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A Queenstown property developer whose company owes creditors more than $7 million says recent liquidations have no bearing on his commercial and apartment development projects at Jacks Point.
Formcrete Construction ceased trading in February.
Liquidators Jared Booth and Tony Maginness, of Baker Tilly Staples Rodway Auckland, were told it was because of trading losses and cash-flow difficulties caused by cost overruns.
The company was incorporated in January 2014 and its shareholders were trustees of the Franklin Business Trust and property director Dean Franklin who was the sole director.
Mr Franklin’s developments in Queenstown’s commercial heart include Clubhouse Lane, Village Works Quarters, Village Works Lofts, Hotel Tewa…
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Insolvency statistics for May show a rise from April but are down from a year ago, when the Bank of Canada had yet to start lowering interest rates.
The 12,395 insolvencies in May was up 2.3 per cent from April, while down 2.6 per cent from May last year, according to data released Tuesday by the Office of the Superintendent of Bankruptcy.
Consumer insolvencies make up the bulk of filings at 12,004, including 2,631 bankruptcies and 9,373 proposals, while business insolvencies in May amounted to 391, including 301 bankruptcies and 90 proposals.
Canadian borrowers have seen some financial relief compared with…
If you’re dealing with a lot of high-rate debt this July, debt consolidation could make sense, but it’s important to do your homework first.
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If you’ve noticed that your credit card balances have been creeping higher recently, you certainly aren’t the only one. Americans are carrying record levels of revolving debt right now, with the average cardholder owing just under $8,000. And, they’re carrying that amount of debt at a time when the average credit card interest rate is hovering around 22%. Those higher…
Credit card debt forgiveness could be worth applying for this July, thanks to a variety of timely reasons.
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A new month always offers the possibility of change. And for millions of Americans suffering under the burden of high-rate credit card debt, change could be very welcome right now. With the average credit card interest rate north of 21% now, the average credit card debt amount close to $8,000 and the ability to pay off what’s owed hampered by inflation and higher borrowing costs, many be looking to their
“The untimely softer coal price environment, coinciding with the resumption of the Dartbrook underground mine, has necessitated a top-up to existing finance facilities to provide additional working capital,” Australian Pacific Coal executive director John Robinson told the Newcastle Herald in April.
Rhys Williams, of law firm Conyers (File photograph)
A Supreme Court ruling that allowed the sale of US Holdings Ltd’s main asset before liquidation is being hailed by legal experts as a turning point in how Bermuda’s courts oversee high-stakes decisions made by insolvency professionals.
The controversial deal, worth about $2.04 million, transferred shares in Madagascar Oil Ltd and Madagascar Oil SA to BMK, the majority shareholder. The sum was only enough to cover liquidators’ fees and legal costs, leaving the company’s largest unsecured creditor, Outrider Master Fund LP, empty-handed.
Outrider had argued the sale was a transfer at an undervalue and claimed it violated…
According to Ashok Jain, a director at Borosil Renewables, the Indian glass manufacturer that has been the company’s majority shareholder since October 2022, demand for its products fell as low as 40% of its production output at the beginning of this year. GMB filed for insolvency last Friday (4 July) and its operations will now be overseen by a court-appointed administrator in Germany, with Borosil Renewables no longer factoring the company’s losses into its financial results.
A property development business, owned by Dunedin businessman Chris Swann, has been placed in liquidation owing nearly $1.5 million.
Trevor and Emma Laing, of Laing Insolvency Specialists, were appointed liquidators of KV Ltd in late May.
Shares were held by CJS Nominees (owned by Mr Swann) and Mr Swann, who is the former chairman of Waitaki District Health Services and cancer diagnostics company Pacific Edge.
Mr Swann was also the owner of First Design and Build, a Canterbury house building firm, which failed in 2021 after accruing losses of just over $1.2m.
In their first report, the liquidators said KV Ltd — which was incorporated in March, 2019 — operated as a property development company.
A Federal High Court sitting in Lagos has been asked to compulsorily wind up Allianz Energy and Oilfield Support Limited over its alleged inability to pay an outstanding debt of N62.1 million owed to a maritime firm.
The winding-up petition was filed by Pier Dredging and Marine Technologies Limited, which claims the debt arose from an unfulfilled lease agreement involving dredging equipment.
According to the petition filed through the firm’s lawyer, Barrister Fidel Albert, the petitioner is invoking Section 572 of the Companies and Allied Matters Act (CAMA) 2020, arguing that Allianz Energy is insolvent and unable to meet its financial obligations as they fall due.
Solvency and liquidity are both terms that relate to an enterprise’s state of financial health but with some notable differences. Solvency refers to an enterprise’s capacity to meet its long-term financial commitments. Liquidity addresses an enterprise’s ability to pay short-term obligations and a company’s capability to sell assets quickly to raise cash.
Key Takeaways
Solvency and liquidity are both important for a company’s financial health and an enterprise’s ability to meet its obligations.
Liquidity refers to both an enterprise’s ability to pay short-term bills and debts and a company’s capability to sell assets quickly to raise cash.
