Summary There are specific industries which have been significantly hit by the crisis, such as the aviation industry, the travel, tourism and leisure and the hospitality sector British Airways will be undertaking restructuring plans to survive the crisis The company has entered into an agreement with unions which covers engineers and Heathrow staff, but not…
DetailsFrom building credit histories to being a lifesaver in emergencies, a credit card can be used for a number of reasons. And in some circumstances, having more than one can provide spending flexibility and freedom. But is owning multiple credit cards a recipe for financial disaster or a clever way to get more bang for…
DetailsMORE than two-fifths of debt experts questioned by insolvency and restructuring trade body R3 believe that personal insolvency numbers will increase significantly in the next 12 months. Over eight in ten respondents to an R3 survey of its members who work in personal insolvency said they expected the numbers of cases to increase within the…
DetailsA former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million. Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’…
DetailsFinancial crimes arent the only negative effects of problem gambling. It shatters relationships and destroys families. Time and money spent gambling can wreck a marriage or lead to child neglect. The financial pressure of gambling losses can also motivate domestic violence or child abuse. Additionally, the stress of gambling debt may trigger anxiety, depression, and…
DetailsUnder the overhaul, a student who fails half of their first eight subjects in a degree will lose access to a government-subsidised place and HELP loans. However, higher education providers will have discretion to maintain the students’ access to funding if they can demonstrate their performance was affected by exceptional circumstances. The Department of Education,…
DetailsVirgin Atlantics rescue deal is something of a watershed in how companies can escape insolvency. The deal, which will involve Richard Branson and US hedge fund Davidson Kempner Capital Management injecting US$1.6 billion (1.2 billion) into the airline, uses the new restructuring plans made possible by the UK Corporate Insolvency and Governance Act 2020. While…
DetailsA former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million. Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’…
DetailsBELGRADE (Serbia), August 12(SeeNews) – The board of directors of Serbia’sJugoremedija has received three bids for the purchase of the insolvent pharmaceutical company’s assets, local media reported on Wednesday. The bids were placed by Czech Republic-based APS Capital Group’s subsidiary Project One, Turkey’s Birgim, and an unnamed Belgrade-based company,Tanjug news agency quoted the bankruptcy administrator…
DetailsASX-listed 3D metal printing technology player, Aurora Labs, has now confirmed the appointment of Peter Snowsill as the companys new Chief Executive Officer after he served five months as the Acting CEO. Snowsill, who has more than 25 years of tech-based executive, engineering and project management experience, took the reins during a period of restructuring…
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