Late last year, the Grand Court of the Cayman Islands dismissed a winding up petition presented by the directors of China Shanshui Cement Group on the ground that they had no standing to present it. David Butler, partner at Harneys in the Cayman Islands, considers the options for restructuring in the absence of shareholder support.…
Years of excessive optimism and financial innovation led to record household debt and a banking crisis in Denmark in the naughts. Conditions are ripening again for a similarly heady combination, according to the countrys financial watchdog. The Financial Supervisory Authority laid out today the strategy that will guide its work until 2020. Denmarks lenders are now…
In late 2013, Tourism Australia launched a new international campaign with the theme Restaurant Australia by focusing on the countrys food and wine industries to target global foodies and wine connoisseurs. There could be less good restaurants after insolvency group Ferrier Hodgson placed under receivership one of the biggest hospitality groups in Australian with about…
DAVID WHITE/FAIRFAX NZ Gary Watt outside the Ngaio home he shared with his late partner Anne Roberts. A Wellington stepfather who spent his children’s inheritance including on luxury items has been declared bankrupt. Gary Bryson Watt was declared bankrupt in High Court on Tuesday, following legal proceedings by his stepson who was fighting for the…
DAVID WHITE/FAIRFAX NZ Gary Watt outside the Ngaio home he shared with his late partner Anne Roberts. A Wellington stepfather who spent his children’s inheritance including on luxury items has been declared bankrupt. Gary Bryson Watt was declared bankrupt in High Court on Tuesday, following legal proceedings by his stepson who was fighting for the…
Comments Print /License AA A group of former employees of Co-op Atlantic have lost a battle over a 32-per-cent cut in their pensions after a judge ruled Monday they could not have their lawyer recognized in the case as the first step toward reopening negotiations in the companys insolvency. The non-unionized former employees of the…
In February 2014, Russian forces seized Crimea and then began supporting the separatist insurgency in eastern Ukraine. This intervention transformed the conflict between the Maidan and Viktor Yanukovychs regime into an international one, and brought Ukraine and Russia into a state of war. The ongoing crisis clearly has many complex causes that need to be…
The collapse of Dick Smith has shown Australia has no real way to deal with ailing companies. Edwina Pickles When Dick Smith administrators release a much-anticipated report into the reasons for its collapse, talk will turn to whether a different insolvency regime and different decisions might have prevented its rapid and controversial demise. In this…
‘Innovation’ has been the buzzword of the Turnbull Government in Australia and there is no doubt it, along with entrepreneurship, is central to economic growth, job creation and future prosperity. As the limited liability company was created to encourage and facilitate innovation and entrepreneurship and to reduce the costs of enterprise failure, it is not…
Standard & Poor’s said the UK would be downgraded to double-A from triple-A. Tomohiro Ohsumi Global financial markets experienced their worst day since the global financial crisis as Britain voted to leave the European Union, sending the British pound to the lowest level since 1985 and threatening a global recession. Every Group of 10 currency fell…