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.
Article 0 Comments Copenhagen-based Qudos Insurance will cease underwriting new business with immediate effect, pending a restructuring of the business,
“It is sobering indeed that of the top 50 companies in Australia by market capitalisation in 1980, only 10 remain in todays top 50. John Mullen, Chairman, Telstra
As part of the NAOS investment process, we pay particular attention to the comments made by company CEOs and business leaders in order to gain a greater understanding of the current investment environment and key trends that may be emerging. Below are quotes from the week which in our view detail some of the most important and prominent industry trends and economic factors impacting their businesses.
Retail
“During the quarter (1QFY19) and in line with our strategy, the Group increased gross profit margin as it reduced its reliance on discount-based events. Howev…
BANGKOK — Struggling national carrier Thai Airways International is set to invest 100 billion baht ($3.06 billion) to buy 23 passenger planes, embarking on a risky expansion as it continues to search for a successful restructuring strategy.
Expansion may be an appealing option for a state-owned airline reluctant to wield the ax due to the existence of various vested interests, but that strategy could put the company into deeper trouble. Thai Airways booked a net profit only once in five years through 2017, with accumulated losses of 24.4 billion baht as of the end of June. Rival Singapore Airlines, meanwhile, continues to churn out profit.
The airplane purchase plan will be included in a management strategy that the Thai carrier intends t…
The U.S. Mega Millions lottery jackpot swelled to a record US$1.6 billion after the 25 drawings held since the end of July including the latest on Oct. 19 failed to yield a winner.
That ties it for the largest lottery grand prize the world has ever seen. The jackpot for the rival Powerball game also reached $1.6 billion in 2016.
The odds of winning are very small, or about 1 in 303 million. You are about 400 times more likely to be hit by lightning. If every adult in the U.S. purchased just one ticket, each with a different number, there would still be a good chance about 7 percent that no winner emerges at a given drawing and the pot would grow even larger.
But once a winner is declared, a more interesting question arises: W…
First port to be declared insolvent, Dighi port allegedly owed Rs 1,600 crore to banks, Rs 13 crore to Maritime Board and another Rs 16 crore to DBM Geotechnics.
Fourteen companies have lined up to take over the troubled Dighi Port, whose case of bankruptcy is being heard by the National Company Law Tribunal. Earlier supported by debt-laden IL&FS and currently run by Balaji Infra, the port has Vijay Kalantri, the former treasurer of Maharashtra Pradesh Congress Committee, as its director. Bids for its takeover will be submitted on October 26.
Dighi Port Limited in Raigad district is the first port to land in the NCLT, facing bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). The NCLT has ordered the start of corporate…
UP to 60 investorswho were given personal guarantees by property developer and former Irish rugby team manager Pat Whelan over a failed multi million euro property investment scheme are to receive a tiny fraction of their money back as part of a insolvency arrangement.
It is estimated that each of the investors,includingformer Ireland and Munster captain Paul OConnell, will receive an average of just 76 despite having invested a combined 1.5 million.
The group had been asked to invest in a 13.4 million mezzanine finance scheme to fund aproperty development at Londons Earls Courtahead of the London Olympics in 2012.
Mezzanine financingis a hybrid ofdebtand equityfinancingthat gives the lender the right to convert to an equity int…
EGGHEADS star CJ de Mooi has declared himself bankrupt following an extradition battle with murder cops in Holland.
The former BBC quiz master filed his bankruptcy paperwork with Reading Insolvency Service on September 26.
BBC
CJ de Mooi has been declared bankrupt
Its believed he racked up a fortune in legal bills fighting extradition to the Netherlands where police wanted to question him about a confession in his 2015 autobiography that he may have killed a mugger 30 years ago.
The stars book My Journey From the Streets to the Screen said of the incident in Amsterdam: I was in a phone box and this old guy, obviously a massive drug user, came up behind me with a knife in his hand.
“He told me to turn around, open my bag and give him whate…
The U.S. Mega Millions lottery is holding a drawing on Oct. 19 for a jackpot thats swelled to US$1 billion after the 24 drawings held since the end of July failed to yield a winner.
This princely sum is drawing such attention that more people are buying tickets, and even the lotterys own projections are changing rapidly. On Oct. 17, the payout was an estimated $900 million. Two days later, just before the drawing, it hit $1 billion.
That makes it the second-largest lottery grand prize the world has ever seen and the biggest for Mega Millions. The largest ever, at $1.6 billion, was in 2016 in the rival Powerball game.
The Centre for Transnational Commercial Law (CTCL) at National Law University, Delhi (NLUD), in association with the Insolvency and Bankruptcy Board of India (IBBI), INSOL India and Society of Insolvency Professionals of India (SIPI), is organising a Corporate Insolvency Law Practicum at NLU Delhi on the 14th and 15th of November this year. The event is being organised under the aegis of the National Academy of Law Teachers (NALT) and Internal Quality Assurance Cell (IQAC) at NLUD.
The Corporate Law Practicum: Training of Trainers is designed towards capacity building of faculty and researchers in law schools, management institutes, etc. It will also be useful for government officials, insolvency professionals, lawyers, company secretarie…
Copenhagen-based Qudos Insurance will cease underwriting new business with immediate effect, pending a restructuring of the business, announced parent company New Nordic Advisors.
New Nordic said it aims to re-launch the underwriting platform following a comprehensive audit. The restructuring project will continue in conjunction with leading legacy specialists.
The insurance market, particularly in Scandinavia, is rife with opportunity for entrepreneurial and well-structured insurance businesses, said Nicolai Borcher Hansen, deputy chairman for Qudos and CEO and founder of New Nordic, which is the adviser to New Nordic Holding Ltd., the financial services-focused investment ma…
A man has been jailed for more than three years after he turned to heroin dealing because of a massive gambling debt.
(stock image)
William Bannon ran up the debt last year playing poker and found himself owing cash to drug dealers.
His lawyer said that led to him being threatened with violence before allowing his house to be used for drug dealing.
Fiscal depute Saima Rasheed told Dundee Sheriff Court that police raided the property on Strathmartine Road on December 27 last year. She said: Officers searched the property and found plastic bags containing diamorphine (heroin).
The weight was 275.95 grams with a maximum street value of 13,790.
Bannon, 52, pleaded guilty on indictment to charges of being concerned in the supply of diamorphine…
Debt consolidation is the conversion of high-rate debt into lower-rate debt in order to reduce total interest costs. Homeowners with large amounts of credit card debt who have unused borrowing power on their home have a consolidation option.
Whether or not it is in the homeowners long-run interest to exercise the option, however, turns out to be a challenging question, the answer to which depends on the specifics of the individual case. That makes it a calculator problem, where the challenge becomes finding the right calculator. This article will help with that.
Consolidation options of a homeowner with two mortgages
The UKs place as a leading centre for corporate restructuring is under threat. Singapore and the EU are becoming increasingly competitive. Although the UK is ranked 7th in the world by the World Bank for ease of doing business, it is 14th for resolving insolvency, behind Puerto Rico, Slovenia, Belgium, Canada, and Iceland.
Another driver for change is the perception of injustice arising from some recent high profile corporate failures, such as Monarch, BHS, and Carillion. The governments view is that, not only do we need some new insolvency and pre-insolvency tools, but more legislation is needed to improve corporate governance.
