The board of directors of Riviera Resources has approved the dissolution, winding up, and liquidation of the company and adopted a plan of liquidation and dissolution, under which the Houston-based independent will cease to exist by the end of this year. The dissolution will mark the end of a 2-year existence for Riviera, which was…
Its been a turbulent year in travel. One big change of many has been Virgin Australias descent into voluntary administration. As Virgin Australia transitions into a more middle market offering, in order to struggle back to its feet, Velocity points holders are losing some of the perks they used to take for granted. As DMARGE…
Corporate Insolvency and Governance Law 2020: COVID-19 Changes to Insolvency Law Come into Force Many businesses are relentlessly fighting the financial crunch resulted from Covid-19 crisis to survive the economic scare. The current COVID-19 pandemic has placed a lot of businesses registered in England and Wales into a position where they are now either balance…
A month-on-month rise in the number of corporate insolvencies in England and Wales may indicate that businesses which were healthy and profitable pre-COVID-19 are now starting to struggle. This is according to the Midlands branch of insolvency and restructuring trade body R3 and comes on the back of figures published by the Governments Insolvency Service…
For tens of thousands of airline workers that have either lost their jobs or have been stood down because of international travel bans imposed due to the COVID-19 pandemic, finding new work has not been easy. Key points: Thousands of Qantas and Virgin workers have lost their jobs, and many are still looking for work…
A month-on-month rise in the number of corporate insolvencies in England and Wales may indicate that businesses which were healthy and profitable pre-COVID-19 are now starting to struggle. This is according to the Midlands branch of insolvency and restructuring trade body R3 and comes on the back of figures published by the Governments Insolvency Service…
Dubai Financial Market-listed Arabtec Holding, which confirmed going into liquidation, due to its untenable financial situation, has revealed that its general assembly has adopted a Special Resolution for the discontinuation of the company, and to authorise its board to apply to the competent court for an insolvent liquidation. In a stock market filing dated 14…
Recent insolvency law reforms in the UK, Singapore and Australia impact upon the ability of a party to a construction contract to terminate it due to the other party’s insolvency. Background Construction contracts commonly contain provisions which entitle a party to terminate the contract if the other party becomes insolvent. These provisions are sometimes referred…
MCAT Box Office Sdn Bhd, or commonly known as MBO Cinemas, is said to be facing liquidation due to cash flow problems since the implementation of the Movement Control Order (MCO). According to a report by The Edge, a notice of the liquidation was sent out to creditors by company backer Ekuiti Nasional Bhd (Ekuinas).…
image copyrightGetty Images Virgin Australia chief executive Paul Scurrah will step down once the airline is transferred to new owner Bain Capital. The decision follows reports that he disagreed with Bain over the future direction of the airline. Virgin Australia went into voluntary administration in April before the US private equity group bought it. The…