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.
MONEY gathered for charitable community causes may instead be put towards settling with unsecured creditors, following the liquidation of a partner company.
The Somerset Regional Council has hosted Mayoral Gala Charity Balls for several years, with the aim of creating a fund that could be used by people and groups in the community.
In 2017, 2018, and 2019, the council partnered with Fundraising Auctions Pty Ltd for the galas, but in March this year, the company went into liquidation.
At their meeting this week, councillors were advised that people who gained vouchers during the 2019 gala but hadnt redeemed them prior to the company folding would likely rank as unsec…
Equestrian Australia has said it will ensure requirements are met to nominate athletes for the Tokyo 2020 Olympic and Paralympic Games after the national governing body entered voluntary administration.
The organisation entered voluntary administration following the withdrawal of funding by Sport Australia, who had slammed Equestrian Australias governance and raised concerns over welfare of participants within the sport.
“We do not take these measures lightly but our priority is the long-term betterment of the sport and the welfare and safety of all Equestrian Australia athletes, participants, staff and volunteers,” Sport Australia said in a statement, according to the Sydney Morning Herald.
On April 15, the Group of Twenty (G20), an international forum that assembles governments, central bank governors, and international organizations, endorsed a suspension of debt service for seventy-six countries from the Global South. This was not quite debt cancellation, but a postponement of payment.
Granted on a case-by-case basis, this measure only concerns bilateral debt, and therefore excludes multilateral debts and those owed to the private sector. A few weeks later, on May 13, a coalition of three hundred parliamentarians led by Bernie Sanders published a letter calling on the International Monetary Fund (IMF) to provide extensive debt forgiveness for these same countries.
Since the first outbreak of the COVID-19 pandemic, the …
Nagoya Mitsubishi Aircraft Corp. will cut more than half of its 2,000-strong workforce in a restructuring move as the coronavirus devastates travel demand and delays continue to plague its regional jet project, a source close to the matter said.
The aircraft-making subsidiary of Mitsubishi Heavy Industries Ltd. will also close its U.S. headquarters, a development center in Canada and sales offices in the United States and Europe, the source said.
While the companys testing site in the state of Washington will remain, its workforce will be also drastically reduced.
By making the small regional jet, now known as the Mitsubishi SpaceJet, MHI hoped to succeed in the commercial aircraft market as airlines shifted to small and midsize plan…
There were 1200 fewer court actions in April and May this year compared to the same two months in 2019 despite the widespread shutdowns of huge parts of the economy due to the coronavirus pandemic. At the start of the virus, the industry had been expecting a surge in bankruptcies.
Mr Coghlan said financially troubled businesses were staying alive partly because the law firms that would normally press insolvency actions have themselves been forced to lay off staff. At the same time the court system that would handle those actions has also been heavily curtailed in parts of the country.
The Morrison government has introduced temporary changes to bankruptcy laws that include a four-fold increase in the deadline before a creditor can star…
CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. On today’s show, CNBC’s Dominic Chu breaks down why traders have bought so much stock in bankrupt companies like Hertz and J.C. Penney, and how it can quickly become a losing game. Also, CNBC’s Elizabeth Schulze explains how empty sports stadiums pose an imminent threat to city and county budgets, and why the whole situation could lead to higher local taxes for those residents.
To get a slice of one of the market’s most epic rallies, investors are snapping up stocks everywhere including shares in bankrupt companies, which in theory will be worth nothing.
The market dislocation wrought by the coronavirus pandemic has a poster child in Hertz Global Holdings Inc.
A bankruptcy court late Friday approved Hertzs HTZ, +37.37% request to sell up to $1 billion in stock. The car-rental company appears to be seizing on a wave of intense, speculative interest in its shares since it declared bankruptcy late last month, drowning in debt and hit hard by the global restrictions on travel designed to slow to spread of the coronavirus.
Hertz stock topped a popularity chart among Robinhood app users on Friday.
The selling of new shares would be a head scratcher, analysts at Credisights said in a note before the court decision. Hertz got a delisting notice this week and an even more compelling nega…
VANCOUVER, British Columbia, June 12, 2020 (GLOBE NEWSWIRE) — Novelion Therapeutics Inc. (Novelion or the Company) by Alvarez & Marsal Canada Inc., Novelions court appointed liquidator (the Liquidator) today provides an update on the Companys voluntary liquidation process (the Liquidation) that started on January 16, 2020 (the Effective Date).
Liquidation Update
The Liquidator is currently administering the Court-approved claims process, the purpose of which was to solicit claims against Novelion and its directors and officers. Written notice of the commencement of the Liquidation and the claims process to all known creditors of Novelion was published in major newspapers …
“It’s like a last-ditch attempt to get the last bit of money out of a gambler. I was just disgusted.”
Dave, not his real name, has fought gambling addiction nearly his entire life and now has 50,000 of gambling debt spread over up to six credit cards.
He’s talking about when he recently saw an advert about a way that lets people gamble using credit on their mobile phone.
Just six weeks after a ban on using credit cards came into effect, politicians and charities say the regulator – the Gambling Commission – must take urgent action to shut down this “loophole”.
The Commission told the BBC’s Money Box programme it’s watching closely for any unintended consequences of the ban and will consider further intervention if necessary.
CHARLESTON Regulations setting locations and other requirements for cannabis businesses received a recommendation from the Charleston Board of Zoning Appeals and Planning Thursday.
The board’s recommendation will be considered by the Charleston City Council n…
Bondholders in the troubled foreign exchange provider Travelex are pressing its syndicate of banks to enter talks about a restructuring after an emergency auction of the business stalled.
Sky News has learnt that a group of debt investors which are being advised by the investment bank PJT Partners are pushing Travelex’s banks – which include Barclays and Goldman Sachs – to negotiate a potential deal.
The currency exchange retailer’s banks, which are being advised by FTI Consulting, are owed about 90m by the company, while the bondholders are due to be repaid roughly 360m (322m).
