Advertisement: Virgin Atlantic has today shared an important update in its billion-dollar restructuring plan. The United Kingdom-based carrier has announced that its creditors have voted in favor of its proposal to get its finances back on track amid the impact of the global health crisis. Virgin Atlantic is positive about the breakthrough regarding its restructuring…
DetailsAdministrators for scandal-hit payments firm Wirecard said on Tuesday that the insolvent company would lay off more than half its remaining German staff. Wirecard’s workforce will be cut by 730 from around 1,300 staff currently, with 570 kept on at the firm’s base near Munich. “The economic situation of Wirecard was and is extremely difficult…
DetailsKUALA LUMUR: The Dewan Rakyat passed amendments to the Insolvency Act to increase the bankruptcy threshold from RM50,000 to RM100,000. The Insolvency (Amendment) Bill 2020 was passed with a simple voice vote in the House. Minister in the Prime Minister’s Department Datuk Takiyuddin Hassan said the bankruptcy threshold was increased as a responsive move by…
DetailsAdministrators for scandal-hit payments firm Wirecard said on Tuesday that the insolvent company would lay off more than half its remaining German staff. Wirecard’s workforce will be cut by 730 from around 1,300 staff currently, with 570 kept on at the firm’s base near Munich. “The economic situation of Wirecard was and is extremely difficult…
DetailsBy LoadstarEditorial 25/08/2020 PRESS RELEASE Swissport has received a binding commitment from an ad hoc group of senior secured creditors (the AHG), subject to final documentation, for the provision of an interim super senior facility of 300 million euros, which delivers immediate liquidity for Swissport to trade through the COVID-19 market crisis and the restructuring…
DetailsUK insolvency and restructuring experts have been bombarded for months, as industries hardest hit in the pandemic have suffered an onslaught of company failures and emergency refinancings. But specialists across accountancy, investment banking and law are now preparing for a fresh wave of corporate distress in the autumn, when government furlough and loan schemes that…
DetailsThousands of travellers who booked trips with STA Travel could find themselves out of pocket, after the company was placed into voluntary administration. Source: istock.com Some people said they were promised refunds or credit notes by STA, but they had battled for weeks to get an answer about what happened to their money. Emily Vale…
DetailsMany businesses already closed in the months following the start of the MCO will not benefit from the Covid-19 bill. KUALA LUMPUR: Opposition MPs say they support the Covid-19 bill to reduce the impact of the Covid-19 crisis but it is too little, too late for retailers and jobless Malaysians who have been evicted from…
DetailsFrom questionable hair choices to finding rotten food in your locker, high school memories stay with us. But what about the bits youve left behind, like economic lessons? According to a Household, Income and Labour Dynamics in Australia (HILDA) survey in 2019, fewer than half of Aussies could correctly answer five basic financial literacy questions.…
DetailsSmall-business owners will need to take stock of deferred rents and bills ahead of the September cliff, warns one financier. With a number of six-month deferrals including rent, bank loans and payroll tax coming to an end in September, accountants have been urged to help their small-business clients understand what expenses will need to be…
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