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.
We ARE contacted by someone in debt every 51 seconds, so we know the harm it is causing households [Personal insolvencies rise to highest level in six years, July 27]. We are not surprised that more people are seeking insolvency to help with their debt problems. But this is still just a small part of the estimated 3.4 million people struggling with severe problem debt.
The Financial Conduct Authority last year launched an investigation into the unit of Royal Bank of Scotland set up to help struggling businesses. GRG, which operated between 2005 and 2013, has been accused of pushing firms into ban…
Diagram 2: Business Model after Restructured Jingmei Hospital
HONG KONG, Jul 31, 2018 – (ACN Newswire) – Lately, China Resources Phoenix Healthcare or CR Phoenix (01515.HK) released a public announcement to participate in the restructuring of Beijing Jingmei Group General Hospital and its subordinate medical or elderly care institutions (collectively, “Jingmei Hospital”). Jingmei Hospital is a flagship hospital managed by CR Phoenix under its premier IOT model (Investment-Operation-Transfer), a principal business model of CR Phoenix, by which CR Phoenix usually manages those not-for-profit hospital without obtaining the hospital ownership. The restructuring of Jingmei Hospital…
MUNICH, Germany What happens with currently struggling and on e-bike components focused electronics specialist Bloks GmbH? On July 2018 two days before Eurobike opened its doors the company from Munich, Germany had to file for insolvency. The responsible court appointed Dr. Christian Gerloff from Munich law firm Gerloff-Liebler Rechtsanwälte as the insolvency administrator.
For Gerloff the bicycle industry isnt an unknown marketplace. Among others he handled and completed the insolvency proceedings of former e-drivetrain newcomer Clean Mobile AG (nowadays part of TQ Systems) successfully in 2012.
Current status
Now three and a half weeks after Bloks co-founder and GMDaniel Meermann filed for his companys insolvency Bike Europe as…
A non-bank lender has appointed a new national relationship manager to help facilitate the growing demand for commercial credit.
Non-bank lender NWC Finance has appointed Matthew Tenace to the role of national relationship manager, accountancy and legal professions, effective immediately.
The credit provider has claimed that the appointment has been made as NWC is seeing record levels of lending in the construction and development finance sector.
Commenting on his appointment, Mr Tenace said: Business owners are more often turning to their accountants and lawyers for advice about how and who will provide short-term commercial funding and management of a loan facility from start to finish.
I have joined NWC Finance to provide bespoke, expert …
The Daily Maverick has reported that Vodacom paid R1.25 million to settle a legal battle with Paul OSullivan after giving his cellular records to underworld boss Radovan Krejcirs legal team.
This followed a legal battle where OSullivan said Vodacom owes him R2 million for handing over his personal information without his permission.
He said that he spent R2 million on legal fees after Vodacom gave his personal information to a firm of attorneys representing Krejcir in 2014.
OSullivan was investigating Krejcir at the time, and OSullivan was forced to launch an interdict to have his records handed back.
The Daily Maverick stated that the court ordered Krejcir to pay costs in the matter, but he has since been declared insolvent.
Hooters Australia has been placed in voluntary administration.
But its business as usual at the three Sydney and one Gold Coast restaurants.
Veritas Advisory is seeking buyers.
The Australias branch of the US restaurant food chain Hooters, known for its female waiters wearing tight white t-shirts, has been placed into voluntary administration again.
Administrators Veritas Advisory say legacy issues as well as changes in conditions required to meet working visas has added to challenges in the competitive hospitality industry.
But the administrators say its business as usual at the three Sydney and one Gold Coast restaurants.
David Iannuzzi and Vincent Pirina, principals at Veritas Advisory, say they are …
Washington | The US Treasury said it expects to borrow $US56 billion more during the third quarter than previously estimated, and market participants expect shorter-dated Treasuries to absorb the brunt of the new supply as the Trump administration grapples with a mushrooming budget deficit.
The federal government is ramping up bond issuance to cover a budget hole fuelled by big spending increases and falling corporate tax receipts. It also has to fill gaps left as the Federal Reserve cuts its massive bond portfolio.
The Treasury Department said in a statement that it expects to issue $US329 billion through credit markets during the July-September period, assuming an…
HOOTERS Australia has once again been placed in voluntary administration, less than two years after its new owner vowed to breathe fresh life into the controversial breastaurant chain.
Its the latest blow for the American sports bar, infamous for its scantily clad waitresses dubbed Hooters girls, which has struggled to gain acceptance in the Australian market since opening its first location more than a decade ago.
Documents filed with the corporate regulator on Wednesday, show Veritas Advisory has been appointed as administrator for Hotr Australia Pty Ltd and its subsidiary companies that operate Hooters restaurants in Parramatta, Penrith, Campbelltown and the Gold Coast.
Veritas Advisory said in a statement that Hooters was up for sale. H…
A high court judge has thrown out a case against Royal Bank of Scotland alleging that its disgraced restructuring unit broke the law when it took control of a struggling bowling business in the wake of the financial crisis.
The ruling represents a victory for RBS, which has apologised for inappropriate activities at its Global Restructuring Group between 2008 and 2013, but has never acknowledged any unlawful conduct.
The case was brought by the former owners of Bowlplex, a 16-strong chain of bowling alleys that was referred to the GRG in 2009. They alleged that RBS and West Register an indirectly owned R…
