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newsletters, editors-pick-list, Lake Macquarie cocaine, Toronto cocaine bustWhen Kent Anthony Jackson was first taken to a Hong Kong gambling denduring
newsletters, editors-pick-list, Lake Macquarie cocaine, Toronto cocaine bust
When Kent Anthony Jackson was first taken to a Hong Kong gambling denduring a business trip, he won. Before long, he started to lose. By mid-2015 the Newcastle man racked up a $120,000debt at illegal Chinese casinos. By the end of 2017, he was attempting toimport 700kg of cocaine worth $245 million into Australiaonly to be busted by police, who had been listening to plans of thedrug runfrom Tahiti to Lake Macquarie unfold. He was sentenced to 19years and six months jail in Newcastle District Court on Tuesday for hisrole, which approached that of a middle manager, after he pleaded guilty last year to importing a commercial quantity of cocaine and dealing with the …
A series of devastating wildfires that killed more than 100 people and scorched hundreds of thousands of acres in California over the course of two years just brought one of the nations largest utilities to its knees.
PG&E Corp., Californias biggest power company, filed for Chapter 11 bankruptcy in Northern California bankruptcy court as investigators probe whether its equipment ignited the deadliest fire in state history. The San Francisco-based company listed more than $50 billion in estimated liabilities. A Chapter 11 filing allows a company to keep operating while it works out a plan to turn the business around and pay off creditors.
WALLDORF, Germany (Reuters) – Business software company SAP said on Tuesday it would undertake a company-wide restructuring to accelerate its business transformation, after missing its revenue and profits guidance in 2018.
FILE PHOTO: The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/File Photo
SAP, Europes most valuable technology company said it would take restructuring charges of 800 to 950 million euros ($912 million to $1.04 billion), mainly in the first quarter.
It sees a minor cost benefit in 2019 and savings of 750 to 850 million euros from 2020.
Walldorf, Germany-based SAP will reassign some employees and offer early retirement to others, but still …
Three years after the old Bankruptcy Act was repealed, the number of cases filed under the now-tightened Insolvency Act have drastically fallen meaning that people were filing for bankruptcy to evade paying their debts.
The now repealed law had been in use for about 85 years, with little amendment over the years, and had become an easy way out of debt for many individuals who knew exactly how to manipulate the system and get away with it.
Previously, the average number of cases filed per year was 300. However, after the Insolvency Act of 2015 was passed, the number has fallen to 15 bankruptcy cases a year, which means it is no longer easy to escape debt.
We used to get about 300 (bankruptcy) files per yea…
If Pacific Gas & Electric goes bankrupt, who gets final say over onwhether it can renegotiateits old and expensive solar power purchase agreements federal regulators or the bankruptcy court?
This multi-billion dollar question has come to the fore as PG&E, overwhelmed by tens of billions of dollars in potential wildfire liabilities, prepares to file for Chapter 11 bankruptcy protection as early as tomorrow.
Last week, PG&E solar provider NextEra asked the Federal Energy Regulatory Commission (FERC) to use its authority under the Federal Power Act (FPA) to order the utility not to abrogate, amend or reject in bankruptcy any of the rates, terms and conditions of its wholesale power purchase agreements, including hundreds of megawatts of…
Employees of Pacific Gas & Electric (PG&E) mark gas lines in the aftermath of the Camp Fire in Paradise, California, U.S., November 14, 2018.REUTERS/Terray Sylvester
California utility owner PG&E is preparing to name a restructuring chief as it finalizes preparations for a bankruptcy filing expected to come as soon as early Tuesday morning.
PG&E plans to file for bankruptcy protection in a San Francisco federal court, the sources said, in part to address liabilities it expects to top $30 billion stemming from catastrophic wildfires in the last two years.
Those fires have killed more than 100 people and destroyed numerous homes.
(Reuters) – California utility owner PG&E is preparing to name a restructuring chief as it fi…
Mike McEnearneys Sydney city restaurant, No.1 Bent street is out of voluntary administration after creditors voted for the deed of arrangement, according to Good Food.
Coimbatore: The continuing increase in the number of cases and lengthy duration of resolution is turning out to be the primary sources of concern in the corporate insolvency resolution process (CIRP) under IBC (Insolvency and Bankruptcy Code).
The number of cases admitted to the National Company Law Tribunal (NCLT) under CIRP stood at 264 in Q3 of FY19, the highest in a quarter ever since IBC came into effect. About 49% of the cases currently under insolvency process have crossed 180 days, the time limit set for resolution under IBC, which can be extended by another 90 days, since admission as of Q3 of FY19. The average time for resolution was about 317 days for all resolved cases till Q3.
Up to 9,000 jobs are at risk as part of a restructuring programme announced by British supermarket giant Tesco on Monday.
“Overall, we estimate that up to 9,000 Tesco colleague roles could be impacted, however, our expectation is that up to half of these colleagues could be redeployed to other customer-facing roles,” the supermarket said in a statement.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
The RCMP have laid charges against a separated couple who allegedly declared that their snow removal business, Ottawa Diamond Construction Inc., was bankrupt even though the business appeared to remain solvent.
According to federal police officers, the pair, who are now divorced, declared the business bankrupt in 2015. They are alleged to have removed as much as $375,000 from the companys bank accounts. The RCMP allege that the business was not bankrupt and that the funds were misappropriated. The RCMP allege the money was taken just weeks before the couple declared the business insolvent.
Charges have been laid against the businesses former owners, under the Ban…
MOSCOW, January 28 (RAPSI) – The Commercial Court of Tatarstan has extended bankruptcy proceedings against VIM Airlines for six months, RAPSI has learnt in the court.
The republican commercial court has scheduled hearing of a bankruptcy receivers report on the results of the bankruptcy procedure for July 19.
On September 26, the court declared VIM Airlines bankrupt. The bankruptcy claim has been filed against the air carrier by the company RNGO. In August, the court granted an application filed by the company, including a 3 billion-ruble ($44 million) debt into the creditors demands list.
On October 17, 2017, a criminal case was launched over premeditated bankruptcy of VIM Airlines. In September of the same year the cour…
A gambling problem has driven an elderly Annapolis County couple into bankruptcy for a fifth time, says a Nova Scotia Supreme Court registrar.
Gloria May Donaldson, 65, and Wayne Albert Ray Donaldson, 73, first filed for bankruptcy 40 years ago. The Deep Brook couple claimed overextension of credit and significant home renovations as the reason for the most recent filing, states a court document released on Jan. 25.
They did not list gambling. There is no question on the evidence before me that this was a major contributor to, if not the precipitating factor in, this fifth insolvency, wrote registrar Raffi Balmanoukian in his decision.
There is no question the Donaldsons have had a lon…
