Insolvency regulator IBBI has taken another significant step to enhance transparency and accountability in corporate insolvency proceedings, making it mandatory for the resolution professional (RP) to submit the details of his opinion and determination of avoidance transactions undertaken by a company facing insolvency process. A separate form has now been prescribed by the Insolvency and…
Now youve got your head around winding-up petitions and their impact on contractors, lets look at another area that limited company contractors might not exactly rush to explore, partly because for some it may have a stigma, and partly because its a bit mysterious, especially to those others whove never entered it before — bankruptcy,…
South West businesses are being urged to take early action if their finances are under strain after new Government figures showed corporate insolvencies have hit their third highest monthly total since the start of the pandemic. Statistics reveal 1,207 companies registered as insolvent in June 2021 across England and Wales – a 63% rise in…
A landmark personal bankruptcy ruling by a court in southern Chinese city of Shenzhen could pave the way for the nationwide rollout of a legal system that would allow individuals and private businesspeople who cant repay their loans to undergo debt workouts or be declared bankrupt. The Shenzhen Intermediate Peoples Court approved a bankruptcy restructuring…
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds Corporate insolvencies increased by 19% to 1,207 in June 2021 compared to Mays figure of 1,014, and rose 62.9% compared to June 2020s Personal insolvencies rose by 15.8% to 9,836 in June 2021 compared to…
Renewed calls for the continuation of widespread supports for SMEs have been made amid fears of an escalation in company failure rates. While the Government has moved to push into law new rescue legislation aimed at making it cheaper, easier, and faster for small companies to restructure if in trouble, there is rising concern that…
WOULD you rather lose your only home that provides shelter to you and your loved ones or find ways to safeguard it. The ongoing Covid-19 pandemic is certainly not helping as it has led many to lose jobs and take pay cuts, leading to financial instability. With that, repaying loans and mortgages may not be…
Released 16 July 2021 Next release 17 August 2021 Media enquiries Steven Fifer +44 (0)30 3003 1568 Statistical enquiries Becca Wedge-Roberts (author) Stacey Witchell (author) [email protected] Kate Palmer (responsible statistician) 1. Main Messages for England and Wales The number of registered company insolvencies in June 2021 was 1,207: 63% higher than the number registered in…
1. Data Sources 1.1 Data sources for insolvencies Company Insolvency data for England & Wales, Scotland and Northern Ireland are sourced from Companies House, except for compulsory liquidation data for England & Wales and Northern Ireland. Compulsory liquidation data for England & Wales are sourced from the Insolvency Service case information system (ISCIS). Compulsory liquidation…
The change seeks to eliminate a potential conflict of interest that insolvency professionals in charge of steering a company through the bankruptcy process could have if any of their colleagues advise others involved in the case. By Gireesh Chandra Prasad, Livemint, New Delhi PUBLISHED ON JUL 17, 2021 12:10 AM IST Insolvency resolution professionals hired…