Consumer debt has surged in Kazakhstan and Uzbekistan following the COVID-19 crisis, with over-indebtedness and consumer defaults reaching remarkable levels. In 2023, the two countrieswith support from the World Bankintroduced Central Asias first consumer insolvency mechanisms as a key policy measure to enhance financial stability and social welfare. A preliminary assessment now suggests that while…
BENGALURU – Estee Lauder expanded its restructuring programme on Feb 5 to include cutting about 3 per cent to 5 per cent of its workforce, as the cosmetics conglomerate aims to rebuild its profit margins after a delayed rebound in its key China business. Shares of the New York-based company were up 17 per cent…
A personal view from Ian Stewart, Deloittes Chief Economist in the UK. A recurring theme in the Monday Briefing over the last year has been the unexpected resilience of Western economies, including the UK. Employment has held up surprisingly well, housing markets have softened, not collapsed, and there is little obvious distress in financial markets.…
Salih Ozhot applied for a 50,000 Bounce Back Loan to support his business, but ended up using the money for his own personal gain His actions were described by Insolvency Service investigators as “cynical”, “sophisticated” and “pre-planned” Ozhot, who was declared bankrupt in 2021, will have to repay the loan in full A North London…
In a regulatory filing, the company informed that a meeting of the Board of Directors will be held on Feb. 9 to “review the existing corporate structure consisting of real estate and hotel/hospitality business segments and seek in-principle approval of the Board for corporate restructuring including but not limited to the demerger of hotel/hospitality business…
Jon Henes, who left Kirkland & Ellis vaunted restructuring practice in 2021 to start a firm that advises distressed and bankrupt entities, is making his first partner-level lawyer addition since his companys launch. Whitney Fogelberg, a Kirkland restructuring partner, will join a team of 19 strategic communications professionals at C Street Advisory Group and launch…
Here’s how law firm Blandy & Blandy Can Help. Company insolvencies in England and Wales reached their highest level since 1993 last year according to The Insolvency Service, a government agency. Figures showed 25,158 companies entered into a form of insolvency in 2023. The number of company insolvencies was the highest annual number since 1993.…
In short: Major building company St Hilliers has called in voluntary administrators. Work has been paused work at 21 construction sites while administrators undertake an assessment of its finances and operations. What’s next? The first meeting of creditors is expected to be held within the next two weeks Major construction company St Hilliers has been placed into voluntary…
Personal loans can provide an affordable alternative to credit cards and help you finance life’s big purchases while saving on interest. Personal loans are growing in popularity: As of the third quarter of 2023, roughly 23.2 million borrowers in the U.S. owed a total of $241 billion in personal loans, according to online lending marketplace Lending Tree.…
Feb 5, 2024 12.16pm Sydneys St Hilliers has put its building business into administration repeating a move it made 13 years ago saying cash injections worth more than $32 million over the past year and a half were not enough to keep the business going. WLP Restructuring, the administrators, said they had paused work at…