SINGAPORE – Embattled ZenRock Commodities Trading was granted judicial management on Monday (July 13) but the judicial managers have noted that any restructuring of the firm now under Commercial Affairs Department (CAD) investigation would “at best preserve only a fraction of its business”. KPMG staff members Martin Wong, Bob Yap and Toh Ai Ling, who…
Details(Bloomberg) — Businesses and unions are pushing the worlds richest countries to do more to help poorer nations get through the coronavirus pandemic. In a letter to finance ministers from the Group of 20, the International Chamber of Commerce and the International Trade Union Confederation call for a suspension of debt payments to be extended…
DetailsThe Supervisory Board of Casinos Austria has unanimously agreed to a difficult restructuring plan which it claims would be the largest reorganisation in the companys history. According to news in the Austrian media, it plans to make 500 workers redundant as it claims that this would save 1,200 jobs. Company pensions will be reduced and…
DetailsCladding manufacturer Fairview Architectural has filed for voluntary administration, citing challenges posed by COVID-19 and $1.5 million spent so far defending a class action alleging [] Subscribe for instant access to all Lawyerly content. Already a subscriber? Lost your password? Want to test drive Lawyerly? Contact us to take a free trial. Read the full…
DetailsThe International Chamber of Commerce (ICC), a global trade union and civil society groups urged the Group of 20 major economies to extend and expand a freeze in debt service payments to help not just the poorest, but also middle-income countries, weather the coronavirus pandemic and its economic fallout. The ICC, International Trade Union Confederation,…
DetailsLiquidators say it is not yet clear whether there will be a return to unsecured creditors following the collapse of construction-focusedinsurance group Qamvis. As insuranceNEWS.com.au has reported, Qamvis operated agency Qiducia Underwriting Australia and brokerage Qtrust Insurance & Advisory, both of which sourced capacity from Guild Insurance. On June 18 Melbourne-based Qamvis was placed into…
DetailsKUWAIT (Reuters) – Kuwaits government formally submitted a public debt law to parliament on Sunday which would allow it to borrow 20 billion dinars ($65 billion) over 30 years, including 8 billion dinars to help finance the current budget deficit, a legislator said. The government and parliament have long been at odds over the law…
DetailsIn response to the COVID-19 pandemic, the government significantly amended Indias Insolvency and Bankruptcy Code, 2016, with the objective of protecting businesses during these volatile times. In brief, the amendments to the bankruptcy code include an increase in the threshold for initiation of corporate insolvency resolution process to Rs 1 crore and what seems to…
DetailsSommaire OnApril15,theGroupofTwenty(G20 G20 The Group of Twenty (G20 or G-20) is a group made up of nineteen countries and the European Union whose ministers, central-bank directors and heads of state meet regularly. It was created in 1999 after the series of financial crises in the 1990s. Its aim is to encourage international consultation on the…
DetailsSingapores International Commercial Court has revealed that its 2019 ruling against Australias Star Entertainment Group in its quest to recoup AU$43.2 million (US$30 million) from a Singaporean businessman who refused to repay his gambling debts was due to public policy aimed at protecting Singapores interests. The case, described as the largest casino debt case ever…
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