Company directors are being urged to avoid engaging rogue unlicensed insolvency advisors or risk severe financial penalties, being struck off as a director or at worst, a prison sentence, an accountancy firm has warned. “It is very concerning that some directors are engaging the services of unlicensed advisors, often in the belief that they can…
A total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up more than 80% on the previous year The average length of director disqualification for Covid misconduct in 2023-24 was almost 10 years More than 800 company directors have been disqualified for abusing Covid support schemes following investigations by the…
Canada Jetlines (AU, Toronto Pearson) has appointed BDO Canada as its trustee and filed a Notice of Intention to Make a Proposal, the first step of a restructuring process under the county’s Bankruptcy and Insolvency Act. On August 15, Canada Jetlines announced it would suspend all flights and file for creditor protection after it ran…
Gautam Adani, Executive Chairman and founder, Adani Group; Imafe credit: Bloomberg Synopsis Adani has done acquisitions of a dozen insolvent companies so far and managed to successfully rehabilitate them. In turn, these companies are helping the group consolidate its position across sectors such as power, ports, and real estate, etc. 2018. As Ruchi Soya, an…
EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process. Loan requests Initially, the EY-Parthenon teams…
Aug 27, 2024 11:08:00 By Harald Groven In 2022, a Russian court ordered Google to pay compensation to state-run broadcasters and seized more than $100 million from the bank accounts of Google Russia. As a result of the seizure of compensation, Google’s Russian subsidiary has declared bankruptcy. Putin seizes $100m from Google to fund Russia’s…
Synopsis In 2018, Adani Group faced a setback when it lost the bid for Ruchi Soya to Patanjali amid allegations of conflict of interest. Cut to 2024, Adani Group has made over a dozen acquisitions under the Insolvency and Bankruptcy Code (IBC), strengthening its leadership across various sectors. By strategically acquiring distressed assets such as…
PA Media Nottingham City Council made the announcement on Wednesday Nottingham City Council has declared itself effectively bankrupt, meaning it will stop all spending other than services it must provide by law. A recent report said the Labour-run council was set for a £23m overspend in the 2023-24 financial year. The council’s chief finance officer…
Why are local authorities going ‘bankrupt’? Commons Library Read the original article here
Nicole Tyson, counsel for Kingston’s trustee in bankruptcy, told the Federal Court last week that Kingston had further bank accounts and, potentially, assets in Hong Kong that required investigations to learn more about his financial position. The court heard the $151 million provided to the Sargon-associated company by the Chinese financier appeared to have been…