Introduction Single court for group Choice of insolvency administrator New coordination proceeding Comment Introduction The Law for the Facilitation and Management of the Insolvencies of Groups of Companies was finalised on April 13 2017 and announced on April 21 2017. It will enter into force on April 21 2018. Contrary to certain requests within German…
SINGAPORE Singapore Airlines (SIA) announced a major business transformation plan on Friday (May 19), entailing a review of all its business divisions and processes, after reporting an unexpected fourth-quarter net loss of S$138 million. This was the companys first loss in five years. The flag carrier said it will be taking bold radical measures, with…
From a quiet street in Menai to the sands of Bondi Beach, the largest alleged tax fraud syndicate in the country’s history had somewhat humble beginnings. Adam Cranston, 30, son of Australian Taxation Office deputy commissioner Michael Cranston, was arrested on Wednesday with police alleging he set up and ran the $165 million tax fraud…
Debt consolidation has been a great debt repayment program consumers have been using to manage their payments and National Debt Relief recently published an article to explain it more to consumers. The article released April 19, 2017 and titled “How Does a Debt Consolidation Loan Work?” aims to help people understand the repayment program better.…
Rickmers Group has warned bondholders that the company will face insolvency if they do not vote in favour of financial restructuring plans. Should the noteholders not consent to the proposed resolutions, this would presumably result in the insolvency of Rickmers Holding, the company said in a Q&A on its bond restructuring. Should Rickmers be declared…
ALDEN WILLIAMS/FAIRFAX NZ Tree Children’s Sara Raider declared bankruptcy owing hundreds of thousands of dollars. The strange saga of Nelson’s quirkiest trinket shop has taken yet another twist, with the revelation that its owner ran up debts of more than half a million dollars during Tree Children’s brief period of trading. Sara Raider went bankrupt owing…
Hard-up comedian Tommy Cannon, 78, struggling to pay his £800,000 tax bill Former star admitted that for past decade he had been living ‘hand-to-mouth’ During height of career with Bobby Ball he attracted TV audiences of 20million By Alex Matthews For Mailonline Published: 16:36 +10:00, 19 May 2017 | Updated: 16:46 +10:00, 19 May 2017…
General Motors has announced key restructuring actions for its international business to increase overall financial health. The move comes as GM is looking to focus capital and resources on opportunities expected to yield higher returns, according to a press release from the automaker. As the industry continues to change, we are transforming our business, establishing…
Power utility CESC Ltd, a flagship company of RP-Sanjiv Goenka Group, on Thursday announced a business restructuring scheme based on demerger of certain existing businesses. “This (the restructuring scheme) will lead to four entities focusing on generation, distribution, organised retail and other ventures,” Group Chairman Sanjiv Goenka said. All four entities will be listed with…
Can a stack of papers be as useful or at least as cost effective as a lawyer? A group of lawyers is trying to find out. Law professors at the University of Connecticut, Harvard University and the University of Maine will begin a large-scale experiment this month to see if proactively sending a set of…