Bankruptcy

Mehajer back in court for bankruptcy case

By Australian Associated Press Published: 19:03 EDT, 20 June 2018 | Updated: 19:03 EDT, 20 June 2018 Controversial Sydney businessman Salim Mehajer will return to court, this time attempting to have his bankruptcy annulled. The 32-year-old has been in and out of custody and courtrooms for various matters over the past eight months, including the alleged staging of a car crash in October 2017. He was charged with perverting the course of justice over the collision in Lidcombe, which happened…

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All-you-can-eat restaurant forced to close after two weeks because customers ate too much

An all-you-can-eat restaurant in China was forced to close after customers’ hefty appetites left them bankrupt – just two weeks after they’d started the new bargain promotion. The Chinese hot pot restaurant Jiamener, located in the city of Chengdu, began the all-you-can-eat promotion on June 1 hoping to lure customers to the restaurant, which had opened in December. Under the promotion conditions, customers could pay just 120 yuan (£14, $19) for a membership card – which would entitle them to unlimited…

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Why Waiting to File Bankruptcy Can Hurt You – Business – LA Junta Tribune – La Junta, CO

Filing for bankruptcy is often seen as an admission of personal and financial failure. Many people try hard to avoid it, but they end up paying the price for waiting. Filing for bankruptcy is often seen as an admission of personal and financial failure. Many people try hard to avoid it, but they end up paying the price for waiting. The longer people wait to file bankruptcy, the more they struggle, according to a 2018 law review study. By the…

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Addressing the Insolvency and Bankruptcy Code’s oversights and flaws

M.S. Sahoo, the chairman of the Insolvency and Bankruptcy Board of India. Knee-jerk changes to the Insolvency and Bankruptcy Code may hamper such an evolution. Photo: Priyanka Parashar/Mint In recent times, advocates of the Insolvency and Bankruptcy Code (IBC) have relied on its intentions to steer the discussions about it. They have asserted that the IBC intends to effectively resolve distressed companies and safeguard the interest of all stakeholders. If it fails, then the company goes to liquidation. The bankruptcy…

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Tecnotree says Viking Acquisitions withdraws application for Tecnotree bankruptcy

Finnish communications software provider Tecnotree said in a very brief statement that it has been informed that Viking Acquisitions has cancelled its filing for Tecnotree’s bankruptcy at Espoo District Court. The previous day, Tecnotree had called the filing unfounded, as it had by then paid the debt that formed the basis of Viking’s application. In March, Viking announced a voluntary EUR 0.10 per share public cash tender offer for the outstanding shares in Tecnotree, but the bid missed its 90 percent…

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City Council tries to find a solution to bankruptcy issue – News – Bastrop Daily Enterprise – Bastrop, LA

The Bastrop City Council approved a resolution authorizing Mayor Henry Cotton to employ the legal services of Murray & Murray, LLC, relating to bankruptcy litigation at their monthly meeting Thursday. Bastrop City Attorney J. Rodney Pierre explained that Flying Tigers Aviation, a flight training school previously located in Bastrop until July 2017, had indebted the city. “Flying Tigers indebted to us $200,000,” Pierre said. “Our interest is not being protected.” Cotton said the bankruptcy had been filed in the state…

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Bankruptcy case dismissed for Wyndham Garden Hotel in Amarillo – KFDA

AMARILLO, TX (KFDA) - A shuttered Amarillo hotel may soon see changes after a court dismissed its bankruptcy case. When the Wyndham Garden Hotel in Amarillo suddenly closed in September of last year, employees were left with many questions, and according to one former employee, hardship, when paychecks didn’t immediately come. “Our last paycheck was distributed Sept. 8 and then we did not get paid until Dec. 26,” said Tisha Bayless, the former general manager of the Wyndham Garden Hotel.…

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Good garden needn’t bankrupt you

Raised beds and vertical gardens, especially on rooftops, can dry out quickly and may need daily watering. (Monkey Business Images/Dreamstime/TNS) By Debbie CarlsonChicago Tribune (TNS)It’s easy to drop serious cash in a garden supply shop, falling in love with a gorgeous yucca plant or picking up a bunch of bargain tools.But when the that sun-loving yucca dies in your shady, wet-soil backyard, or that plastic-handled spade breaks the first time you use it, you’ve wasted money and you’re frustrated. To…

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All-you-can-eat deal bankrupts restaurant in China in 11 days

Owners of a Chinese restaurant which offered a generous all-you-can-eat deal have been bankrupt by their customers in less than two weeks. The restaurant reportedly ran heavy debts and had to close down after some thrifty customers stayed in the store for an entire day to eat ‘several meals’. Moreover, it’s said promotion-loving pensioners started queuing outside the restaurant as early as 8am in order to take full advantage of the offer. Owners of Jiamen’er restaurant (pictured) in China have…

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McKinsey Investments Weren’t Disclosed in Bankruptcy Cases

June 19, 2018 11:45 a.m. ET A McKinsey & Co. retirement fund held investments that gave it a financial interest in the outcome of six bankruptcy cases in which the company also was serving as an adviser, court and regulatory filings show. McKinsey’s restructuring unit didn’t disclose those investments publicly. Rules governing the chapter 11 bankruptcy process require advisers to disclose all relationships that might give rise to a conflict of interest, to ensure that advisers will be disinterested advocates…

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Viking files for Tecnotree bankruptcy despite debt payment

Finnish communications software provider Tecnotree said that Viking Acquisition’s application to Espoo District Court, seeking Tecnotree’s bankruptcy is unfounded. In a brief statement, Tecnotree said it had paid the debt on 19 June that formed the basis for the application. In March, Viking announced a voluntary EUR 0.10 per share public cash tender offer for the outstanding shares in Tecnotree, but the bid missed its 90 percent take-up target, reaching only approximately 88 percent. Subsequently, shareholders at Tecnotree’s AGM voted against…

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Insolvency claim filed against Skonto Buve builder :: The Baltic Course

The Zemgale District Court plans to hear the insolvency claim on July 2. Skonto Buve was registered in 1995, and has a share capital of EUR 4,279,393. The company belongs to Skonto Construction (95 percent) that indirectly belongs to Guntis Ravis and M Investiciju Fonds (5 percent), according to Firmas.lv. Skonto Buve posted EUR 31.149 million in turnover in the financial year that lasted from November 1, 2015, until October 31, 2016, down 3.9 times year-on-yer, while…

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State law complicates bankruptcy lawsuit | Opinion

When Carmel-based ITT Educational Services Inc. shut its doors and declared bankruptcy in 2016, its investors and 8,000 employees and 40,000 students on 130 campuses across the country – including one in Fort Wayne – were left hanging. But efforts of the bankruptcy trustee to seek a settlement or judgment in a $250 million lawsuit are hampered by Indiana law. Indianapolis Business Journal reports a lawsuit filed by Trustee Deborah Caruso accuses former ITT CEO Kevin Modany of acting in his own interests…

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