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A Luxembourg court declared construction company Maçonlux bankrupt on Friday, making it the latest victim of the country’s construction downturn, despite a recent job cull in an attempt by the firm to avoid collapse, the Luxembourg Times reported. At the end of February, construction company Carvalho had warned it will seek bankruptcy, leaving 103 staff unemployed. This was preceded in December by renovation specialist Batipol, which employed 35 people.
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Australia and Luxembourg-registered Kleos Space, which uses small satellites to detect and locate radio frequency signals to uncover illegal activity on land and sea, has filed for bankruptcy in Luxembourg, Advanced-Television.com reported. Trading in its shares in Australia had already been suspended on May 3. It already has 16 satellites in orbit (although there are problems with two) and numerous contracts in place. The business was formed in 2017 but suffered launch delays and problems with satellites. Kleos made a statement on July 26th that it had been unable to source fresh financing.
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Luxembourg’s investment fund industry is a financial “black box” that helps people launder illicit money and avoid tax, according to an investigation published on Monday whose findings were rejected by the EU nation, Reuters reported. The OpenLux investigation by journalists from a group of media organisations, including Le Monde, Le Soir, the Miami Herald and Sueddeutsche Zeitung, sifted through four million documents and records on 260,000 companies linked to Luxembourg’s 4.5 trillion euro ($5.4 trillion) investment funds sector between 1955 and 2020.
IWG is preparing to set Regus into insolvency if landlords do not lower their rents. Like many other shared office operators, IWG takes out long-term leases then sublets them to companies on short-term leases, Allwork.Space reported. The company also operates through several smaller subsidiaries that are responsible for their leases, which gives IWG the ability to place them into administration to walk away from their lease commitments.
Offshore oil servicers are going bust at the fastest pace in three years as explorers spurn high-cost drilling to deal with a worldwide slump in commodity prices, Bloomberg News reported. The debacle, triggered by the pandemic-driven drop in oil prices, has already claimed some of the biggest companies that supply rigs, transportation and other support services to deep-water drillers. Noble Corp. and Diamond Offshore Drilling Inc. have filed for Chapter 11 since the start of the pandemic-driven oil downturn, while Valaris Plc filed for bankruptcy Wednesday. Firms including Transocean Ltd.