As economic pressures continue to bear down on businesses, liquidations are reaching significant levels. Image: Supplied In a recent interview, PJ Veldhuizen, managing director of specialist commercial law firm Gillan & Veldhuizen Inc, highlighted that liquidations remain prevalent in the post-Covid landscape. “In January 2024 alone, there was a 34.6% increase in business liquidations compared…
Getty Images More than 25,000 company insolvencies were registered in 2023, the highest number since 1993, as firms struggled with rising costs and interest rates. Companies faced higher energy bills, while consumer spending was squeezed by the cost of living crisis. The new figures show one in 186 active firms went bust in 2023. Scotland…
The tribunal held that approval of the resolution plan cannot be subjected to the ongoing arbitral proceedings between the parties The National Company Law Tribunal (NCLT) of Bengaluru bench has held that all claims including subject matter of ongoing arbitration proceedings will stand extinguished after the approval of the Resolution Plan under Insolvency Bankruptcy Code…
After rising from notoriety to public office, a leading voice in the infamous fight against plans for a mosque in country Victoria has been declared bankrupt and has quit her position as a city councillor. Julie Hoskin played a key role in the vocal, but ultimately defeated, campaign to block Bendigo’s first mosque, which drew…
Tesla Inc. TSLA CEO Elon Musk quipped on X that Microsoft Corp. MSFT co-founder Bill Gates could face bankruptcy if Tesla becomes “the world’s most valuable company by far,” escalating their long-running dispute over Gates’ short position in the electric vehicle maker. What Happened: The statement comes as Tesla’s market capitalization stands at $1.251 trillion,…
Bankruptcy is the busiest federal court in the U.S. Last year, more than 200 companies with at least $50 million in liabilities filed for bankruptcy, according to Bloomberg. That’s the second most since just after the Great Recession in 2009. A new book argues that bankruptcy has become a “Swiss Army knife” or “escape hatch”…
Mantri Developers was admitted to the Corporate Insolvency Resolution Process (CIRP) in 2023 on a petition by India Bulls alleging a default of over ₹500 crores. Owing to this, NCLT had earlier disposed of a plea by the bank, by allowing Indian Bank to intervene in the CIRP process initiated by India Bulls. However, Mantri…
The government will submit a two-pronged debt relief plan to the Cabinet for approval on Wednesday (December 11). The proposed measures aim to alleviate the financial burden on millions of individuals and small businesses struggling with debt. Debt Relief Package 1: Interest waiver for struggling borrowers The first package targets borrowers with…
A Rex Saab 340B, VH-SBA. (Image: Rex) The federal government has offered a financial lifeline to Rex as its administrators seek to extend their appointment. $80 million in financing will be provided to keep the business and its regional services afloat as EY Australia continues to search for a buyer, with the administrator applying to…
500 jobs gone as iconic fashion retailer shuts down Toowoomba Chronicle Read the original article here