Article 0 Comments Florida-based American Capital Assurance Corp. is officially in receivership and is in the process of being liquidated after being deemed insolvent by Floridas insurance regulator earlier this month. The Florida Department of Financial Services, which serves as the receiver for any insurer placed into receivership in Florida, said it was granted a…
Photo courtesy The Lost Cajun Casual dining chain The Lost Cajun filed for Chapter 11 bankruptcy protection Wednesday, citing the impacts of the pandemic on its operations and franchisees. The New Orleans-inspired concept, which was founded in 2010 in Colorado and lists 25 locations on its website, reported liabilities of more than $1.4 million and…
Bio-Hybrid GmbH has filed for insolvency with the Nuremberg District Court. The start of series production, which was planned for mid-2021 after the separation from Schaeffler, is thus in jeopardy. In October 2020, the automotive supplier Schaeffler sold all shares in its subsidiary Schaeffler Bio-Hybrid GmbH to Micromobility Services and Solutions. Series production of the…
By Reuters Staff 3 Min Read KUALA LUMPUR (Reuters) – Malaysias former prime minister Najib Razak has been served with a bankruptcy notice for failing to pay more than $400 million in unpaid taxes, a move that the ex-premier described as an attempt to destroy his political career. FILE PHOTO: Former Malaysian Prime Minister Najib…
Japanese insurer Tokio Marine and the Australian Tax Office were listed as yet to be quantified. The shift to liquidation from administration will give Grant Thornton greater powers to investigate Greensills collapse and gather documents, including examining whether former directors or officers of the company had committed any offences that need to be reported to…
A closely-watched report has noted the largest quarterly leap in the number of businesses suffering significant financial distress since 2014 following a year of coronavirus disruption. The latest Red Flag Alert produced by insolvency specialists Begbies Traynor measured a jump of 93,000 firms in the first quarter of 2021, a period that took in the…
EXECUTIVE SUMMARY A Pre-Pack Sale is the sale of all or substantially all of an English companys assets to a third-party purchaser immediately or shortly after the distressed company goes into a UK rescue procedure called administration. The attraction of a Pre-Pack Sale is the speed of the transaction, which helps preserve the value of…
However, even where businesses have failed, their brands have survived. For example Topshop and Topman were bought by ASOS for 330 million, with the deal meaning the survival of their brand names while the physical stores closed down. Those in the fashion industry need to evaluate and assess their intellectual property (IP) assets and licensing…
Diamonds are forever. Diamond dealers, not so much. Swamibu/Wikimedia The Antwerp prosecutor has started an investigation into the mysterious bankruptcy of the company that formerly stood in first place among the citys diamond dealers. Eurostar Diamond Traders, owned by the family of 71-year-old Kaushik Mehta, was at one point the diamond citys major trader in…
Law360 (April 20, 2021, 5:56 PM EDT) — A California federal judge Tuesday rejected Bank of America’s bid to dismiss claims it violated state law when it incorrectly reported that a customer had declared bankruptcy, saying a failure to do a reasonable cross-check of his information would have violated California law. In her ruling, U.S.…