Category Archives: Bankruptcy

Steady business exit rates show post-JobKeeper fallout yet to emerge – UNSW Newsroom

This comes after a year with lower numbersof businesses entering external administrationthan usual.Australian Securities and Investments Commission (ASIC) recently reportedthat 2020-21,4235companies entered external administration. Thiswas after7362 in 2019-20, and8105in 2018-19. Thenew ABS data saw a12 per cent exit rateof businesses2020-21, downslightlyfrom12.5 per cent the year before.Dr Pamela Hanrahan, Professor of Commercial Law and Regulation at…

Laurentian asks to extend creditor protection period – CBC.ca

Laurentian University says it needs more time todevelop a plan toexit restructuring and is asking a judge to approve an extension of its loan agreement, and a stay of proceedings against creditors,until January 31, 2022. Robert Hach says in an affidavit filed with the motion on the court monitor’s websitethat Laurentian has negotiated a fee…

Scaffolder’s bankruptcy restrictions extended – Mirage News

Lee Thomas Hobson (34), from Sunderland, was a scaffolder and traded as LTH Scaffolding. In December 2019, however, he stopped trading as LTH Scaffolding and began employment with a separate company. But this did not stop him from applying for a government-backed Bounce Back Loan of 50,000 in the name of LTH Scaffolding which he…

Spl amnesty to breathe life into shut units – Times of India

Narayan Rane Mumbai: The state industry department has announced a special amnesty scheme for industrial units that have shut down and cannot be revived. The new scheme will be applicable for the period of the new industrial policy 2019.The scheme, which is an attempt to restart the unit, is for industries that have availed of…

38 Studios Devs Get Final Paycheck Nine Years After Studio Bankrupcty – TheGamer

The developers behind Kingdoms of Amalur are only getting a tiny amount of what theyre owed. Rhode Island developers 38 Studios went bankrupt after making just one game: Kingdoms of Amalur: Reckoning. The game was an action RPG set in a high fantasy world from the minds of R. A. Salvatore and Todd McFarlane, and…

Covid effect causes year-on-year rise in South West insolvencies – Business Live

Corporate insolvencies continue to rise year-on-year according to insolvency and restructuring trade body R3 in the South West. Although the figures show a slight fall between June and July 2021, it was the third consecutive month in which year-on-year corporate insolvency levels have risen. R3 said the month-on-month fall in corporate insolvencies was a result…

Brides’ fury as Doncaster wedding venue goes bust – as boss pledges to help refund cash – Doncaster Free Press

Dominic Gibbs has deined being involved with Diamond Live Lounge when it closed and says he has been helping people to get their money back. A number of people say they are still awaiting refunds up to as much as 500 after the venue closed its doors while the former owner of the Wood Street…

Rape drug businessman probed for bankruptcy – English – Agenzia ANSA

(ANSA) – MILAN, AUG 23 – A 50-year-old pharmaceuticals manager accused of drugging and raping a 21-year-old female student in his luxury Milan flat last May has now been placed under investigation for suspected fraudulent bankruptcy, sources said Monday. Antonio Di Fazio has been in prison custody since May Five young women who say they…

Corporate Insolvencies Fell Slightly in July Compared to June – Business News Wales

Corporate insolvencies fell slightly in July compared to June. But July was also the third consecutive month in which year-on-year corporate insolvency levels have risen, according to insolvency and restructuring trade body R3 in Wales. R3 said that the month on-month fall in corporate insolvencies was a result of a drop in Compulsory Liquidations, Creditors’…

Does NCLT hold a magic wand to settle all insolvency-related issues? – BusinessLine

The National Company Law Tribunal (NCLT), was formulated under the Insolvency and Bankruptcy Code, 2016 (IBC) to deal with insolvency and liquidation matters of corporate entities. Experience has shown that litigants tend to approach the NCLT for redressal of all grievances against companies undergoing insolvency resolution or liquidation. However, does the NCLT really have such…