Italy’s troubled airline Alitalia is set to begin insolvency procedures that could see the company close down within a few months, in a move coming after its workers rejected a fresh round of job and wage cuts. Alitalia hasn’t turned a profit since 2002, and has been on the brink of bankruptcy three times in…
Insolvency insurance stands behind German and Swedish book-reserve pensions, but the concept has not really caught on elsewhere. Brendan Maton explores the world of unfunded and partially funded pension schemes with an external underpinning At a glance Germanys direct promise pension system, traditionally financed by book reserves, now covers more than 8m workers. Swedens PRI Pensionsgaranti…
Rod Culleton seeking an unlikely Senate return. FORMER One Nation Senator and WA farmer Rod Culleton is making fresh moves to try and reclaim his seat in federal parliament by lobbying former colleagues, at the expense of his replacement and brother-in-law Peter Georgiou. Mr Culleton has returned to farming at Kojonup in the southern WA…
A Sydney-founded startup aiming to disrupt Australias multibillion-dollar debt collection industry has secured close to $1 million in a seed round led by Westpac-backed venture capital outfit Reinventure. Angel investors including Invoice2Go chief executive Greg Waldorf and Spotcap Australia managing director Lachlan Heussler also participated, as did investors Mike Zimmerman and Craig Carroll. InDebted, founded by…
By: AFP | Athens | Published:May 2, 2017 11:56 am FILE PHOTO: Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. (REUTERS/Dado Ruvic/File Photo) Greece has reached a preliminary deal with its creditors that should pave the way for long-awaited debt relief talks, the Greek finance…
But while the few hundred diehard supporters give it their all week in week out, the now dilapidated terraces of what was once continental Europe’s biggest stadium may soon fall silent for ever. In March the 123-year-old club, which even under the Nazis was allowed to keep its English name “Vienna”, declared itself insolvent…
NEW YORK: GSO Capital Partners, private equity firm Blackstone Group LP’s credit arm, is acquiring more of J. Crew Group Inc’s debt, hoping for a profitable trade that could also give the U.S. fashion retailer more time to stave off bankruptcy, people familiar with the matter said. Sales have been declining as J. Crew, whose…
VIENNA: “Vienna til I die!” chanted the fans, in accented English, at a recent rainy match, testament to the British roots of Austria’s oldest football club: the once-mighty First Vienna FC 1894. But while the few hundred diehard supporters give it their all week in week out, the now dilapidated terraces of what was once…
Personal liability for superannuation guarantee (SG) appears to be of little consequence to directors who find themselves in trouble, according to the Australian Institute of Credit Management (AICM). In a submission to the Senate Economics Committee inquiry into superannuation guarantee non-payment, the AICM non-reporting of (SG) obligations was a common method employed by businesses experiencing…
KUALA LUMPUR: Many civil servants are taking up more loans to cope with the rising cost of living, resulting in them being declared bankrupt. Cuepacs president Datuk Azih Muda (pic) said civil servants from the middle and lower ranks were resorting to such measures, thinking that it would offset their expenditure owing to the rising…