A recent string of financial troubles in residential construction companies has shown that the building industry is anything but bulletproof. So, for anyone about to sign on the dotted line or currently in the building process, it can pay to know what to do in these tough situations and what your rights are depending where…
Recently, Inno-grow B.V. was declared bankrupt. The company produced growing systems for, among others, the cultivation of pot plants. cannabis, and for multilayer cultivation. The company from Koudekerke filed for bankruptcy itself. A restart does not seem to be on the cards, as the company’s activities have been at a standstill for some time, the…
Creditors of the bankrupt cryptocurrency lender Celsius have approved a plan that could see them recover between 67% and 85% of their holdings. However, there have been objections to this plan, including from the U.S. Trustee, and the final approval from the court is still pending. The U.S. Bankruptcy Court for the Southern District of…
Nippon Electric Glass (NEG) site in Westerbroek, The Netherlands was declared bankrupt yesterday (Tuesday). It means around 275 employees are at risk of losing their jobs as well as 50 temporary workers. District Curator Jeroen Reiziger said its Japanese owner had decided it could no longer afford to keep absorbing losses of up to 1…
KNP Logistics, described by its administrators as one of the United Kingdoms largest privately owned logistics groups, declared itself insolvent on Monday, blaming a ransomware attack back in June. Approximately 730 employees will be made redundant as a result of the administration process, although one of the groups key entities has been sold, saving about…
Infarm, once Europes largest vertical farming company, has been declared bankrupt in the Netherlands as of September 19, according to official documents. The news comes after the company shut down operations across its key markets of the UK, France, Germany, the Netherlands and Denmark over the last year. In June, Sifted reported that Infarm was…
Directors loan accounts and overdrawn directors loan accounts arent straightforward at the best of times and with the cost-of-living crisis hardly letting up, it seems a refresher might be in order, writes Gareth Wilcox of Opus Business Advisory Group. What is a directors or participators loan? Stripping back to basics, since a limited company is…
The Australian Financial Security Authority (AFSA) is responsible for managing the application of bankruptcy and personal property securities laws through the delivery of high-quality personal insolvency and trustee, regulation and enforcement, and personal property securities services. We ensure confidence in Australias personal insolvency and personal property securities systems, and manage the proceeds of crime through…
By Sophie Madden BBC News, West Midlands The leader of Birmingham City Council has said it is faced with “stark choices” as councillors approved a financial recovery plan. The authority declared itself essentially bankrupt earlier this month in part over a 760m equal pay bill. During Monday’s four-hour, often fractious meeting, councillors took turns to…
Up to $700,000 of debt owed to building suppliers is likely to go unpaid, according to liquidators of Ballarat-based residential builder Bond Homes. Key points: Ballarat home builder Bond Homes was liquidated in early September The company owes up to $700,000 to suppliers Bond Homes’ asset value is about $300,000, which will go to employees as…