Approximately 100 advisers will be forced to seek new network authorisation as Harwood Wealth Management puts its network services arm into voluntary administration. As of Monday 23 November, Wolverhampton-based Network Direct Limited has been forced into administration, causing potential disruption for advisers, staff and clients. Harwood Wealth acquired the network of financial advisers in 2016,…
Details1. How big is the problem? Chinese defaults actually dropped by 20% in the first three quarters of 2020 to 85.1 billion yuan ($13 billion), according to Bloomberg-compiled data. That was largely due to pandemic-related measures in the first half: At least a dozen companies managed to relieve pressure by delaying repayments, swapping bonds or…
DetailsCHICAGO, Nov. 23, 2020 /PRNewswire/ — Ryan Preston Dahl has joined Ropes & Gray as a partner in its Chicago and New York offices. Ryan expands Ropes & Gray’s business restructuring team, which represents clients in a broad range of financial restructuring matters, including in- and out-of-court proceedings. “Ryan is a great addition to the…
DetailsNovember 23, 2020 08:00 ET | Source: Feronia Inc. VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) — Feronia Inc. (Feronia or the Company) (TSX-V: FRN) announces that it has closed its previously announced third party sale and restructuring transaction. As previously reported, the Company initiated debtor in possession insolvency proceedings under the Bankruptcy and…
DetailsMotherson Sumi Systems said that it is targeting $36 billion in group revenues by FY25E, including 25 per cent contribution from non-automotive space TopicsMotherson Sumi Systems|Buzzing stocks|Markets SI Reporter | Mumbai Last Updated at November 23, 2020 13:39 IST Shares of Motherson Sumi Systems (MSSL) advanced 5 per cent to Rs 146.30 on the BSE…
DetailsIn this round-up, Beijing says it has suspended $2.1bn in debt payments from two dozen nations under the G20 framework, and the top Chinese financial regulators send strong signals to the onshore market in the wake of a string of domestic bond defaults. China has extended $2.1bn of debt relief to developing nations, part of…
DetailsDaniel Ross Patchett (32) received a 10-year ban for managing a company when bankrupt, while his wife, Yasmin Patchett (30) has been disqualified for 6 years. Husband and wife, from Kingthorpe, Lincolnshire, are banned from acting as directors or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or…
DetailsAs it prepares for a spike in demand for restructuring services, Buchler Phillips has appointed Paul Davis as a Partner. Deputy Vice President of the Insolvency Practitioners Association, Davis brings three decades of experience to the firm. With a professional heritage dating back to the 1930s, Buchler Phillips is the UKs oldest independent corporate recovery…
DetailsAmbertech brand Onkyo Corporation is insolvent and desperately looking for a solution to keep the business from bankruptcy. The Tokyo Stock Exchange has given the Japanese Company whose products are sold at Harvey Norman a limited window to get their affairs in order before a forced delisting from the JASDAQ stock exchange is implemented. The…
DetailsBy Wayne Robinson | 20 November 2020 Print giant Ovato has passed the first hurdle in its restructuring plan, gaining court approval to present its plan to take the company forward from its current difficulties to its creditors and members, with a vote in a fortnight’s time. Rescue plan for Ovato: Michael Hannan and Kevin…
Details