The Insolvency and Bankruptcy Code, 2016 (IBC) is a noble law because it relieves stress, be it of a company, a limited liability partnership, a proprietorship or partnership firm or an individual. However, the discussion here is limited to companies as provisions of the IBC relating to individuals, except in relation to personal guarantors to…
Retail business owners and directors are being urged to seek help immediately if theyre struggling to pay their tax because of pandemic-driven cash flow issues. Speaking up now could ensure retail owners have more options to save their business or restructure, according to national business rescue and insolvency firm, Jirsch Sutherland. Inconsistent cash flow has…
At the end of July, a one-time Indian alcohol tycoon named Vijay Mallya was declared bankrupt by a British court. This ruling will allow a consortium of 17 Indian banks to go after Vijay’s global assets and could potentially mean Vijay will be extradited back to his home country in the very near future. Vijay…
Released 17 August 2021 Next release 17 September 2021 Media enquiries Steven Fifer +44 (0)30 3003 1568 Statistical enquiries Becca Wedge-Roberts (author) [email protected] Kate Palmer (responsible statistician) 1. Main Messages for England and Wales The number of registered company insolvencies in July 2021 was 1,094: 13% higher than the number registered in the same month…
The judge’s tone was brisk and business-like at aZoom courtroom hearing Tuesday to lay out a path for current,former and retired Laurentian employeesclaiming compensation from insolvent Laurentian University. The new policy provides a formula forthe claims process, but doesn’t mandate a payout percentage of the claim. The institution declared itself insolvent Feb. 1, with its…
The corporate bankruptcy & insolvency litigation landscape has experienced a turbulent period over the past year and a half, largely a consequence of the extreme circumstances created by the COVID-19 pandemic. Against this backdrop, many businesses have sought arrangements and restructuring plans in an attempt to avoid corporate bankruptcy. However, as government COVID-19-related stimulus is…
The High Court has wound up seven companies run from an office in Mayfair, London, after an Insolvency Service investigation found that their marketing of high-risk mini-bonds, used to fund property development projects, was misleading and the directors continued to take investors money even after the companies were insolvent. The principal directors of all the…
Small businesses are being encouraged to seek help immediately if they arestruggling to pay their tax because of pandemic-driven cash flow issues. The advice frombusiness rescue and insolvency firm Jirsch Sutherland comes as ATO debt attributed to small to medium enterprises was $21.4 billion at FY20. With lockdowns continuing throughout 2021, Jirsch Sutherland partnerAndrew Spring…
Two years after his Ralan Group collapsed leaving apartment buyers about $230 million out of pocket, founder William O’Dwyer has been declared bankrupt. Mr O’Dwyer, was made bankrupt on July 28 following a debtor’s petition he made, according to the Australian Financial Security Authority’s National Personal Insolvency Index. Loading… Read the original article here
The money was then used to fund losses on other Ralan projects. Problems began to emerge at Ralan in about 2014 when its builder Steve Nolan Constructions went into administration in 2014. Ralan collapsed at the end of July 2019, when Said Jahani, Phil-Campbell Wilson and Graham Killer from Grant Thornton were appointed as administrators…