A multimillionaire Saudi businessman has remained clenched in a lengthy dispute with a Mayfair casino over an alleged gambling debt amounting to 2 million. Sheikh Salah Hamdan Al Balawi, who is known for having assets exceeding 100 million, has been charged with a failure to settle a debt with the Les Ambassadeurs Club. The global…
DetailsTHE impact of COVID-19 on the economy is likely to be long-lasting. The UK economy contracted by 2 per cent in the first quarter of 2020 and analysts expect the figure to be worse for the second quarter as lockdown continues. The Scottish and UK Governments financial support measures have been a massive lifeline to…
DetailsLONDON Private sector creditors on Thursday laid out a toolkit they said would pave the way for poor countries side-swiped by the new coronavirus to get debt relief this year. The group has been working with the Washington-based Institute of International Finance (IIF) after the G20 economies called on the private sector to match their…
DetailsMUMBAI: Bombay high court has declared Ravikiran and Pujit Agrawal, the father-son duo of Orbit builders, insolvent. Justice S C Gupte passed the order on May 26 in an insolvency petition they filed last year, as debtors.Both, father and son, claimed to be indebted under a consent decree of June 2015 for Rs 56 crore…
DetailsThroughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 69 bankruptcies in week 21. This is 4 down on the previous week. In addition, 16 sole proprietorships were declared…
DetailsCOMMENT: Struggling to keep your business afloat? The financial impact of Covid-19 may have struck your business like the iceberg that sank the Titanic, causing you to shut stores and cut jobs. Perhaps you are simply uncertain about the future of the economy. Advertisement Now is a difficult time to be in business, and a…
DetailsExecutive Summary New legislation will introduce permanent and temporary reforms to the UK restructuring and insolvency regime Permanent reforms: company moratoriums; restructuring plans; the prohibition of insolvency termination clauses in supply contracts Temporary reforms: suspension of the director wrongful trading offence; restriction on the service of statutory demands and winding up petitions Overview On 20…
DetailsThe future of Aussie music festival FOMO is in serious doubt, with reports that the event has gone into liquidation and creditors owed millions of dollars. In an insolvency notice filed with the Australian Securities and Investments Commission (ASIC) on Tuesday, May 15, the festivals status was confirmed to be in liquidation. Notice is given…
DetailsA top business restructuring expert, whose firm makes money from insolvency work, has called on Prime Minister Jacinda Ardern to announce a level 1 Covid-19 regime immediately to save “unjustifiable” business failures and job losses. KordaMentha partner and restructuring specialist Grant Graham in a social media post says New Zealand businesses cannot wait further weeks…
DetailsQUEENSLAND’S mining services capital of Mackay and its resources resurgence have taken a hit with a longstanding local company going into voluntary administration. Ricbuilt Heavy Industries, a leading engineering company with a strong reputation in the mining services sector, owes creditors more than $2 million. Administrator Frank O’Neill from insolvency firm SV Partners said Ricbuilt’s…
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