Once the flagship of Germany’s solar industry, Solarworld announced Wednesday the company could not be rescued in its current form, meaning it had to file for insolvency “without further delay.” The firm’s board said the company’s outlook was far too bleak to keep on trying, pointing to a big mountain of debt. Solarworld has been…
After more than a decade of economic recession, Puerto Rico is broke. The governor of the island, Ricardo Rosselló, announced on May 3, that he filed for a bankruptcy-type protection, as established by Title III of The Puerto Rico Oversight, Management, and Economic Stability Act, known as PROMESA. Congress and President Obama approved this law…
In a situation like this, its important that you protect yourself from any legal action that credit providers can take against you. One option is to undergo a debt review. It means a debt counsellor will look at your case and find a working solution. This will give you some debt relief while leaving credit…
By Ibrahim a Manzil Government’s desperate efforts last week to save the troubled Uganda Telecom Limited could be watered down today in a make or break meeting with creditors. The official government receiver and provisional administrator Bemanya Twebaze said the creditors “will be required to decide whether the administration should continue or the company goes…
Home buyers will soon be required to send the Australian Taxation Office a cheque for GST on their new dwelling, a surprise change that has been criticised by property and tax specialists as unworkable. The budget revealed that as of mid-2018, GST will need to be paid to the ATO on “newly constructed residential premises…
CJ O Shopping engaging in the home shopping business in nine countries with 11 overseas subsidiaries is going to perform massive surgery on non-performing overseas subsidiaries. Some of them will be liquidated. CJ O Shopping was considering a restructuring of its Nanfang CJ in Guangzhou, China, CJ Mediasa in Turkey, Shop CJ in India, and…
As Education Minister Senator Simon Birmingham announced his higher education reforms in the lead-up to the budget, the first of many expected student protests was happening outside the venue. The protesters were unhappy about being charged more to go to university. Students understandably do not want to pay more than they already do. But, for…
Parexel International Corp., a research organization that does subcontracting work for biotech companies, plans to cut between 1,100 and 1,200 jobs worldwide in an expansion of a restructuring plan the Waltham-based business announced in January. In a May 4 regulatory filing, Parexel didnt specify how many of the anticipated job cuts will be in its…
The liquidator for Property Ventures alleged PwC helped the firm dodge insolvency. Photo / 123RF PwC advised Property Ventures (PVL) on ways to continue trading when by some accounts it was insolvent while at the same time giving David Henderson’s failed property development company a clean bill of health as statutory auditor, the liquidators allege.…
Greece is “closer than ever” to reaching a deal with its international lenders that will help ease its debt mountain, Prime Minister Alexis Tsipras said on Tuesday. “We are closer than ever to a substantial solution on debt relief and the solution has to do mainly with our lenders’ clear obligation,” Tsipras told reporters. “he…