An Israeli court formally opened insolvency proceedings on Feb. 22 for XTL Biopharmaceuticals’ wholly owned subsidiary The Social Proxy Ltd., concluding that the unit is insolvent and has no reasonable prospect of economic rehabilitation, TipRanks.com reported. The court ordered the liquidation of The Social Proxy and appointed a trustee, marking a decisive step in winding down the web data operation.
Read more
Lebanon’s economic crisis, now in its seventh year, has brought an unusual potential lifeline into the spotlight: the central bank’s enormous gold reserves, i24news.tv reported. Valued at roughly $45 billion, the reserves have tripled in value since the start of the financial meltdown, fueled by a dramatic rise in global gold prices. The Financial Times is reporting that bankers and politicians are exploring ways to sell or lease portions of this gold to shore up the nation’s failing financial system, though the topic remains politically sensitive.
Read more
For the 10th year in a row, an Omani citizen took the initiative to release all 30 insolvent debtors detained by court order in A’Dhahirah Governorate, the Times of Oman reported. His offer applies to those who meet the conditions of the “Fak-Kurba” Initiative (Relief from Distress Initiative). The same citizen vowed to pursue his initiative during the rest of the holy month of Ramadan by securing the release of any new cases of insolvent debtors.
Read more
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.
Already a member? Login here.
Animoca Brands has obtained a Virtual Asset Service Provider (VASP) licence from Dubai's Virtual Assets Regulatory Authority (VARA), clearing the way for the Web3 investment giant to offer broker-dealer and asset management services to institutional and qualified investors in and from the emirate, Decrypt.com reported.
Read more
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.
Already a member? Login here.
The Court of Arbitration of the International Chamber of Commerce (ICC) has ruled in favour of one of the most important creditors in the Signa bankruptcy case, the Luxembourg Times reported. The ICC awarded sovereign wealth fund Mubadala from the United Arab Emirates around €700 million for breach of financing agreements, according to the creditor protection association Creditreform. The arbitration tribunal is a non-governmental body for commercial and investment disputes.
Read more
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.
Already a member? Login here.
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.
Already a member? Login here.
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.
Already a member? Login here.