The past few weeks have seen debates surrounding the Parliamentary Standing Committees call for an overhaul of the Insolvency and Bankruptcy Code owing to low recovery rates and delays in resolution process. Citing a high rate of pendency and incidences of liquidation, the report laments colossal haircuts taken by creditors. Amongst other things, the report…
With the implementation of the insolvency law, the days of feudalism of corporate debtors where they had considered it their divine right to be in control are gone, Chief Economic Adviser K V Subramanian said on Friday. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for a market-linked and time-bound…
Lee John Palmer (41), a plumber from Knapton, was declared bankrupt on 28 January 2021 before the Official Receiver was appointed as Trustee. While reviewing Lee Palmers assets, the Official Receiver uncovered that Lee Palmer had bought a van on hire purchase but sold the vehicle without the permission of the hire purchase finance company.…
California-based ML data pipeline company Splice Machine has begun insolvency proceedings, according to a statement on its website. The startup which counted bank Wells Fargo, retailer Kroger, and optical networking company Infinera among its customers specialised in building a database for feature engineering which it hoped would ease machine learning data pipelines. Based around Jupyter…
Despite fears the pandemic would lead to mass businessfailures, the number of Australians running businesses has actually shot up. Key points: The Australian Bureau of Statistics reports an increase in the number of registered businesses during the pandemic Julie Kay says starting a business means she can set her own goals The Australian Restructuring, Insolvency…
A company can run usual operations or as a going concern even if it is in the process of being wound up in an administered sale, said a recent order by a bankruptcy appeals court, boosting recovery prospects for lenders that want to maximise value on soured loans. The principal bench in New Delhi comprising…
Wednesday, August 25, 2021 The recent case ofRe A Company [2021] EWHC 2289 (Ch)outlines how the coronavirus test for winding up petitions will be applied by the Courts. Taking a similar approach, to the cases ofNewman v Templar Corp Ltd [2020] EWHC 3740 (Ch) andRe PGH Investments Ltd v Ewing [2021] EWHC 533 (Ch),both as…
LONDON: Fugitive Indian businessman Vijay Mallya has filed papers in the UK high court seeking permission to appeal against his bankruptcy order.Mallya (65) was declared bankrupt by the insolvency and companies court (ICC) of the high court on July 26 this year. His name is now listed in the individual insolvency register.A spokesman for the…
Advertisement A Sunderland scaffolder is in trouble after it was found he applied for a government-backed 50,000 Bounce Back Loan he wasnt entitled to. The 34-year-old scaffolder was trading as LTH Scaffolding until December 2019 he started working with a separate company. But this did not stop him from applying for a government-backed Bounce Back…
This comes after a year with lower numbersof businesses entering external administrationthan usual.Australian Securities and Investments Commission (ASIC) recently reportedthat 2020-21,4235companies entered external administration. Thiswas after7362 in 2019-20, and8105in 2018-19. Thenew ABS data saw a12 per cent exit rateof businesses2020-21, downslightlyfrom12.5 per cent the year before.Dr Pamela Hanrahan, Professor of Commercial Law and Regulation at…