After nearly two years of waiting, investors in a group of defunct mortgage pools formerly managed by Vancouver-based firm American Equities could start to see some money find its way back to them although probably not as much as they were hoping. The 15 investment pools were declared insolvent in May 2019 and placed into…
{{featured_button_text}} CHARLESTON Five more Coles County residents have tested positive for COVID-19, it was announced Saturday. The new cases of the disease caused by the coronavirus brought the countys total since the start of the pandemic to 5,435, a news release from the Coles County Health Department said. Coles County continuing COVID-19 vaccination process, has…
The fall-out from a multi-billion dollar fintech insolvency is being felt in the steel industry which has thousands of workers across Australia, including in Ballarat. Greensill Capital, a UK-based financial services company set up by former Queensland entrepreneur Lex Greensill to offer supply chain financing, entered into administration on March 8. The former foreign minister…
A High Court judge has refused to approve a personal insolvency arrangement (PIA) for a golf shop director which would have seen a 198,000 debt secured on the shop in Birr, Co Offaly, written down to 80,000. Alan McGee, a personal insolvency practitioner (PIP) acting on behalf of Michael Horan, of Rapemills, Banagher, sought approval…
The court held that restructuring plans, introduced by the 2020 Corporate Insolvency and Governance Act(CIGA), are ‘insolvency proceedings’ for the purposes of the Lugano Convention. As the plan fell within the bankruptcy exception in the Convention, the UK court had jurisdiction despite an exclusive jurisdiction clause in favour of the Swiss courts. Restructuring plans fall…
Download CSVShow datatableNumber of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days Number of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days 2017 March 304 2017 April 263 2017 May 281 2017 June 300 2017 July 266 2017 August 231 2017 September 237 2017 October…
Czech Airlines A319 City of Prague OK-NEP Ivan Conincx The companys debts stand at CZK 1.8 billion (EUR 68 million), and the future will be clearer in June after the creditors meeting. The Prague City Court has declared Czech Airlines bankrupt. The fate of one of the worlds oldest airlines will be decided by a…
The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected consequences have not…
As pandemic restrictions loosen, bankrupt companies get a new lease on life. As the pandemic swept across the globe in 2020, a new sort of crisis began to emerge: bankruptcies. Companies that entered the year in a position of strength faced a new reality that kept consumers stuck at home and closed down stores, sometimes…
Source: AAP/Bremdon Thorne. The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected…