With the fallout from the novel coronavirus pandemic for many being either job loss or business closures, the possibility of needing to find shelter under the provisions of the Insolvency Act is all too real. What happens, however, to your lease? As the tenant who needs rescue, are you likely to be kicked out of…
The High Court has refused to approve a pensioners Personal Insolvency Arrangement (PIA) involving her making mortgage repayments on her home until she was aged 98. In what is regarded as an important test case, Mr Justice Mark Sanfey said 69-year-old Ann Fennell, who owes Ulster Bank some 72,500, would not be reasonably likely to…
A High Court judge has refused to approve a pensioner’s Personal insolvency Arrangement which would have seen her continue to make mortgage repayments on her home till she was 98 years of age. The ruling was made in a Limerick appeal in what is being regarded as a key test case. Mr Justice Mark Sanfey…
There were 1,675 personal insolvencies recorded in the fourth quarter of last year, less than the previous year, but a figure that is masking a potential steep rise in cases once Covid-19 support stops and courts return to full capacity. Official figures from Accountant in Bankruptcy (AiC) showed that that 67% of insolvencies were from…
Insolvency practitioners have been urged to steer clear of dual appointments, contentious referral relationships and other conflicts of interest as the regulator issues a new report shining a spotlight on independence threats. The Australian Financial Security Authority (AFSA) on Wednesday released a new report, Practitioner independence in the personal insolvency system, to clarify what practitioner…
By Douglas FraserBusiness and economy editor, Scotland image copyrightGetty Imagesimage captionThe number of insolvencies is expected to rise despite coronavirus restrictions easing The number of Scottish companies facing insolvency is expected to rise steeply as government loans have to be paid. It comes despite restrictions on the economy being relaxed. R3, the trade body for…
When restructuring a company in distress, early specialist engagement is vital says Ryan Grant, Partner in BDO and an Insolvency Practitioner. When a business is running out of cash, options are severely limited, says Grant. A complication of the pandemic is that many companies have built up significant legacy creditor positions and these will have…
Greater Sudbury council says it’s renewingits call to the province to intervene in the insolvency proceedings that are currently underway at Laurentian University. This is the second time the citywill officially petition the province on the matter, which began Feb. 1, when the university declared itself financially insolvent and entered restructuring proceedings under theCompanies’ Creditors…
Fenix, the majority shareholder of Maltese Falcon builder Perini Navi, has announced plans to save the iconic Italian shipyard from bankruptcy. The firm has signed an agreement with private equity firm Clessidra and another investor to relaunch the luxury Italian shipyard, Reuters reports. Reports add that Fenix aims to inject a significant capital increase to…
Kerry Katona attends the Paul Strank Charity Gala supporting Shooting Star Children’s Hospices & Rays of Sunshine Charity at the Bank of England Sports Centre in London. (Photo by Keith Mayhew/SOPA Images/LightRocket via Getty Images) Kerry Katona has revealed that she’s bought her own home after “losing everything” 13 years ago. The mother-of-five ran into…