How do the EU Member States’ insolvency frameworks currently perform? The 2015 World Bank Doing Business Report ranks countries according to the efficiency of their insolvency frameworks on a scale of 0-16. The EU average is 11.6, which is 5% below the OECD average for high income countries (12.2). The efficiency of insolvency frameworks varies…
KUALA LUMPUR: A total of 1,022 credit card holders are declared bankrupt for failing to settle credit card debts in the period from January to June this year. Deputy Finance Minister Datuk Othman Aziz told the Dewan Rakyat on Thursday that the amount represented 0.03 per cent out of the 3.6 million credit card holders…
Despite the pie maker’s chequered past, the insolvency firm O’Brien Palmer has received approaches from various parties. Justin McManus Fast food chain Pie Face known for its smiley-faced pies is back on the market after going into receivership for the second time in two years. Insolvency firm O’Brien Palmer is finalising an information memorandum and…
Receivers have closed 11 of Pie Faces remaining company-owned stores after being appointed to one of the companys entities late last month, and the group could be facing a new owner in the near future with a number of parties expressing interest to receivers as part of a tender process for the business. It is…
In a test case, a Singapore court has declared a man a bankrupt based on the fact that he had been declared a bankrupt in Malaysia for owing the armed forces retirement fund RM58 million. PETALING JAYA: A Malaysian has been declared a bankrupt by a Singapore court on the basis that he was already…
Almost 40 prospective Canberra home owners, as well as an unknown number of sub-contractors, face an uncertain future following Today’s Homes and Lifestyle Pty Ltd’s decision to go into voluntary administration. The Fyshwick-based company, which was first registered in 1994 and trades as Today’s Homes, has placed itself in the hands of Deloitte Restructuring Services.…
News has reached us that an old partner in the graphics card and electronics industry has filed for bankruptcy, yesterday Point of View was declared bankrupt in the Netherlands. A lot of people in Asia, EU and south America will be familiar with the Point of View branding under Point of View on-line. Back on…
By Reuters Published: 23:02 +11:00, 23 November 2016 | Updated: 23:02 +11:00, 23 November 2016 e-mail By Alasdair Pal and Himanshu Ojha CONSETT, England, Nov 23 (Reuters) – John Mawson and his wife Sandra live in a cramped one-storey home on a hill near Consett, an old steel town in the north east of England.…
The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under section 240 of the Insolvency and Bankruptcy Code, 2016, has notified the following two regulations yesterday: The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and The Insolvency and…
The aim is to avoid bankruptcies and save jobs. Ireland already has an examinership system, modelled on the US rules that allows the courts to impose deals on creditors in order to save jobs. The proposed EU rules go further. In a bid to encourage risk-taking start-ups, the proposal would make it easier for entrepreneurs…