Katie Price has one of her bankruptcies discharged but still faces showdown over unpaid £750k tax bill after being forced to sell her Mucky Mansion amid financial woes

Bankruptcy

Katie Price had one of her two bankruptcies discharged today following a hearing at a specialist court in London. But the 46-year-old ex-glamour model still owes the taxman a staggering £750,000 after plunging into debt.  Price was was twice declared bankrupt – including in 2019 over her unpaid bills. Her financial woes were so dire, the big-busted…

Business Arrangement Involving Joint Profit-Sharing, Exclusive Supply Agreement Does Not Establish Creditor-Debtor Relationship Under IBC: NCLT

Bankruptcy

The National Company Law Tribunal (NCLT), Delhi, has held that a petitioner cannot initiate the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) if the business arrangement between the parties involves joint participation and profit-sharing rather than a straightforward operational debt. The Tribunal ruled that such an…