At least seven companies declared bankruptcy in the last 48 hours, a reported 15-year record. Among the firms seeking Chapter 11 protection were digital media group Vice Media and as reported here Monday (May 15) private equity-backed healthcare firm Envision. According to a Bloomberg News report, this was the largest number of bankruptcy filings recorded…
DetailsThe recent sanction judgment gives important guidance on the way in which the court’s discretion should be exercised when sanctioning a restructuring plan and considers whether it is necessary for opposing parties to provide valuation evidence of their own . Key takeaways from the judgment No worse off test: expert evidence An opposing party is…
DetailsHONG KONG, May 18 (Reuters) – A shrinking land bank and sluggish property demand are likely to hamper the plans of a growing number of private Chinese developers who have defaulted on their debt and are restructuring it to win breathing room to revive their fortunes. Those hurdles could hinder the drastic improvements in sales…
DetailsAustralians with higher education Help loans will be able to earn slightly more before they start making repayments as inflation drives up student debts to new highs. The federal government lodged the official Help repayment thresholds for the 2023-2024 financial year on Thursday, which confirmed the minimum repayment threshold has been increased. Graduates earning $51,550…
DetailsDebt relief companies are for-profit institutions that help you manage and pay down your debts. Depending on the company and what services are offered, they may work with creditors to help you get out of debt for less than what you originally owed. Most relief companies charge a hefty fee for their services. However, just…
DetailsThe term debt relief describes a range of ways you can get out of debt with the help of a third party. Some debt relief companies offer debt settlement services, whereas others focus on offering debt management plans (DMPs), credit counseling or other alternatives. There are also debt consolidation products you can use to work…
DetailsSupplied Xeros loss was largely the result of restructuring costs and a write-down in the value of a business it bought in 2021. Small business accounting services company Xero has reported an after tax loss of $113.5 million despite a 28% increasing in its earnings. The net loss for the 12 months to the end…
DetailsJulian Challingsworth (Spirit managing director) Credit: Spirit Spirit Technology Solutions is redirecting its attention towards security, sustainability and scalability following the conclusion of its organisational restructuring. The three-pronged approach, launched this month, targets the three key high growth areas for the publicly listed company, according to a statement released to the Australian Securities Exchange (ASX).…
DetailsIn the wake of a national manufacturing companys collapse, its liquidator says the case is unusual and complex and compensation for customers will be a lengthy process. Mooloolabas Transportable Shade Sheds (TSS) went into liquidation on Monday, April 3, reportedly leaving hundreds of customers either without product or half-delivered orders. It had factories at Beerwah and Coolum,…
DetailsOnce Irelands richest person, Mr OReilly was the leading figure in businesses including Eircom, Independent News & Media and Waterford Wedgwood in his day. The former Ireland rugby player, who is now 87, also owned a slate of trophy properties in Ireland and abroad. He and his brother-in-law, Peter Goulandris, also ploughed 500m into Waterford…
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