German airline Germania said on Tuesday it had filed for insolvency and would terminate flight operations immediately, citing rising fuel prices and a stronger dollar. There were also delays integrating aircraft into the fleet and a high number of “maintenance events”, the company said in a statement. (https://bit.ly/2MNKtkQ) CEO Karsten Balke said it was unable…
Date: 05.02.2019 Lessons to be learned from case of decades-old business The TFT fleet up for auction It was a business that serviced much of Queensland for the best part of three decades but now Tim Fisher Transport (TFT)…
One of Tomorrowlands key stage design associates, Neverland Themepark Projects, has declared bankruptcy. The company, which was founded in 1997, had been working with Tomorrowland since the EDM event was launched in 2005. Last week, however, it was reported that the company would no longer be providing its services to the festival or any other…
What The Directors Want The directors sought that the CoCs decision to back ArcelorMittal India Pvt. Ltd.s bid should be quashed and set aside. They also asked the NCLT to direct the resolution professional and the CoC to provide them with all documents necessary for deliberations and discussions during meetings. But most importantly, the directors…
Three brothers, who stole 3m in a tax scam involving pubs and restaurants, have been jailed and banned from being directors for 28 years. Bournemouth brothers Shahab Hashtroudi, 64, Shahin Hashtroudi, 58 and Hedayat Hashtroudi, 68, ran pubs and restaurants in Hampshire, Dorset and Surrey, using the money to prop up their loss-making business empire…
The 73-year-old and his partner Ria have been living in poverty in southeastern Bulgaria for the last two months, only to receive help after his story grabbed huge attention in the Netherlands following a TV documentary shown last Sunday. They survived the freezing conditions in a broken-down van, lacking electricity, water and sanitary facilities, and…
A UNIVERSITY admin worker has declared bankruptcy, almost six years after she told a group of students to leave an indigenous-only computer lab at the Queensland University of Technology. Cindy Prior became the subject of a nationwide debate around racial discrimination when she told a handful of QUT students to leave the lab in May…
RCom on Friday said that it has decided to file for insolvency as the proposed asset monetisation plan failed to make any progress. With Anil Ambanis Reliance Communications (RCom) filing for insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), the Department of Telecommunication (DoT) is likely to take a hit over its claim of…
Super priority lending (also known as rescue financing) has been recognized in many jurisdictions. In India, it has now been expressly covered, to some extent, under the Insolvency and Bankruptcy Code, 2016 (IBC). It falls under the realm of interim finance, which is provided during the corporate insolvency resolution process of an Indian corporate debtor…
Last year corporate deaths rose to levels not seen in five years. On almost every level, personal and company insolvencies are rising, and fast, according to the Insolvency Service. It is bleak news in a bleak midwinter. Maybe that is not a surprise.HMV and House of Fraser were just two of the high street names…