The Commonwealth Court in Pennsylvania has approved petitions to liquidate Penn Treaty Network America Insurance Company and American Network Insurance Company, with policyholder claims set to be paid through the state guaranty association system subject to statutory limits and conditions. After a long and difficult eight-year legal process, the Courts decision to approve the liquidation…
Watersun Homes administrator Mathew Gollant recommended the homebuilder’s clients check if they have a domestic building insurance policy. Picture: DARREN HOWE RELATED: Watersun Homes enters administration Property owners affected by the collapse of Watersun Homes have been advised to check their domestic building insurance policies, as the administrators work to ensure their homes are completed. The Melbourne-based homebuilder…
March 2nd, 2017 Grant Rowles Asia, Europe, Offshore 0 comments Emas Chiyoda Subsea (ECS), which filed for chapter 11 in the US earlier this week, has placed Norwegian subsidiary EMAS-AMC AS under members voluntary liquidation in Norway. The company said that the liquidation was independently decided by the board of directors to be in the…
Property owners across Victoria have been left thousands of dollars short and demanding answers, after building company Watersun Homes was placed into voluntary administration. On Tuesday, insolvency firm Rodgers Reidy was appointed administrator for Watersun Homes, and said the company did not the funds to continue trading. 90 full-time staff have been told their services…
Cam Fortems Special to the Times An apprentice electrician who held up nine banks in three provinces, including in Aldergrove, during a two-month crime spree was sentenced Tuesday to seven years in prison. Shaun Cornish, 29, pleaded guilty to charges stemming from robberies in B.C., Alberta and Saskatchewan in late 2014 and early 2015. Prosecutors…
Commissioner Miller said the two companies have approximately 76,000 policyholders nationwide, with 9,000 residing in Pennsylvania. More than 98 percent of Penn Treaty and American Network’s policies are long term care insurance. Over the past several years, long term care insurance has posed significant challenges to insurers on a national level. The pricing of these…
Mark Bennett, head of agribusiness at ANZ, says the Australian farm debt equation is constantly evolving. AUSTRALIAN family farm debt is skewed heavily towards expanding farm businesses, with the majority of new debt growth going to businesses with loans in excess of $2 million said ANZs manager of agribusiness Mark Bennett. At the other end…
Andrew Tate, president of insolvency and restructuring trade body R3, and a partner and head of restructuring at Kreston Reeves, examines the governments proposed changes to the UKs insolvency and restructuring framework, and highlights the professions concerns. The UKs framework for insolvency and restructuring is one of the most effective in the world. Our insolvency…
Related Story: Workers owed $1.6M after Bendigo Hospital contractor’s collapse Property owners say they feel betrayed and have lost thousands of dollars after Victorian building company Watersun Homes was placed into voluntary administration. Rodgers Reidy in Melbourne was appointed as administrator for Watersun Homes on Tuesday and said the company did…
A home building company that at one stage sponsored the St Kilda Football team, Watersun Homes, has gone into administration with the loss of 90 jobs. The residential builder was working on about 300 homes in metro Melbourne and regional Victoria when it was voluntarily placed in administration on Tuesday. Watersun Homes was working on about…