The High Court has declined to approve a Personal Insolvency Arrangement (PIA) that would have allowed a car sales executive to write off approximately190,000 in debt mainly owed to financial institutions. The PIA was sought in respect of Keith Cremin of Subulter, Cecilstown, Mallow, in County Cork. He owed money to Pepper Finance Corporation DAC,…
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Text size Whats left of Yahoo! after a sale of its online businesses to Verizon Communications is a company called Altaba. David Paul Morris/Getty Images Altaba has made two significant distributions to its shareholders under its liquidation plan. Now, the company, formerly Yahoo!, is expected to ask a Delaware court for authority to make another…
Under Armour delivered a stronger-than-expected financial performance in the final months of 2020 as the atheltic apparel maker boosted online sales of apparel and footwear and reined in costs. The Baltimore-based sports brand improved despite challenges of the coronavirus pandemic and an ongoing business restructuring, the company said Wednesday. Advertisement Improving brand strength and consistent…
What is the Small Business Restructuring Process (SBR)?On 1 January 2021 some of the most significant changes to insolvency law in three decades were introduced following amendments to the Corporations Act. The new laws allow small businesses the flexibility to restructure their debts whilst allowing directors to remain in control of the business. The new…
The President of the African Development Bank (www.AfDB.org), Dr. Akinwumi A. Adesina, has called for fair access to COVID-19 vaccines for Africans and said debt relief would help African economies recover faster and better from the pandemic. Speaking on 8 February at a virtual event held in his honour as the outgoing African of the…
The Centre must brace for a surge in fresh corporate bankruptcy filings after the ongoing pandemic-induced freeze lifts by the end of the financial year. The Insolvency and Bankruptcy Code (IBC) was suspended for six months from March last before being extended to December and subsequently for the full financial year. Latest Insolvency and Bankruptcy…
The CIGS thin-film specialist employs 160 people in Germany. Business operations will continue with no disruption for the time being. February 10, 2021 Ralph Diermann Nice Solar Energy shareholder Manz, supplies turnkey CIGS production lines. Image: Manz AG From pv magazine Germany Germany-based Nice Solar Energy has opened the proceedings for self-administered insolvency at the…
Lenders to Kishore Biyanis Future Group are planning to proceed with the restructuring of the debt owed by group companies under the Reserve Bank of Indias one-time restructuring scheme, three people with direct knowledge of the matter said. Lenders led by State Bank of India have asked for restructuring plans to be submitted so they…
Pakistan plans to ask China for relief on payments for power projects Beijing financed over the past eight years, the latest developing nation thats struggling to repay debt under President Xi Jinpings Belt and Road Initiative. In informal talks, Pakistan and China have discussed easing terms on the repayment of debt on about a dozen…