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Malta
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Private jets were a rare pandemic winner in the otherwise decimated travel business. Now that they are coming back down to earth, one heavily indebted operator could give the industry a hard landing, the Wall Street Journal reported. Based in Malta, privately owned VistaJet grew at breakneck speed after 2019 to become the world’s second-largest flier of private jets.
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Genesis Global, a gaming operator that has had difficulty in several jurisdictions, has filed for bankruptcy and is shutting down its headquarters in Malta, casino.org reported. Genesis had to battle a $4-million fine in the U.K., a $5-million fine in Belgium, and a $418K fine in Sweden. All were due to the operator’s inability to properly comply with anti-money laundering (AML) rules and other violations. The company shut off 14 sites from the U.K. market, the largest gaming market in Europe, and parted ways with CEO Ariel Reem earlier this month.
Malta's Pre-Insolvency Bill (‘the Bill’) is at its second reading in Parliament, Lexology reported. The Bill is being proposed as an Act to partially transpose EU Directive 2019/1023 (‘the Directive’) on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt. In short, new legal tools are being provided in a bid to rescue viable businesses in distress from entering into a state of insolvency.
Food delivery and ride-hailing service Bolt's local operators have hit back at a media report that suggested the operation is insolvent, the Times of Malta reported. In a judicial letter filed in court on Monday, BLT Food Malta Ltd, BLT Operations Ltd and BLT Malta Ltd took umbrage with a media report which included claims that the company is legally insolvent. On Sunday, MaltaToday reported how Debono Group, one of the principal investors in the local operations of Bolt, had gone to court to try and recover money it had lent to get the operation started in Malta.
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