European tour operator FTI Touristik has filed for insolvency at a court in Munich, Germany. The company, one of the largest tour operators in Europe, said the FTI Touristik brand is directly affected but that insolvency filings will follow for other group companies. Windrose Finest Travel will continue operations. The news comes weeks after FTI…
To be sure, delays in the insolvency process under the IBC are quite common. It takes an average of 679 days to achieve a resolution, as against 330 days envisaged under the code. Mint takes a closer look at the reasons for the delay in this case. How has the insolvency resolution process progressed so far?…
Data from the Australian Financial Security Authority (AFSA) has found a significant rise in personal insolvencies for the March 2024 quarter. According to the report, there has been a 19.5% increase compared to the same period last year. Unsurprisingly, economic challenges have been contributing to this rise, including cost of living pressures. However, a large…
The National Company Law Tribunal (NCLT), New Delhi bench of Justice Ashok Kumar Bhardwaj and Subrata Kumar Dash has replaced Raj Kamal Saraogi as the Resolution Professional (RP) in the insolvency proceedings involving Subhash Chandra, the Chairman Emeritus of Zee Entertainment Enterprises Limited (ZEEL) Chandra, serving as the personal guarantor for certain unresolved debts, raised…
Three paintings by the 17th-century painter Peter Lely, which belonged to the bankrupt British playboy James Stunt, came up for auction at Christies New York on 23rd May; two failed to find buyers, but the third did sell, albeit at a modest price. Before being sold to Stunt, the works were on the British market…
Quebec City-based ComediHa! announced it picked up unspecified assets as part of a sale. May 31, 2024 8:53am Seth Rogen and director Judd Apatow at a Just for Laughs event. GP Images/WireImage The parent company of Montreals Just For Laughs comedy festival, Groupe Juste Pour Rire Inc., has agreed to sell select assets as part of…
Personal insolvencies are spiking as the cost-of-living crisis continues to bite and business failures trigger a ripple effect and theres more to come, says insolvency and business turnaround specialist Jirsch Sutherland. The comments come off the back of the March quarter 2024 new personal insolvencies statistics from AFSA, which reveals an increase of almost 20%…
By Charlotte Dean and Hannah Mcdonald For Mailonline Published: 21:48 AEST, 30 May 2024 | Updated: 22:34 AEST, 30 May 2024 Katie Price is paying a hefty price for new four-bed pad in Sussex after she was forced to leave her Mucky Mansion amid her double bankruptcy woes. The form… Read the full article at:…
A recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…
Gemini says lending programme creditors will get back a 232% return on their investments. The money comes partly from sales of GBTC shares. Bankrupt crypto lender Gemini announced on Wednesday that its Earn customers will recover more than $940 million in crypto more than triple what they lost when the firm shuttered the lending programme…