Air Vanuatu said on Thursday it had cancelled international flights for the rest of the week, as the Pacific Island nation’s government considered placing itsnational carrier into voluntary administration. All of Air Vanuatu’s international flights between Thursday and Sunday are canceled, and all later flights are under review, the airline said in a statement. “The…
Editor’s note: Zhu Fangfei is the director at the Research Department of the Institute for Public Policy of Zhejiang University. The article reflects the author’s opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity. China has issued the first batch of special treasury bonds with terms…
Only 17% yielded a resolution plan with the remaining cases withdrawn post National Company Law Tribunal (NCLT) admission as on March 31, and liquidation for 960 corporate debtors were completed where creditors realised only 4% of their total admitted claims under the Insolvency and Bankruptcy Code (IBC), ICRA said in a study. The NCLT approved…
Corporate insolvency levels rose by 18.4 % in April 2024, with personal insolvencies also increasing by 9.9% during the same period, according to new statistics from the Insolvency Service. Corporate insolvencies increased to a total of 2,177 compared to March’s total of 1,838, and increased by 18.4% compared to April 2023’s figure of 1,838. Personal…
The number of people taking out a debt relief order (DRO) reached a record high in England and Wales in April, according to new figures. Some 3,436 DROs were recorded by the Insolvency Service in April, marking a record high in the statistics going back to when DROs were introduced in 2009. The jump coincided…
A judge in Chile has declared the struggling salmon company Nova Austral to be bankrupt. The move is likely to be temporary, however, as Nova Austral is almost certain to appeal the ruling. The resolution, made earlier this week, ordered the opening of a bankruptcy liquidation process, requesting the Superintendence of Insolvency and Re-entrepreneurship to…
The agency feels the average recoveries for lenders will continue to be in the 30-35 per cent range in FY25. 3 min read Last Updated : May 17 2024 | 6:52 PM IST The haircuts taken by creditors in bankruptcy resolutions have increased to 73 per cent in FY24 from the 64 per cent in…
[Getty Images] A record number of Debt Relief Orders (DROs) were taken out in April, as the 90 fee for the insolvency option was scrapped. DROs are available to those on low incomes and clear existing debt on everything from council tax to energy bills and rent. Some 3,436 DROs were taken out in April…
Newsflash: More companies and individuals across England and Wales fell into insolvency last month, as high interest rates continue to weigh. Company insolvencies jumped by 18% in April to 2,177, the Insolvency Service has reported. This included 300 compulsory liquidations, 1,715 creditors voluntary liquidations (CVLs), 144 administrations and 18 company voluntary arrangements (CVAs). CVLs allow…
Toshibas privatization had been expected to lay the groundwork for sweeping changes, and the company duly made them this week in the form of mass job cuts and a new strategy. It announced on Thursday that it would cut up to 4,000 jobs as part of its restructuring. The storied company, which delisted in December…