The High Court is to consider if it is the appropriate court to hear an application by a company whose shareholders include rugby star Ronan O’Gara and businessman Michael O’Flynn to set aside a Personal Insolvency Arrangement (PIA) made in favour of fellow shareholder John O’Driscoll. The application to set aside the PIA has been…
Image caption, woman with check list By Kevin Peachey Cost of living correspondent The rising level of bills and prices are leading some people to borrow more, or leaving them struggling to make debt repayments. A poll for the BBC indicated that half of those asked had used credit in some way to pay for…
SINGAPORE – Ng Yu Zhi, the alleged perpetrator of a US$1.1 billion nickel trading scam, has been declared a bankrupt ahead of a hearing on his criminal case in State Courts on Tuesday. A bankruptcy order was made against the 35-year-old on Dec 22, 2022, according to the government gazette published on Jan 13. This…
UK-headquartered Allseas Global Project Logistics was declared insolvent at the end of 2022. Industry analyst Alphaliner reports that the division owes GBP34 million (USD41.3 million) to creditors, as well as GBP12 million (USD14.6 million) to other parts of the Allseas Group. According to the UKs official public record, the Gazette, Steven John Parker and Joanne…
The Allahabad High Court recently upheld a demand notice issued by Uttar Pradesh Electricity Department to recover 9 crore electricity dues from defaulter company which was declared insolvent under the provisions of the Insolvency and Bankruptcy Code, 2016, and the resolution plan approved by the National Company Law Tribunal (NCLT) [Narendra Singh Panwar v Pashchimanchal…
What is Cryptocurrency? Cryptocurrency (Crypto) is a virtual currency or a digital asset that was originally designed to work as a medium of exchange, much like the Australian dollar. Do I need to declare Crypto to my Bankruptcy Trustee? Yes. Like any other asset, a Bankrupt must disclose ownership or interest in Crypto to the…
A power struggle over power has ended up in the court. Strange as it seems, the power play is between Kumul Consolidated Holdings Limited owned PNG Power Limited and Kumul Petroleum Holdings Limited owned NiuPower Limited, over outstanding power usage payments owed to NiuPower Ltd as per a Power Purchase Agreement signed in 2019. Last…
If you are interested in politics, you are probably aware that Sri Lanka, a South Asian country, recently declared bankruptcy and its economy has collapsed. The entire country is out of food, gas, and oil; roughly 22% of Sri Lankans are now in emergency need of food and other living resources; and approximately 22 million…
Disgraced cryptomogul Sam Bankman-Fried claimed FTX US is “fully solvent and always has been” after he was arrested on fraud charges. While FTX US should be “able to return all customers funds,” FTX International remains mired by insolvency, but “no funds were stolen,” Bankman-Fried insisted in a blog post in which he vowed to dedicate…
Sam Bankman-Fried ordered the co-founder of his cryptocurrency exchange FTX to create a secret backdoor that allowed his hedge fund Alameda Research to borrow $65 billion of clients money without their permission, according to testimony over the firms implosion. Gary Wang was told to create a secret line of credit using customer funds from FTX…