Insolvency Guardian Media Centre
U.S. database giant Oracle Corp. is downsizing its China-based research and development (R&D) team with hundreds of job cuts as the company seeks to reposition its business and expand further into cloud computing.
Oracle announced a restructuring plan focusing on its China R&D operation on a company conference call Tuesday. The plan will involve job cuts in Beijing, Shenzhen and other locations, several company sources told Caixin.
Oracle didnt disclose how many people will be affected by the layoffs in China, but media reports said it could dismiss more than 900 employees in the country. One employee told Caixin that job cuts in Beijing alone will total about 500, although the company didnt confirm that.
Domestic media reported …
Read the full article at: https://www.caixinglobal.com/2019-05-10/oracle-cuts-hundreds-of-china-jobs-in-restructuring-101413730.html
A UK government review published on the 9th May has recommended Britain sets up a Flight Protection Scheme. The scheme would see all air passengers paying a 50p levy to finance their repatriation should their airline go bust.
Air passengers in the UK may soon be charged an extra 50p per flight to maintain a new Flight Protection Scheme. The scheme will involve all airlines to buy into an insurance scheme, which can then be used to repatriate passengers in the event that the airline goes bust.
This has come about following the publication of the Airline Insolvency Review which was published today (Thursday 9th). The review revealed that as many as 80% of…
Read the full article at: https://simpleflying.com/airline-bankruptcy-tax/
TORONTO The union representing staff at CTV News says restructuring announced today has impacted jobs at stations in at leastfive provinces, and will result in a net reduction of staffing.
Unifor says the stations affected by restructuring include the CTV1 stations in Alberta, Saskatchewan, Manitoba, Ontario and Quebec.
The union, which represents local television staff across the media chain, says CTV News parent company Bell Media has told journalists and field technicians to expect a mix of retraining, layoffs and new digital jobs.
Unifor National President Jerry Dias saysretooling local news for the digital world is necessary and is hopefully, a successful business plan.
Headds in a release thatlocal television is being…
Read the full article at: https://www.citynews1130.com/2019/05/09/ctv-news-restructuring-cutting-jobs-in-five-provinces-says-union/
The Insolvency and Bankruptcy Board of India (IBBI) proposes to make the legal regime around withdrawal of resolution applications under the Insolvency and Bankruptcy Code (IBC) more practical. This, in turn, will give the original promoters a wider opportunity to seek resolution outside the IBC process and thereby gain back control of their companies.
Plans are afoot to change the norms around withdrawal of resolution applications under Section 12A of the IBC to the effect that application for withdrawal may be allowed in exceptional cases even after invitation of expression of interest. The insolvency regulator proposes to make a change to this effect in the Corporate Insolvency Resolution Process (CIRP).
Currently, no application for …
Read the full article at: https://www.thehindubusinessline.com/economy/tweak-in-resolution-process-to-open-window-wider-for-original-promoters/article27084244.ece
Defence lawyers sought on Thursday to poke holes in an expert witnesss conclusion that Sean Dunne was effectively insolvent as of late 2007. This is the fourth day of the once-high-flying property developers American civil trial.
The plaintiffs claim that Mr Dunne was insolvent by the late 2000s is key to proving his allegation that Dunne transferred tens of millions of euro in assets to his wife Gayle Killilea and others during that period to shield them from creditors.
The plaintiff is the trustee for the 2013 bankr…
Read the full article at: https://www.irishtimes.com/business/commercial-property/claims-of-dunne-s-insolvency-focus-of-defence-s-questioning-1.3887059
NEW YORK, May 09, 2019 (GLOBE NEWSWIRE) — New York REIT Liquidating LLC (the Company or the LLC), which was formed to complete the liquidation of the assets previously held by New York REIT, Inc., announced today it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2019. All per share amounts have been restated to reflect the effect of the 1-for-10 reverse stock split which was completed on March 15, 2018.
Liquidation Status
Holders of membership interests in the Company are reminded that the conversion of New York REIT, Inc. to the LLC occurred on November 7, 2018. As previously disclosed, membership interests in the LLC are generally not transferable except by will, intestate succession or operation of la…
Read the full article at: https://www.globenewswire.com/news-release/2019/05/09/1821048/0/en/New-York-REIT-Liquidating-LLC-Announces-Results-for-the-Quarter-Ended-March-31-2019-and-Declaration-of-Distribution-of-0-10-Per-Unit.html
Debenhams has won emphatic approval from its creditors for its rescue restructure plan, that will close at least 22 stores and force through rent cuts on many others.
