The Greensills have snapped up more than $40m of land in the Bundaberg region over the last five years as they expanded their agricultural operations into one of the biggest in the state. The acquisitions have allowed the Greensills to expand their broadacre production of sweet potatoes, peanuts and cane to gain lucrative supply contracts…
A High Court judge has refused to approve a personal insolvency arrangement (PIA) for a golf shop director which would have seen a 198,000 debt secured on the shop in Birr, Co Offaly, written down to 80,000. Alan McGee, a personal insolvency practitioner (PIP) acting on behalf of Michael Horan, of Rapemills, Banagher, sought approval…
The court held that restructuring plans, introduced by the 2020 Corporate Insolvency and Governance Act(CIGA), are ‘insolvency proceedings’ for the purposes of the Lugano Convention. As the plan fell within the bankruptcy exception in the Convention, the UK court had jurisdiction despite an exclusive jurisdiction clause in favour of the Swiss courts. Restructuring plans fall…
Michigan Legacy Credit Union CEO Carma Peters was alarmed by the volume of online bets placed by her institution’s members within the first weeks of legal online betting in Michigan. In less than two months since the Jan. 22 launch in the state, Peters said 187 members made more than 1,200 transactions with online betting…
Nearly 2,500 jobs are at risk if Virgin Actives British creditors block a restructuring of the gym chain part-owned by Sir Richard Branson. Sky News has learnt that the company is drawing up contingency plans to appoint administrators by early June unless it convinces lenders and landlords to support a wide-ranging restructuring. In documents circulated…
Czech Airlines A319 City of Prague OK-NEP Ivan Conincx The companys debts stand at CZK 1.8 billion (EUR 68 million), and the future will be clearer in June after the creditors meeting. The Prague City Court has declared Czech Airlines bankrupt. The fate of one of the worlds oldest airlines will be decided by a…
Download CSVShow datatableNumber of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days Number of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days 2017 March 304 2017 April 263 2017 May 281 2017 June 300 2017 July 266 2017 August 231 2017 September 237 2017 October…
Australia | 10:56 AM A divestment process in the Americas has started as Treasury Wine aims for a leaner, more profitable business, but where will growth come from? -Cautious reaction given lack of detail on further restructuring-Significant uncertainty around volumes previously destined for China-Takeover speculation continues By Eva Brocklehurst Treasury Wine Estates ((TWE)) has commenced…
Low-cost carrierNorwegianhas sent its plan for financial restructuring to the Irish andNorwegiancourts, as it seeks permission from creditors and shareholders to continue the remodelling of its business and initiate a capital raise. The examiner in Ireland will now present proposals for the restructuring based on the plan, which will then be passed to the Irish…
The regulations come into force on 4 May 2021 and establish protective periods, or breathing spaces under a debt respite scheme, during which creditors are prevented from carrying on certain activities in respect of breathing space debts. There is a standard, 60 day breathing space for people with problem debt and a mental health crisis…