The department said the for-profit chain steered students into predatory private loans that were portrayed as grants and also lied about the state of its finances. ITTs malfeasance drove financial resources away from educating students to keep the chain in business for longer than the department says it should have been, resulting in the decision…
DetailsA South West construction firm which went into liquidation leaving buildings unfinished has also left debts of more than 10m, it has been revealed. Henry W Pollard and Sons Ltd, which had been in business for 161 years, ceased trading in June 2021, leaving buildings such as Plymouths 13m Teesra House apartment block in limbo.…
DetailsDespite fears the pandemic would lead to mass businessfailures, the number of Australians running businesses has actually shot up. Key points: The Australian Bureau of Statistics reports an increase in the number of registered businesses during the pandemic Julie Kay says starting a business means she can set her own goals The Australian Restructuring, Insolvency…
DetailsCalifornia-based ML data pipeline company Splice Machine has begun insolvency proceedings, according to a statement on its website. The startup which counted bank Wells Fargo, retailer Kroger, and optical networking company Infinera among its customers specialised in building a database for feature engineering which it hoped would ease machine learning data pipelines. Based around Jupyter…
DetailsSatellite communications has always been a partly invisible affair. Once the satellites have been launched into space, they are forever lost to the eye in the distant darkness, unlike the terrestrial basestations that dot the land. Now one of their oldest operators is also going dark. Conceived when JFK sat in the White House, Intelsat…
DetailsMember Article The year-on-year level of corporate insolvency has risen for a third consecutive month, highlighting the continuing impact of the pandemic on North East businesses. The latest corporate insolvency figures for England and Wales reveal a 70.4% increase in Creditors Voluntary Liquidations in July compared to July 2020, suggesting an increasing number of directors…
DetailsOn August 6, the National Company Law Tribunal (NCLT) had admitted an application filed by Techno for initiating corporate insolvency resolution process (CIRP) against McLeod. TopicsNCLAT|Techno Electric & Engineering|McLeod Russel The National Company Law Appellate Tribunal (NCLAT) has admitted an appeal filed by McLeod Russel promoter, Aditya Khaitan, against insolvency proceedings and will decide on…
DetailsA company can run usual operations or as a going concern even if it is in the process of being wound up in an administered sale, said a recent order by a bankruptcy appeals court, boosting recovery prospects for lenders that want to maximise value on soured loans. The principal bench in New Delhi comprising…
DetailsAn exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip HONG KONG, Aug 26 (Reuters) – The government of Guangdong province is seeking feedback from major banks of debt-laden property developer China Evergrande Group (3333.HK) about forming a creditor committee, as the company warned of a further plunge in…
DetailsHundreds of employees and participants of one of Australia’s largest disability service providers face an uncertain future with the organisation entering voluntary administration. Key points: Disability Services Australia have appointed KPMG as their administrators DSA’sCEO says the company faced financial constraints, compounded by the pandemic Shadow NDIS Minister Bill Shorten says the federal government’s “savage…
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