Landlords and other creditors, such as clothing suppliers, approved the closures which form part of two company voluntary arrangement (CVA) deals Debenhams new owners have said are necessary to prevent the business collapsing. A CVA is a type of insolvency procedure and Debenhams received 95% support for one plan and 97% for the other.
The retailers chairman, Terry Duddy, told the meeting: We did not want to be here but the alternative has been stark.
He said he was confident Debenhams had a future if the restructuring plan went ahead.
Duddy had urged creditors to back t…
Read the full article at: https://www.theguardian.com/business/2019/may/09/debenhams-wins-green-light-for-restructuring-plan
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Craig Hughes, from Luton, removed three coaches without the permission of liquidators in August 2017
A coach company boss who hid three coaches from liquidators has been banned from promoting, forming or managing a company for nine years.
Craig Hughes, 27, from Luton, was director of HL Tours, a private hire coach service, based in Barton-le-Clay, Bedfordshire.
The company went into voluntary liquidation in October 2017, owing thousands, the Insolvency Service said.
An insolvency practitioner was faced with “obstacles …
Read the full article at: https://www.bbc.com/news/uk-england-beds-bucks-herts-48217697
LIQUIDATORS of failed Queensland hair dressing chain Supercuts are hopeful a buyer will emerge for the 32-year old business that closed earlier this week with the loss of 76 jobs.
Pontefract Pty Ltd, which traded as Supercuts Hairdressing Salons, was voluntarily placed in liquidation on May 7, with Mark Pearce and Michael Dullaway of Brisbane-based Pearce and Heers appointed liquidators.
The company, which operated 13 salons in Queensland and one in Canberra, had been struggling for more than three years in an increasingly tough retail market.
It was placed in voluntary administration in November 2015 after racking up significant debts to the Australian Tax Office and for employee superannuation.
Supercuts Hairdressing Sal…
Read the full article at: https://www.whitsundaytimes.com.au/news/failed-hair-salon-chain-supercuts-could-attract-bu/3722896/
LIQUIDATORS of failed Queensland hair dressing chain Supercuts are hopeful a buyer will emerge for the 32-year old business that closed earlier this week with the loss of 76 jobs.
Pontefract Pty Ltd, which traded as Supercuts Hairdressing Salons, was voluntarily placed in liquidation on May 7, with Mark Pearce and Michael Dullaway of Brisbane-based Pearce and Heers appointed liquidators.
The company, which operated 13 salons in Queensland and one in Canberra, had been struggling for more than three years in an increasingly tough retail market.
It was placed in voluntary administration in November 2015 after racking up significant debts to the Australian Tax Office and for employee superannuation.
Supercuts Hairdressing Sal…
Read the full article at: https://www.frasercoastchronicle.com.au/news/failed-hair-salon-chain-supercuts-could-attract-bu/3722896/
LIQUIDATORS of failed Queensland hair dressing chain Supercuts are hopeful a buyer will emerge for the 32-year old business that closed earlier this week with the loss of 76 jobs.
Pontefract Pty Ltd, which traded as Supercuts Hairdressing Salons, was voluntarily placed in liquidation on May 7, with Mark Pearce and Michael Dullaway of Brisbane-based Pearce and Heers appointed liquidators.
The company, which operated 13 salons in Queensland and one in Canberra, had been struggling for more than three years in an increasingly tough retail market.
It was placed in voluntary administration in November 2015 after racking up significant debts to the Australian Tax Office and for employee superannuation.
Supercuts Hairdressing Sal…
Read the full article at: https://www.northernstar.com.au/news/failed-hair-salon-chain-supercuts-could-attract-bu/3722896/
PLYMOUTH MEETING, Pa.–(BUSINESS WIRE)–May 8, 2019–CSS Industries, Inc. (NYSE: CSS) announced today a comprehensive restructuring plan to significantly reduce its cost base, while streamlining the organization in a manner designed to improve business performance, profitability and cash flow generation. Development of this restructuring plan initially began in connection with the Companys previously announced management project.
Under the restructuring plan, ongoing run-rate spending (primarily attributable to selling, general and administrative expense) is expected to be reduced approximately $22 million by the end of fiscal 2020, representing an approximate 10 percent reduction in total spending. Half of the total savings are expected …
Read the full article at: https://www.apnews.com/Business Wire/c265527c8a4b48d193daa7b2800d3c1d