Company insolvencies decreased in Q4 2018 on the previous quarter but were higher the same quarter in 2017. Overall, all types of company insolvency increased in 2018 compared with 2017 except administrative receivership. Insolvency Service figures show 17,439 companies entered insolvency in 2018, a rise of 0.7% on 2017. Total liquidations fell by 0.5% to…
The number of people going financially insolvent across England and Wales jumped to a seven-year high in 2018, official figures show. Some 115,299 people went insolvent during 2018 marking the third year-on-year increase in a row and the highest annual total since 2011 when 119,943 cases were recorded. The figures, released by the Insolvency Service,…
By Express News Service With corporate insolvency completing two years, experts say its about time to notify personal insolvency law for individuals with business debt and personal guarantors. Renuka Sane, associate professor, NIPFP, in a recent paper on the need and the way forward for a personal insolvency law noted that several facets of the…
The Society of Insolvency Practitioners of India held a round-table last month where they deliberated the shortcomings of the Liquidation Regulations, 2016. Participating members comprised representatives from Insolvency and Bankruptcy Board of India, senior partners from leading law firms, representatives from State Bank of India, insolvency professionals and stakeholders. The key concern, according to a…
The threat of invoking IBC is itself enough to prevent defaults and to reinstate the sanctity of debt contract. ByK Srinivasa Rao The judgment of the Supreme Court upholding the legal sanctity of Insolvency and Bankruptcy Code (IBC) can bring a tectonic shift in the loan repayment culture. It asserts that the defaulters cannot bid…
The number of companies that entered insolvency rose 10 per cent in 2018, the highest level since 2014, according to official insolvency statistics. Data, published by the UK government today (January 29), revealed 16,090 companies entered insolvency in 2018 and 3,949 of those took place in the fourth quarter of 2018. When compared with figures…
// Gerry Weber begins insolvency proceedings after financing talks breaks down // 580 staff at risk // Retailer assures it is safeguarded until at least 2020 Gerry Weber has applied for the court order of preliminary insolvency proceedings under self-administration after talks with its finance partners broke down. The requested preliminary insolvency exclusively applies to…
The National Company Law Tribunal on Tuesday rejected the settlement offer put forth by the promoters of Essar Steel Limited, saying the proposal violated a section of the Insolvency and Bankruptcy Code, Reuters reported. The Ruia family made the offer on the day the Committee of Creditors approved ArcelorMittals resolution plan for the insolvent Essar…
Despite the Australian bankruptcy rate hitting a 23-year low, individuals and businesses must still be thorough and ensure that they know who they are doing business with. The legal technology provider and Australian Financial Security Authority (AFSA) broker was reacting to data released by AFSA, which revealed that bankruptcies declined 6% on the year to…
Abhaile provides vouchers for free financial and legal advice available through the Money Advice and Budgeting Service (MABS). A total of 11,695 individual borrowers, or over 10,000 households, in mortgage arrears have received independent expert Abhaile financial advice and negotiation support. Court mentor And a court mentor has helped 7,100 borrowers facing repossession proceedings, under…