Federal Crown agency Export Development Canada pushed Calgary robotics startup Attabotics Inc. toward insolvency last month after the money-losing company failed to raise financing that would have enabled it to fund a spate of new business, according to documents filed with an Alberta court.

The company, down to 11 employees after laying off 192 of its 203-person staff and suspending most of its operations on June 30, is soliciting options to sell its assets or business over the next month.

Attabotics last Wednesday filed an intention to make a proposal under…

The company behind a $1.5 billion plan to build the world’s largest prawn farm on a remote Northern Territory cattle station will be liquidated following a failed appeal in the Federal Court.

In February, the court found Seafarms subsidiary Project Sea Dragon had been insolvent since at least June 2020 with the judge ordering liquidators be appointed to wind up the company.

Construction company Canstruct brought the action against Project Sea Dragon after its $13.9 million contract was terminated in April 2022.

On Friday, the Federal Court dismissed Project Sea Dragon’s appeal against the February judgement and ordered the company to pay Canstruct’s legal costs.

Over the past two decades, many developing countries have made remarkable progress in reducing poverty, expanding access to education and health care, and investing in infrastructure. These gains were the result of sound national policies and coordinated efforts by the international community, often financed through responsible borrowing.

But the road ahead looks more precarious. Debt vulnerabilities are rising:  54 percent of low-income countries are already in or at high risk of debt distress, and many are spending more on debt repayments than on education, health care, and infrastructure combined. Access to affordable financing is shrinking, and repeated external shocks, from commodity price swings to climate-driven…

The shipping industry, being the mainstay of international trade, is not left unaffected by economic highs and lows, which can lead to the downfall of the largest shipping companies. The bankruptcies impact the global chain while showcasing the vulnerabilities and pressures faced by maritime companies to remain competitive.

One of the most notable cases of bankruptcy recently is that of Hanjin Shipping, a South Korean conglomerate which was once the 7th biggest container shipping line in the world.

It was declared bankrupt in February 2017, which shocked the entire sector and led to the stranding of around $14 billion worth of cargo at sea and disrupting supply chains.

However, why did Hanjin…

You can also listen to this podcast on iono.fm here.

This week, the news broke that Sun International and the shareholders of Peermont have mutually agreed to terminate the R7.2 billion deal that would’ve seen Sun International acquire Peermont’s business that has eight casinos in South Africa.

Read: Sun International pulls plug on Peermont deal

The casino they really wanted was of course Emperors Palace, with the rest of the portfolio being rats and mice.

The Competition Commission took 172 business days to reach their recommendation in late 2024 that the deal should be prohibited by the Competition Tribunal.

Then the Competition Tribunal itself took so long…

Long considered a highlight of Calgary’s tech scene, local robotics company ATTAbotics is now restructuring as it deals with insolvency.

That restructuring includes terminating 192 of its 203 employees, keeping only 11 as it navigates the road ahead, according to documents published by insolvency trustee firm Richter Inc.

Founded in 2016 by Scott Gravelle, ATTAbotics had carved a name out for itself not only in Calgary but internationally, working with the likes of Microsoft, Accenture and the United States Department of Defense.

Neither Gravelle nor ATTAbotics responded to requests for comment ahead of publication. Several terminated employees declined interview requests.

The company’s financial troubles came as “sad news” to…

Americans are carrying more credit card debt than ever, and with average credit card interest rates now topping 21%, even relatively small balances can quickly become a big drain on your finances. Part of the issue is that even when you’re diligent about making at least the minimum payments, today’s high rates mean that most of most of that payment goes toward the interest charges instead of the…

The recent Supreme Court order on the Bhushan Power and Steel (BPSL) has made it legally tenable for the Enforcement Directorate (ED) to re-attach the company’s assets and continue its probe, legal experts told FE. 

However, it is for the agency to decide whether to exercise the option at this stage, given that a review petition has been filed against the apex court order, they added.

The ED could not be contacted for comments.  

The SC in early May ordered BPSL’s liquidation, as the apex court found serious violations in the JSW Steel’s resolution plan for the company, approved by the National Company Law Tribunal (NCLT).

Experts said that the Insolvency and Bankruptcy Code (IBC) provisions provide for the continuance…