Hanjin Shipping is expected to be finally declared bankrupt on 17 February a Seoul court said today. The Seoul bankruptcy court decided to end Hanjins receivership process on 2 February setting a date of 17 February for the company to be declared bankrupt following appeals. The court found that Hanjins liquidation value would be higher…
Predicting the form and substance of mainland Chinese bank failures has become a cottage conspiracy industry among research analysts and hedge funds. A more enlightening exercise is observing how other current government authorities and bank leadership have succeeded or failed, or have been swamped by indecisiveness and serial mediocre decisions in the face of default.…
Total corporate insolvency in Western Europe will fall by -4 per cent in next 12 months UK business insolvency will rise by +5 per cent in the next 12 months as the economic slowdown, rising input prices and increased late payment risks begin to take their toll, according to Euler Hermes. This is in sharp contrast with…
BUNDABERG residents continue to struggle to pay off their debts as new figures reveal the number of locals falling into financial despair. The number of people who became insolvent between October and December last year dropped to 42, down from 44 in the September quarter. The Australian Financial Security Authority data shows the total number…
With major firms having a footprint all over the world, there is a need for a common court framework that makes tackling cross- border insolvency matters more efficient and less expensive. The first step was taken yesterday, with the Singapore Supreme Court and US Bankruptcy Court for the District of Delaware adopting guidelines for cost-cutting…
Marcs, David Lawrence in voluntary administration High-profile Australian fashion labels Marcs and David Lawrence have collapsed under debts of close to $30 million, including close to $3 million in worker entitlements and a $700,000 debt to the tax office. The appointment of voluntary administrators to two of the country’s best-known fashion brands leaves close to 1200 workers facing the the loss…
BUNDABERG residents continue to struggle to pay off their debts as new figures reveal the number of locals falling into financial despair. The number of people who became insolvent between October and December last year dropped to 42, down from 44 in the September quarter. The Australian Financial Security Authority data shows the total number…
BUNDABERG residents continue to struggle to pay off their debts as new figures reveal the number of locals falling into financial despair. The number of people who became insolvent between October and December last year dropped to 42, down from 44 in the September quarter. The Australian Financial Security Authority data shows the total number…
With the end of the mining boom in Western Australia, house prices and rentals have been falling but the poorest people in the state are yet to see any benefit. The signs of economic slowdown are everywhere. Unemployment in Western Australia stands at 6.9 per cent, the highest level since 2002. Last quarter, personal…
Official statistics released today (January 27) by The Insolvency Service, which administers the insolvency regime in England and Wales, show that total personal insolvencies reached a total of 90,930 last year. This was a 13 percent rise on 2015. This total comprised 49,745 IVAs, which were up 23 percent year-on-year and returned to the levels…