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.
The City of Newark announced James McCormick accepted the role of manager for its Information Technology (IT) team, succeeding Joshua Brechbuehl, who left the City. McCormick, who joins the City after serving as Chief Information Officer (CIO) for Caroline County, MD, for nearly two decades, will start on Monday, January 8.
During his tenure as CIO for Caroline County, MD, McCormick established cybersecurity policy and practices, created the first county-owned fiber optic network in the State of Maryland, and the mid-Atlantic regions first complete county-owned hybrid infrastructure to connect all schools, county and state agencies. A strong fiscal steward, he continual…
The chief financial officer of South African furniture retailer Steinhoff International, Ben la Grange, stepped down from his role on Thursday in the latest blow to the stricken group since it became embroiled in an accounting scandal in December.
The company said Mr la Grange would instead focus on the preservation and procurement of liquidity for the group, as well as the finalisation of the companys audited 2017 consolidated financial statements.
Mr la Grange has become the latest manager to leave the companys board amid widening problems at Steinhoff. Chief executive Markus Jooste and chairman Christo Wiese left the Johannesburg and Fra…
FRANKFURT (Reuters) – A Berlin court on Thursday rebuffed a legal challenge to the insolvency filing of airline Niki, which could derail the sale of the Air Berlin (AB1.DE) unit to Britains IAG (ICAG.L), and referred the case to a higher court for a ruling.
Niki filed for insolvency in Berlin last month after Germanys Lufthansa (LHAG.DE) scrapped plans to buy the Austrian unit, grounding the airlines fleet and stranding thousands of passengers.
Following hurried talks to find a new owner for Niki before it loses its valuable runway slots, British Airways owner IAG agreed last Friday to buy the business and make it part of its low-cost unit Vueling.
But Fairplane, a group representing airline passengers, said on Tuesday it had filed legal…
Insolvency professionals are flummoxed by the latest rule from the Insolvency and Bankruptcy Board of India that prohibits them from outsourcing the work related to resolution of a bankrupt company.
“All the assignments in which delegation of authority has taken place by the insolvency professional even if it is with the approval from the Committee of Creditors, the same has to be given a hard relook after this circular,” said Mamta Binani, former president of the Institute of Company Secretaries of India, and an insolvency professional herself.
The IBBI late on Wednesday came with a circular prohibiting outsourcing which many professionals say is confusing.
“It is hereby directed that an insolvency resolution professio…
Westinghouse Electric Company,the US nuclear engineering group that went into chapter 11 bankruptcy last year, has been sold by its owner Toshiba to Brookfield Business Partners, the private equity group, for $4.6bn.
The deal is conditional on approval from the bankruptcy court and regulators around the world.
Brookfield is funding the acquisition with about $1bn in equity and $3bn in long-term debt, with the remainder coming from pension and environmental liabilities that it is taking on.
Cyrus Madon, Brookfields chief executive, said the group looked forward to bringing our significant expertise and reputation as a long-term owner and operator of critical …
Man throws £2,800 worth of drugs over wall at Lincoln prison
Charles Smith who has been sentenced to two years in prison
A man threw drug packages worth up to £2,870 over the wall at Lincoln prison in an attempt to reduce his gambling debt.
Charles Smith, 32, of Earlesfield Lane, Grantham, was caught on CCTV security cameras when he threw two packages that contained synthetic cannabis, ecstasy and cocaine into the prison.
Prosecuting, Andrew Scott, told Lincoln Crown Court that one package was handed to staff by a prisoner and the other was found by a member of staff.
A man threw drug packages worth up to £2,870 over the wall at Lincoln prison in an attempt to reduce his gambling debt.
Charles Smith, 32, of Earlesfield Lane, Grantham, was caught on CCTV security cameras when he threw two packages that contained synthetic cannabis, ecstasy and cocaine into the prison.
Prosecuting, Andrew Scott, told Lincoln Crown Court that one package was handed to staff by a prisoner and the other was found by a member of staff.
Mr Scott said: “The police had set up cameras around the prison to capture this type of activity.
“Smith was filmed walking down the access road at the side of the prison. He stepped back and threw a package over the wall, 20 seconds later he threw another package over the wall….
FRANKFURT (Reuters) – A Berlin court on Thursday rebuffed a legal challenge to the insolvency filing of airline Niki, which could derail the sale of the Air Berlin <AB1.DE> unit to Britain’s IAG <ICAG.L>, and referred the case to a higher court for a ruling.
Niki filed for insolvency in Berlin last month after Germany’s Lufthansa <LHAG.DE> scrapped plans to buy the Austrian unit, grounding the airline’s fleet and stranding thousands of passengers.
Following hurried talks to find a new owner for Niki before it loses its valuable runway slots, British Airways owner IAG agreed last Friday to buy the business and make it part of its low-cost unit Vueling.
But Fairplane, a group representing airline passengers, sai…
A man withdraws money from an ATM at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) in Hanoi, Vietnam Nov 15, 2017. (Reuters photo)
HANOI: Vietnams national assembly on Monday gave authorities the ability to declare troubled banks bankrupt, through an amendment to a law on the operation of credit organisations, the government website said.
Approval of a bill establishing the right to declare bankruptcies came about five years after the start of a banking crisis that Vietnamese authorities still have not fully resolved.
State Bank of Vietnam Governor Le Minh Hung said recently that bad debts and potential bad debts amounted to 8.61% of total credit at the end of Septembe…
A Grantham man who threw packages of drugs over the wall into Lincoln Prison has himself been jailed for two years.
Charles Smith was caught on CCTV security cameras as he threw two packages containing cocaine, ecstasy and synthetic cannabis.
Andrew Scott, prosecuting, told Lincoln Crown Court that one of the packages was found by a member of staff and the other was handed to staff by a prisoner.
Mr Scott said: The police had set up cameras around the prison to capture this type of activity. Smith was filmed walking down the access road at the side of the prison. He stepped back and threw a package over the wall. Seconds later he threw another package over the wall.
The court was told that cocaine and ecstasy had a value inside p…
