Supreme Court adopts strict interpretation of maritime liens and judicial managers’ remuneration – International Law Office (registration)

Bankruptcy

Facts Decision Comment A recent Supreme Court judgment addressed the issue of maritime liens and the remuneration of shipping companies’ court-appointed managers by adopting a strict interpretation of the maritime liens rules. According to such interpretation, judicial managers should not be considered a company’s preferred creditors for their remuneration. Facts The court appointed two…

Over 22000 youths declared bankrupt in past 5 years – The Rakyat Post

Bankruptcy

KUALA LUMPUR, 8 Oct 2016:  Poor financial management resulted in 22,663 Malaysians under the age of 35 being declared bankrupt between 2011 and September 2015, according to the Malaysian Financial Planning Council (MFPC). Deputy president Michael Kok Fook On said this group of people fail to manage their financial resources and do not understand the importance of proper…

Company operating Devon wedding venue used by Peter Andre ceases trading leaving brides in the lurch – Plymouth Herald

Bankruptcy

Insolvency practitioners have confirmed that the company operating the Devon wedding venue used by Peter Andre has ceased trading leaving brides-to-be, unpaid staff and suppliers thousands out of pocket. Mamhead House and Castle Ltd is said to owe £150,000 to a string of creditors including brides due to get married at the luxury venue. Now,…

22663 young Malaysians declared bankrupt since 2011, says financial planning council – New Straits Times Online

Bankruptcy

KUALA LUMPUR: Poor financial management resulted in 22,663 Malaysians under the age of 35 being declared bankrupt between 2011 and Sept 2015, according to the Malaysian Financial Planning Council (MFPC). MFPC deputy president Michael Kok Fook On said this group of people failed to manage their financial resources and do not understand the importance of…

Insolvency investment company gold mine investment scheme – Leigh Times

Bankruptcy

A LEIGH-based investment company left its registered office in Madeira Avenue without notice when the Insolvency Service began investigating its gold mine investment scheme. It was reported that the company refused to co-operate with the Insolvency Service before vacating tis offices. Five firms, including Santo Montana LLP in Madeira Avenue and Lorem Ipsum Trade…

Bucharest Court approves energy producer ELCEN’s insolvency – Romania-Insider.com

Bankruptcy

The Bucharest Court approved yesterday the insolvency request of ELCEN, a state-owned power producer that also provides the heat and hot water distributed in Bucharest. KPMG was appointed the companys judicial administrator. According to the company, its total debts have reached EUR 402 million whereas its claims amount to EUR 827 million. The company has…

Standard Bank declared bankrupt, and ADIF becomes its liquidator – Azerbaijan Business Center

Bankruptcy

Standard Bank declared bankrupt, and ADIF becomes its liquidator Baku, Fineko/abc.az. Commercial Bank Standard, the activities of which discontinued from 1 October, has been declared bankrupt. The Azerbaijani Deposit Insurance Fund (ADIF) informs that it was done by Decision #2-1(81)-4498/2016 of the Baku Administrative & Economic Court #1. By the same decision, ADIF was appointed…