Most consumers are dealing with some level of debt. Only 17% of U.S. consumers carry no debt, according to The Credit Accessibility Series: Economic Malaise Exacerbating U.S. Consumer Debt Levels, a PYMNTS Intelligence and Sezzle collaboration. Among the rest of the population, 50% of consumers have outstanding debt balances of less than $250,000, while 33%…
Workspace One Director Accused of Misappropriation Amidst Company Liquidation When Kathryn Arnold, director of Sydney-based Workspace One Pty Ltd, a construction company specialising in office space refurbishments, transferred $861,000 to her personal bank account, she set in motion a chain of events that left the company in liquidation and its creditors in a lurch. The…
Two subsidiaries of major European property company Signa have filed for bankruptcy, the company said on Thursday. Prime Selection AG, co-owner of properties such as the Selfridges department store in London and Berlins KaDeWe, filed for self-administered restructuring in Vienna’s commercial court, while Signa Development Selection – which focuses on residential and commercial urban development…
UK Braces for Highest Corporate Insolvencies Since 2004: PwC Report According to predictions by PricewaterhouseCoopers (PwC), the United Kingdom is bracing for a sharp increase in business insolvencies, with nearly 30,000 entities anticipated to fail in the next 12 months. This projection marks an alarming 15% surge, taking corporate insolvencies to their highest level since…
(Bloomberg) — The implosion of Rene Benkos luxury property and retail empire engulfed the unit that holds a stake in the Selfridges department store. Most Read from Bloomberg Signa Prime Selection AG, which owns most of the groups luxury properties including Berlins KaDeWe, filed for restructuring under self-administration Thursday, the company said in a statement.…
Taeyoung E&Cs Office Building in Yeouido, Seoul. [Photo by Kim Ho-young] South Koreas mid-tier builder Taeyoung Engineering & Construction Co. on Thursday applied for a debt workout amid fears over liquidity shortage sparked by troubled real estate project financing (PF) deals. Taeyoung E&C filed for a workout today morning, said a financial industry official on…