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.
Contracting company KDR Venlo has been declared bankrupt. Local Limburg media report that creditors filed for the bankruptcy of the business, which employed two people. The company was active in greenhouse roof cleaning, both in the Netherlands and abroad.
KDR Venlo B.V. has operated under this name since January 1, 2017, previously known as Loonbedrijf Steegh B.V.
Mr. J.P. Bakkers from Venlo has been appointed as trustee. The Limburg Court officially declared the bankruptcy on August 19.
Famed investor Ray Dalio makes the case in How Countries Go Broke that the United States government is too heavily indebted and that significant changes to spending, taxes, and interest rates all need to be made, and soon, to save us from looming fiscal catastrophe.
This position is mostly uncontroversial outside of the halls of Congress, and practically the conventional wisdom in most economic policy circles today. Yet Dalio’s approach to making this argument is prefaced by almost 400 pages of intellectual empire-building and chart-making. This approach turns what could have been a tightly argued Substack essay into a quasi-memoir/manifesto.
Dalio’s business thought-leader status is currently quite secure. He has written…
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ST Group Food Industries Holdings Limited ( (SG:DRX) ) has shared an update.
ST Group Food Industries Holdings Limited has announced the proposed creditors’ voluntary liquidation of its indirect subsidiary, GCTea Ltd, in the UK. This decision is part of the company’s strategic plan to exit the Gong Cha brand in the UK, as it is no longer viable for GCTea to continue operations. Additionally, a general meeting for GCTea Outlets 2B Ltd is scheduled to seek approval for its liquidation, with Mark Weekes and Paul Stanley nominated as joint…
Nine non-bank financial institutions (NBFIs) out of a total of 35 are likely to be liquidated in the interest of depositors, making it the first such incident in the financial sector.
The nine NBFIs are: FAS Finance, Bangladesh Industrial Finance Company, Premier Leasing, Fareast Finance, GSP Finance, Prime Finance, Aviva Finance, People’s Leasing and International Leasing.
The NBFIs accounted for as much as 52 percent of the sector’s total defaulted loans of Tk 25,089 crore at the end of last year, according to data from the Bangladesh Bank.
“Those nine NBFIs will be liquidated — the government has given its opinion in principle,” BB Governor Ahsan H…
A union has welcomed the government taking over a troubled steel company, but is warning that payment for workers must be a top priority.
Speciality Steels UK – which employs almost 1,500 people – was pushed into compulsory liquidation yesterday, and is the third-largest producer in the country.
It is part of the Liberty Steel empire owned by metals tycoon Sanjeev Gupta, and operates from sites in Rotherham and several other locations across South Yorkshire.
The government has stressed it will cover staff wages and the running cost of the plants until a buyer is found.
The UK government has taken control of one of the country’s largest steelworks after insolvency courts approved a petition for Yorkshire-based Speciality Steel UK (SSUK) to be placed into compulsory liquidation on 21 August. SSUK is part of the Liberty Steel Group owned by Sanjeev Gupta and employs around 1,450 people in Rotherham and Sheffield.
Image: Unite
The High Court issued its decision after a compulsory winding up order was sought by creditors that are owed hundreds of millions of pounds by SSUK. The company uses scrap metal to manufacture steel for aerospace, defence, and power generation. The government will be covering the ongoing costs of SSUK, including wages, while a search for a buyer is carried out. SSUK…
Melbourne commercial printer, Ezprint, has hit the skids, entering voluntary liquidation following a general meeting of company members last Friday (15 August), halting all work and terminating employment for all staff.
A letter to staff members from company director, Daniel Mayson, stated: “Unfortunately, despite our best efforts, we have reached a point where the business can no longer continue”.
“Due to a combination of external and internal pressures, we are left with no viable option but to close our doors. This difficult decision was not made lightly. I have explored every possible avenue to keep things going, but ultimately, the circumstances have proven too great to overcome.”
The Board of Directors of Eevia Health Plc (“Eevia” or the “Company”) has resolved to propose to the General Meeting of Shareholders that the Company enter voluntary liquidation. Despite a recent surge in commercial opportunities including new multi-million item orders and the initiation of supplier set-up with two of the world’s largest brands, the Board’s proposal is driven by the immediate liquidity challenges and overdue liabilities that the Company is unable to cover within a reasonable time, combined with the lack of access to new financing (both equity and non-dilutive).
Despite receiving sales order requests from customers exceeding EUR 2,5 million only in the last few weeks and ongoing sales processes with global…
