New Delhi: Bankruptcy filings by stressed firms themselves have seen faster resolutions than those initiated by financial or operational creditors, but the recovery in such cases has been below par, according to data compiled by the insolvency regulator.Empower Your Corporate Journey with Strategic Skill Courses Offering College Course Website Indian School of Business ISB Leadership…
BALTIMORE–(BUSINESS WIRE)–Oct 18, 2023– Allianz Trade released today its latest Global Insolvency Report which unveils updated forecasts for 2023 and 2024. According to the worlds leading trade credit insurer, after a small rebound in 2022 (+1%), global insolvencies are set to jump by +6% in 2023 and +10% in 2024. Waning cash buffers and worsening…
Murunwa Makwarela has been reinstated as the City Of Tshwane mayor after he submitted his insolvency rehabilitation certificate to the city manager on Wednesday. Makwarela, who ascended to the mayorship last week on the ticket of the ANC and EFF collaboration efforts, was on Tuesday disqualified as a PR councillor due to insolvency. It was…
A Victorian fashion company has become the latest casualty in Australias struggling retail sector after collapsing into liquidation. Last Tuesday, Melbourne-based retailer Nobody Denim went into voluntary liquidation. Nobody Denim supplied its apparel to The Iconic, David Jones and more than 100 other operators across Australia and New Zealand. The business reportedly made $5.6 million…
Former trustees should act fast to preserve the status quo 6 min read A recent New South Wales Court of Appeal judgment has resolved a difficult question concerning the law of corporate trustees, and serves as a practical reminder of the difficulties faced, in particular, by insolvency practitioners appointed to insolvent former trustees. In this…
Companies Mckesson Corp Follow Rite Aid Corp Follow NEW YORK, Oct 17 (Reuters) – Pharmacy chain Rite Aid has settled a critical dispute with drug supplier McKesson Corp (MCK.N) to ensure that customers’ prescriptions will continue to be filled during Rite Aid’s bankruptcy, attorneys said on Tuesday. Rite Aid, which filed for Chapter 11 bankruptcy…
Member Article R3 responds to September 2023 insolvency statistics Corporate insolvencies decreased by 15.2% in September 2023 to a total of 1,967 compared to Augusts total of 2,319, but when compared to September 2022s figure of 1,688 they increased by 16.5%. Corporate insolvencies increased by 35.4% from September 2021s total of 1,453 and by 112%…
China’s largest real estate developers, China Evergrande (HK:) and Country Garden, are grappling with insolvency as they collectively shoulder a $500 billion debt. The crisis, which began in 2021 when Evergrande defaulted, has severely impacted China’s economy and shaken investor confidence. Country Garden recently announced its inability to pay nearly $200 billion of debt, signaling…
As per the latest news, the bankrupt and infamous FTX apparently has a $150 million worth of assets tied up in Solana and Ethereum staking! On October 15, Binance Square made public a statement shedding light on FTXs substantial Solana holdings. Heres what was revealed. Understanding SOL Staking On October 13, Whale Alert reported a…
October 16, 2023 Photo: Depositphotos.com Twice as many businesses in the Netherlands were declared bankrupt in the third quarter of 2023 compared to last year, according to figures from the chamber of commerce (KvK). The government agency said the figure was lower than the long-term average, but indicated that the recent decline in bankruptcies had…