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Milan (AFP) – AC Milan owner Li Yonghong has dismissed reports that he has been declared bankrupt in China as “fake news”.
AC Milan owner Li dismisses bankrupt reports as ‘fake news’
Chinese businessman Li — who purchased the Italian club for 740 million euros ($911 million) in April 2017 — was responding to reports that he has been ordered to auction off his assets to repay unpaid loans to two banks.
Italian daily Corriere della Sera claimed that the 48-year-old entrepreneur was already insolvent at the time he purchased the club from Italian media tycoon and former prime minister Silvio Berlusconi.
“I have seen that over the past 48 hours, some media have i…
Nicolette Van Wijngaarden from Unique Estates, which is being investigated by NSW Fair Trading.
THE future of one of Australias top prestige property agencies is in doubt, with an insolvency firm stepping in to manage the business while it is investigated by the trading watchdog.
McGrath Nicol has been appointed joint manager of Unique Estates by the NSW Department of Fair Trading.
However, a McGrath Nicol spokesman told The Courier-Mail the company was not acting as a liquidator at this stage.
Established by Nicolette van Wijngaarden in 2009, Unique Estates has six offices across Australia, including one in Byron Bay and on the Gold Coast, and is well known for sellin…
After six months of painstaking insolvency proceedings and due diligences, the beleaguered Essar Steel received just two bids last week, from ArcelorMittal and Numetal Mauritius. And now it looks as though the tug-of-war between steel king LN Mittal and the Ruias may end up seeing no winner because the legal and financial consultants advising the interim resolution professional (RP) overseeing sale of the beleaguered company have reportedly recommended the rejection of both bids.
According to sources privy to the development, the advisors have pointed out that both bids are in violation of last year’s amendment of the Insolvency and Bankruptcy Code (IBC), which prevents promoters of defaulting companies from bidding for stressed assets u…
THE future of one of Australias top prestige property agencies is in doubt, with an insolvency firm stepping in to manage the business while it is investigated by the trading watchdog.
McGrath Nicol has been appointed joint manager of Unique Estates by the NSW Department of Fair Trading.
However, a McGrath Nicol spokesman told The Courier-Mail the company was not acting as a liquidator at this stage.
Established by Nicolette van Wijngaarden in 2009, Unique Estates has six offices across Australia, including one in Byron Bay and on the Gold Coast, and is well known for selling high end properties and renting out luxury estates.
Ms Wijngaarden reportedly sent personalised emails to staff…
But the job of strengthening the bank is not over, Chairman Mark Tucker said Wednesday, as the ever-changing global environment calls for a more agile business strategy.
“I think strategy evolves in a dynamic environment, and therefore must be dynamic by its nature,” Tucker told CNBC in an exclusive interview. “We have a business that is performing well, we have a strategy is working, but are there opportunities t…
Israeli gas fields in the Mediterranean will soon be providing gas exports to Egypt as a part of a 10-year, $15 billion deal announced on Monday.
According to the PNN, Israeli gas excavation companies Delek Drilling and Noble Energy will export roughly seven-billion cubic-meters of gas annually from drilling platforms in the Mediterranean, namely the Leviathan and Tamar gas fields, to Egyptian Company Dolphin Energy for the duration of the deal.
In a public statement posted online, Israeli Prime Minister Benjamin Netanyahu praised the deal, adding that it would strengthen security, economy, and regional relationships.
RICHMOND Virginia legislators are seeking to mitigate the personal and economic consequences of their constituents student loan debt by creating a state-level ombudsman to troubleshoot problems and educate borrowers regarding college loans.
In 2017, more than 1 million Virginians owed more than $30 billion in student loan debt, state officials say. Nationally, student loan debt is more than $1.3 trillion and climbing.
Virginians owe more on student loans than we do on credit cards or car loans, but only student loans lack consumer protections, said Anna Scholl, executive director of Progress Virginia, a liberal advocacy group.
Last week, the Senate and House each passed bills to create the Office of the Qualifie…
The argument is simple. State-owned banks, and therefore the State itself, intend to sacrifice ordinary people (aka honest, but defaulting borrowers) by abandoning them to unregulated vulture funds who will gouge them for super profits. This must, in the name of all that is decent and civilised, be stopped.
Lets look at the facts. Permanent TSB (PTSB) intends to sell a large portfolio of defaulting loans. Given the huge size of the portfolio it is inevitable that the buyer will be a fund. These funds invest on behalf of pensioners, universities, chari…
Binani Industries, the promoters of Binani Cement, has put a question mark on the insolvency process of the cement company by valuing it at Rs 173 billion (including mining rights of Rs 117 billion) against the bids of around Rs 63 billion received from Dalmia Bharat and Ultratech Cement. In a filing at the National Company Law Tribunal, Kolkata, Binani Industries has also said the resolution professional appointed for the company, Vijaykumar Iyer, and Deloitte, have vested interests in undervaluing the company so that they can give their favourite bidder the company. It appears the valuation done by the resolution professional is absolutely wrong on account of valuers being misled by t…
Banks would be under less pressure to sell large portfolios of bad mortgages had they dealt with distressed borrowers earlier, the head of the States personal insolvency service has said.
Lorcan OConnor, director of the Insolvency Service of Ireland, said banks should have tried to resolve more of their non-performing loans through personal insolvency legislation after it was introduced in 2012.
He was speaking after Permanent TSB, which is 75 per cent Stat…
Meccano menswear is the latest retailer to face trouble, being placed in voluntary administration this morning.
The menswear retailer has appointed KordaMentha partners Grant Graham and Neale Jackson as administrators.
Jackson said all Meccano stores would remain open over this period while it looked for a buyer.
“Having just been appointed, we are seeking urgent expressions of interest for the business assets and working closely with the management team to quickly establish a way forward for the business,” Jackson said.
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The business has about 60 staff nationwide across 12 stores as well as its online business.
KordaMentha said voluntary administration allowed the company to continue trading while creditors w…
