The trucks that typically deliver fuel across Halifax are sitting idle behind the Maritime Fuels building in Dartmouth, N.S. The Nova Scotia-based company filed for bankruptcy protection last week. There are thousands of Nova Scotias that have paid for what they thought was going to be their heat source for the winter and now theyre…
DetailsListen to this article By J.J. Conway Conway Inflation, a tight labor market, high interest rates, ongoing supply chain issues and changing consumer trends have been identified as factors contributing to a significant uptick in corporate bankruptcies filed in 2023. According to a September Market Watch report, there have been more U.S. corporate bankruptcies thus…
DetailsNovember 21, 2023 Photo: depositphotos Amsterdam-based Qwic has become the second e-bike manufacturer to be declared bankrupt in four months. The company was listed in the insolvency register, a week after a court granted it extra time to pay its bills. Qwic did not respond to the news, but told customers in an e-mail last…
DetailsWhen Amy Gabrila arrives at the MGM casino in Springfield, Massachusetts, she makes the rounds on the gaming floor. She walks up and down rows of clanging slot machines as people pull levers and press buttons, hoping to win. If a player looks up, Gabrila asks how they are doing. They may tell me, Oh no, I…
DetailsThe Insurance Council of Australia (ICA) says the industry is participating in a $30 million co-funding agreement led by the Commonwealth to expand the provision of financial counselling services. The ICA announcement today comes as the Federal Government says it has signed memorandums of understanding with the industry and other financial services sectors including the…
DetailsCitigroup has begun the next phase of its previously announced organizational changes. Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citis organizational structure with our new, simplified operating model, the bank said in a Monday (Nov. 20) press release. As weve…
DetailsIn the second quarter of fiscal year 2024 (Q2 FY24), 38 per cent of the 7,058 companies admitted under the Corporate Insolvency Resolution Process (CIRPs) belong to the manufacturing sector, followed by the real estate and construction sectors, according to a report by CareEdge. The second quarter saw a 19 per cent year-on-year increase in…
DetailsWeWork, the once-booming office workspace startup, filed for Chapter 11 bankruptcy on Nov 6., setting the stage for a reorganization of the companys obligations. Despite being buoyed by venture capital, the company suffered a series of setbacks ranging from a disastrous attempt at an initial public offering in 2019 to the COVID-19 pandemic devastating the…
DetailsAustralia’s northernmost sugar mill has been placed into voluntary administration, despite a $45 million taxpayer-funded handout. Key points: Mossman Sugar Mill is one of the biggest employers in the small town The mill has entered into voluntary administration due to “financial distress” The grower-owned mill has received $45 million in taxpayer funds in recent years…
DetailsWe discuss the Federal Court of Australias judgment and distil insights to assist trustees in bankruptcy navigate difficult estates and deal with recalcitrant bankrupts. The Federal Court of Australia has dismissed an application by Salim Mehajer, the high profile former Deputy Mayor of Auburn City Council, NSW, to replace his trustee in bankruptcy.[1] The Courts…
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