum to his brother, Andrew Montgomerie, an Auckland property developer.
Andrew had run into financial difficulty following the 2008 global financial crisis. James provided assistance to him by purchasing his family home on Waiheke Island.
They agreed that Andrew and his family would continue living in the house and Andrew would cover mortgage interest payments, rates and other outgoings.
Sydneys Star Casino has dismissed and banned two employees because of their misconduct.
Gambling News reports that the Star dismissed the employees, who were responsible for overseeing gaming activities.
The casino contacted the states Liquor and Gaming Authority, who decided to ban the casino special employees, who breached their responsibilities, for a period of five years.
The two employees will not be allowed to enter casino premises during that period, with the authority contacting the NSW Police Casino and Racing Unit, regarding the misconduct of the employees.
Authority chair Philip Crawford said that casino special employees are licensees engaged to supervise and facilitate gaming activities.
Accessories brand Colette by Colette Hayman was placed into voluntary administration on January 31 2020. Voluntary administrator Vaughan Strawbridge said it had been hit by hard times. “Colette By Colette Hayman has, unfortunately, been impacted by the current weak retail environment, as have many others. “Our focus is on continuing to trade the business while we seek either a recapitalisation of the Group or a sale of the …
Lee Davis (55), of Blyth, Northumberland, appeared at Newcastle Crown Court on Friday (11 December) before Judge Prince where he was sentenced to six months imprisonment suspended for 12 months.
The court heard that Lee Davis was declared bankrupt in April 2016 following a petition by the tax authorities having failed to pay taxes he owed.
A month before bankruptcy, however, Lee Davis received more than 33,000 in inheritance from his fathers estate. Lee Davis then transferred half of the funds to his wife and paid other creditors he owed, without repaying the tax authorities.
The offence came to light when the Official Receiver examined Lee Davis records and uncovered that he had failed to declare all his assets, including the inhe…
There are ways to consolidate your debt no matter what your credit score may be. (iStock)
Debt consolidation loansare one way that consumers with multiple debts can start to pay off their balances. With these loans, all debts are rolled into one account, allowing borrowers to make just a single monthly payment until the balance is paid off.
This simplifies the budgeting and repayment process and, in many cases, can even lower the costs of borrowing the money entirely.
But debt consolidation loans often requirehigh credit scores. For consumers who dont fall into this category, read on.
How to get a debt consolidation loan with bad credit
According to Howard Dvorkin, CPA, and chairman at Debt.com, consumers will typically …
