The day debt-ridden Texas oil producer MDC Energy filed for bankruptcy eight months ago, a tank at one of its wells was furiously leaking methane, a potent greenhouse gas, into the atmosphere. As of last week, dangerous, invisible gases were still spewing into the air. By one estimate, the company would need more than $40…
DetailsLaboratory technician Irene Ooko attends to a patient seeking a test for the new coronavirus that causes COVID-19, at the Pathologists Lancet Kenya laboratory in Nairobi, Kenya on April 5, 2020.Brian Inganga/AP Why Global Citizens Should Care The COVID-19 pandemic has sparked significant economic downturns globally. As countries struggle to cope with the pandemic, many…
DetailsChancellor Rishi Sunak on Wednesday poured cold water on the idea that the government should provide bailouts to companies that risk bankruptcy because of mounting debts accumulated during the coronavirus crisis. Giving evidence to the House of Commons Treasury select committee, Mr Sunak said he was not comfortable with the prospect of helping companies with…
Details“The resurgence of cases in Victoria and warnings in NSW highlight the day-to-day uncertainty of this health crisis and the damage that uncertainty does to the economy, he said. The federal government was quick to take critical steps to provide relief but the impacts from this pandemic will continue beyond the original six-month reprieve. Mr…
DetailsElizabeth Vulaj, licensed Attorney in New York and New Jersey discusses the many recent Chapter 11 bankruptcy filings of large retail clothing stores and the recently updated Chapter 11 process for small businesses that is playing out amid the COVID-19 pandemic With each passing day that the coronavirus pandemic wears on, there are new statistics…
DetailsGetty Images Despite the economic turmoil and mass unemployment resulting from the coronavirus pandemic, consumer revolving debt decreased by $24 billion in May, according to recent data from the Fed. It is the third straight month of decline in consumer debt. Covid-19 has devastated many Americans’ finances, with lost jobs and wages, but there has…
DetailsMember Article Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of the corporate and personal insolvency statistics for June: The June statistics show both corporate and personal insolvencies fell compared to Mays figures. The decrease in the number of…
DetailsDoosan Infracore Co. Ltd., a Korean machinery manufacturer, has successfully issueddollar-denominatedbonds worth $300 million despite concerns that the company may be sold off as part of the corporate restructuring ledby parent company Doosan Group. The company was able to secure enough demand for the three-year maturity bonds backed by state-run Korea Development Bank (KDB). Doosan…
DetailsEleanor Temple, chair of R3 in Yorkshire and barrister at Kings Chambers in Leeds Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of the corporate and personal insolvency statistics for June: The June statistics show both corporate and personal…
DetailsAmanda Young, of Lewisham, NSW, a former registered liquidator, has been charged with three counts of using her position dishonestly to gain an advantage under section 184(2) of the Corporations Act 2001 and one count of dishonestly obtaining a financial advantage by deception under section 192E(1)(b) of the Crimes Act 1900 (NSW) following an ASIC…
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