When independent supermarket startup Supie went bust last month, the companys 120 employees were told they wouldnt be paid for their last two weeks of work, or receive any of their owed annual leave pay. The subsequent appointment of voluntary administrators again highlighted New Zealands limited protection for employees when their employer becomes insolvent. Supies…
DetailsHere’s our Club Mailbag email [email protected] so you send your questions directly to Jim Cramer and his team of analysts. We can’t offer personal investing advice. We will only consider more general questions about the investment process or stocks in the portfolio or related industries. This week’s question: If I am evaluating a few companies…
DetailsA total of 180 people in Wokingham have accessed the governments new Breathing Space scheme since it launched in May 2021, according to official figures. National Debtline which is one of the free debt advice charities able to register people who are eligible for Breathing Space is urging more people to seek advice as the…
DetailsBy JAMES ANYANZWA CIC Insurance Group is trimming part of its workforce through a voluntary early retirement (VER)/programme as part of a five-year (2021-2025) corporate restructuring plan seeking to bolster competitiveness, improve operational efficiency and free more resources to lift the regional financial services conglomerate to a higher growth trajectory. The restructuring also focuses on…
DetailsNov 12, 2023 3.39pm Mike Cannon-Brookes Sun Cable venture has begun discussions with the federal governments $15 billion National Reconstruction Fund about support for a cable-manufacturing plant in Tasmania. The venture, owned by the software billionaires Grok Ventures since an ownership shake-up forced by a decline into voluntary administration, is proposing to manufacture the specialist…
DetailsThe Biden administration may have been blocked from canceling debt for tens of millions of borrowers by the Supreme Court, but it has still managed to eliminate billions in education debt. When the Supreme Court struck down President Bidens $400 billion plan to forgive up to $20,000 in federal student loan debt for 43 million…
DetailsIn most situations it is the company which contracts for, procures, and facilitates the provision of D&O insurance for its directors and officers, but in the case of a corporate insolvency the company cannot fulfil this function. SAIFElimits addresses a number of significant consequences of this change, optimising coverage and liability protection and preserving limits…
DetailsFuture Retail, once the crown jewel of Kishore Biyani-led Future Group, is now heading for liquidation as its lenders could not get any reasonable buyer of the debt-ridden firm. Also read: Future Retail RP files plea with NCLT for avoidance transactions worth over 1,000 crore As the Committee of Creditors (CoC) rejected the sole resolution…
DetailsThe company behind the global Miss Universe competition has filed for bankruptcy just a week out from its international beauty pageant. Overnight, Thailand-based JKN Global Group submitted a petition for business rehabilitation into a Thai court. Thats the nations equivalent of declaring bankruptcy and securing the protections that come with it, including urgently restructuring the…
DetailsIndian banks have traditionally used personal guarantees of company promoters as insurance to offset limited institutional recourse to debt recovery. A personal guarantor stands surety through a legal contract. Based on early experience of the Insolvency and Bankruptcy Code, GOI in 2019 brought personal guarantors into its ambit. It allows financial creditors to invoke personal…
Details