Alberta Chief Justice Neil Wittmann has ruled to put lenders ahead of clean-up costs when energy companies go bankrupt. The Redwater Energy case is one that the energy sector, international investors, bankers, lawyers and regulators were all watching closely. Redwater was a tiny oil and gas company that went into insolvency in the spring of 2015. It owned a stake in 16 producing oil and…
Rockingham had biggest rise in personal insolvency ROCKINGHAM had the biggest rise in regional personal insolvency in the March quarter, according to latest statistics from the Australian Financial Security Authority. There were 62 debtors in Rockingham, the second highest after Wanneroo. The statistics from Rockingham and Wanneroo were the main contributors to a 13.1 per…
Pet Product Distribution has gone into insolvency, with a meeting of creditors held on April 28. The company supplied European-manufactured bird and small animal cages and had a UK supply agreement with German company Nobby, which supplies a range of 6,000 pet accessories for dogs, cats, small animals and birds. In July last year,…
A proposal to reduce the default bankruptcy period from three years to one year has drawn fire from the Personal Insolvency Professionals Association, which says such a move would “incentivise” bankruptcy. Earlier this month the Government issued a consultation paper, saying that current insolvency law puts too much emphasis on penalising and stigmatising failure, and…
May 18 A Ukrainian court has approved a central bank request to freeze the real estate and moveable property of Ukrainian businessman Oleg Bakhmatyuk in connection with the failure by a bank owned by him to repay loans of about $160 million, the regulator said on Wednesday. Last year parliament introduced laws making owners of…
Share Tweet Share Share Email Directors of limited companies may face bankruptcy if they have personally guaranteed the borrowings of the company. In a liquidation of a business, many creditors both secured and unsecured do not get their debts paid in full. Often the directors of the business have had to secure borrowings for the…
A dispute between western Sydney factory workers over who is entitled a $40 million Powerball jackpot is heading to court today, amid claims a syndicate member was left out to make way for the organiser’s son. The group, which bought the winning ticket in Campbelltown “on a whim” earlier this month, was jumping for joy…
Bauchi State governor, Mohammed Abdullahi Abubakar has asked the leadership of the Nigerian Labour Congress, NLC, and related organizations in the country to support the presidency for taking a bold step to transform the economy and shun their plans to embark on strike over the removal of fuel subsidy. The governor pointed out that the…
There are 14 brand new multi-millionaires in Campbelltown after a group of factory workers won last night’s Powerball jackpot No resolution: A Powerball syndicate has just two days to resolve a dispute over a $40 million jackpot. THINGS arent looking up for the Powerball syndicate winners embroiled in a clash for cash. A syndicate of…
A boss at a western Sydney factory claims his colleagues are trying to rob him of his share in a $40 million Powerball jackpot he says was won by a syndicate with a ticket he bought. Brendon King, who is a senior manager at Liverpool-based cable manufacturer Prysmian Group, said he paid for the ticket…