FW: Based on your experience, what steps do supply chain companies need to take following the insolvency of a major customer? How important is early action to manage the risks? Tilley: Insolvencies do not occur without some warning signs. At the first sign of distress, overdue receivables should be collected before further shipment and no…
In September last year, the US District Court for the District of Massachusetts gave a ruling to define bitcoin and other cryptocurrencies as commodities. Now it remains to be seen whether bankruptcy courts will follow this precedent when considering cryptocurrency in valuations and distributions. 17.05.2019|in Forecasts There is continuing legal uncertainty concerning the approach…
Sydney-based Optus services provider Anderson IT has entered into voluntary liquidation with more than $500,000 owed to creditors. The 10-year-old company, which ran an Optus Business Centre in North Sydney, called in liquidators on 3 June this year facing more than $1.1million in total financial liabilities. Subsequent liquidation proceedings revealed the insolvent company owes Optus…
After opioid maker Insys Therapeutics last week filed for bankruptcy protection five days after securing a $225 million settlement with the federal government, speculation has grown that other embattled opioid producers could take the same path. Insys makes the Subsys brand of the drug fentanyl, an opioid that is effective in easing pain for cancer…
The Central Bank is set to start recording details of personal contract plans (PCPs) for car purchases; hire purchase deals, which can be used to purchase washing machines among other things; as well as similar types of finance, on its credit register from June 30th. It will mark the first time the regulator has sought…
As mortgage marketplace HashChing goes through a seismic change and looks to branch into new areas of focus, more details have been emerging about the sudden departure of its executive team. Last week, The Adviser broke the news that the founder and the executive team of online mortgage marketplace HashChing had all left the company,…
Monsoon Accessorize will this week become the latest UK retailer to present a company voluntary arrangement as the potential saviour of its business, in the teeth of opposition from landlords. The insurrection against Monsoon, a retailer of hippie-trail inspired clothing with annual revenues of 400m, is not the only one. The insolvency procedure is used…
Multiple investigations and parallel bankruptcy filings by operational creditors will cast a shadow over the insolvency proceedings of Jet Airways (India) Ltd that its lenders have decided to initiate, experts said. A consortium of lenders led by the State Bank of India (SBI) on Monday decided to approach the National Company Law Tribunal (NCLT) after…
(Corrects day of the week to Monday in first paragraph) MILAN, June 17 (Reuters) – An Italian parliamentary committee is set to approve later on Monday a tax measure to spur mergers among banks based in the countrys poorer south, a lawmaker of the ruling League party said, warning of lenders in the region at…
FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas/File Photo MUMBAI (Reuters) – Jet Airways creditors said on Monday they plan to begin insolvency proceedings against the Indian airline in a last-ditch bid to find a buyer for the carrier or…