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.
SAP employees in Australia are facing an uncertain future with their employment after the business software giant announced it is cutting 4,400 jobs worldwide as part of its restructuring.
In its quarterly markets statement, SAP revealed plans to reduce its global workforce as the company transitions from a traditional software delivery to a more cloud-based model.
SAP will execute a company-wide restructuring program to further simplify company structures and processes and to ensure its organisational setup, skills set, and resource allocation continue to meet evolving customer demand, the company said.
Restructuring expenses are projected to be 800m to 950m (…
CHATTANOOGA, Tenn.–(BUSINESS WIRE)–Unum
(NYSE:UNM) is offering a new benefit to help its employees tackle
student debt. Starting next year, U.S. employees can transfer carry-over
paid time off (PTO) into a payment against student debt through the
Student Debt Relief Program, managed by financial services provider
Fidelity Investments. Click
to tweet.
Many people face the challenge of balancing student debt with planning
for their financial futures, said Carl Gagnon, assistant vice president
of Global Financial Wellbeing and Retirement Programs at Unum. This
first-of-its-kind Student Debt Relief Program, along with a range of
other financial…
A consultant in restructuring and insolvency, Mr Felix E. Addo, has been appointed advisor to the National Investment Bank (NIB) to oversee the restructuring of the state-owned lender.
The Bank of Ghana (BoG) announced the appointment of Mr Addo, who is the President of the Ghana Association of Restructuring and Insolvency Advisors (GARIA), in a press statement copied to the GRAPHIC BUSINESS.
The NIB is part of five indigenous banks that are benefiting from the Ghana Amalgamated Trust (GAT) arrangement.
It was given an advisor on January 4, 2019.
BoGs January 25, 2019 statement said Dr Addo was expected to help restructure NIB through governance and management reforms and streamline its business model to help refocus it as…
LONDON (Reuters) – Two of the worlds largest precious metals refiners, Valcambi and Asahi, are separately bidding for the assets of their bankrupt Miami-based rival Republic Metals Corporation (RMC), two sources familiar with the matter said on Wednesday.
FILE PHOTO – A gold Combibar is seen at a plant of gold refiner and bar manufacturer Valcambi SA in the southern Swiss town of Balerna December 20, 2012. REUTERS/Michael Buholzer
The two companies will go head to head in an auction in a New York bankruptcy court on Thursday, the sources said.
Court documents confirmed that the auction was scheduled for Thursday. Valcambi and Asahi did not comment. RMC and its lawyers did not respond to requests for comment.
Paramount Pictures laid off roughly 20 staff members from several departments on Tuesday as part of a restructuring effort, insiders familiar with the matter told Variety.
Departments including legal, business affairs, TVand finance were affected. Cuts were not major and largely affected back-office staff. Paramount chief operating officer Andrew Gumpert addressed the matter in a memo to employees.
The cuts will streamline efficiency, foster talent across multiple divisions of the company, and augment synergy and cross-functionality amongst different teams, read the memo obtained by Variety.
A studio spokesperson confirmed the cuts but declined to comment further. There were additional hires and promotions as part of the restructuring. R…
NEW YORK, Jan. 30, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.
A consultant in restructuring and insolvency, Mr Felix E. Addo, has been appointed advisor to the National Investment Bank (NIB) to oversee the restructuring of the state-owned lender.
The Bank of Ghana (BoG) announced the appointment of Mr Addo, who is the President of the Ghana Association of Restructuring and Insolvency Advisors (GARIA), in a press statement copied to the GRAPHIC BUSINESS.
The NIB is part of five indigenous banks that are benefiting from the Ghana Amalgamated Trust (GAT) arrangement.
It was given an advisor on January 4, 2019.
BoGs January 25, 2019 statement said Dr Addo was expected to help restructure NIB through governance and management reforms and streamline its business model to help refocus it as…
Robayne, the Perth-based equipment and coatings distributer has gone into voluntary liquidation which is being handled by FTI Consulting.
The company was founded in 1974 as has expanded in recent years, especially in rural areas and has 14 branches around Australia. The liquidation proceedings may result in the company continuing to trade, or going into liquidation or enter into a deed of company arrangement. The first meeting of creditors will take place in Perth on 5 February.
LONDON (Reuters) – Two of the worlds largest precious metals refiners, Valcambi and Asahi, are separately bidding for the assets of their bankrupt Miami-based rival Republic Metals Corporation (RMC), two sources familiar with the matter said on Wednesday.
FILE PHOTO – A gold Combibar is seen at a plant of gold refiner and bar manufacturer Valcambi SA in the southern Swiss town of Balerna December 20, 2012. REUTERS/Michael Buholzer
The two companies will go head to head in an auction in a New York bankruptcy court on Thursday, the sources said.
Court documents confirmed that the auction was scheduled for Thursday. Valcambi and Asahi did not comment. RMC and its lawyers did not respond to requests for comment.
Company insolvencies decreased in Q4 2018 on the previous quarter but were higher the same quarter in 2017.
Overall, all types of company insolvency increased in 2018 compared with 2017 except administrative receivership.
Insolvency Service figures show 17,439 companies entered insolvency in 2018, a rise of 0.7% on 2017. Total liquidations fell by 0.5% to 15,618; this consisted of an increase of 11.1% in compulsory liquidations to 3,117 and a decrease in creditors voluntary liquidations (CVLs) of 3% to 12,501.
There were 1,349 bulk insolvencies in 2018, roughly half as many as in 2017. Excluding bulk insolvencies, there were 16,090 insolvencies in 2018, a 10% increase on 2017.
Excluding bulk insolvencies, underlying company liquidations incr…
The Liberal Party of Canada is refusing to release details of a fundraiser held by MP Raj Grewal that amassed hundreds of thousands of dollars at a time Grewal was struggling with millions in gambling debts.
With tickets priced at $500 a person, Grewal said the event for the Brampton East Liberal riding association last April attracted 1,200 people, an unusually large crowd for a local fundraiser that featured no party luminaries.
The potential take of up to $600,000 less costs and non-paying guests would have far exceeded the ridings spending limit of $100,000 for a minimum 37-day election campaign.
By contrast, most of the fundraisers included on a Liberal transparency website list fewer than 100 guests, even when Prime Ministe…
Tomorrow is being billed as D-Day for debt because charities say it is the busiest day of the year for people to seek help with money worries.
But its not overspending devastating the lives of thousands of people, it is basic household bills council tax, rent, energy and water.
We owe 19BILLION in arrears on these essentials, according to Citizens Advice.
Figures from the charity show the top day in the past two years for people seeking debt advice face to face and online was January 31. Last year, 2,762 contacted Citizens Advice on the final day of this depressing month.
Gillian Guy, Chief Executive at Citizens Advice, said: There is always a surge in demand for our debt advice towards the second half of January.
