Zonix Homes Inc., Zonix Dudley Inc. and 11 related companies were placed into receivership on October 15, 2026, on application by Cameron Stephens Mortgage Capital Ltd., after repeated efforts to complete a sale of their Markham, Ontario real estate holdings failed to produce an unconditional transaction. Justice Jana Steele of the Ontario Superior Court of…
Mobilicab Inc., a Québec-based distributor of new and used golf carts, was placed into receivership on October 9, 2026, on a joint application by Canadian Imperial Bank of Commerce (CIBC) and Business Development Bank of Canada (BDC), following a sharp deterioration in its financial performance and the cessation of its operations. Mobilicab is a major…
SC upholds insolvency admission of firms owning JW Marriott Bengaluru, Crowne Plaza Pune Prop News Time Read the original article here
Following the rescission of a financial advice agreement due to a provider not holding an Australian Financial Services Licence, one company has won against claimed creditors who sought over $70,000 in allegedly unpaid fees. The Supreme Court of NSW Justice Scott Nixon has halted a company’s pursuit of winding-up proceedings against another company, and a…
Companies in bust companies revived phoenix deals were more likely to fail again when former owners or directors bought back their assets, according to research commissioned by The Guardian. Turnstone Intelligence found that 44% of pre-pack administrations involving a connected buyer had led to another insolvency by July 2026. The figure was 26% when an…
Harry Potter’s Richard Harris declared bankruptcy twice due to reckless spending Irish Star Read the original article here
Sawmills and toolmakers that rely on Vollmer to keep their saw blades sharp can continue to deal with the German company as usual, with its subsidiaries in 16 countries outside the insolvency proceedings. That is according to GÖRG, the law firm advising Vollmer, which said last week that a court in Ravensburg, Baden-Württemberg, had ordered…
Premier Group recruitment business re-emerges after insolvencies and more than £3m creditor claims Traders Union Read the original article here
For three decades, the recruitment industry treated Andrew Woosnam well. Having learned his trade during the 1990s, he graduated to create his own firm at the turn of the millennium – which allowed him to bank millions of pounds in salary, dividends and loans and to buy assets including a grand house in Berkshire once…
Insolvent businesses reacquired by their previous management in “pre-pack” administrations are much more likely to fail again and tend to repay far less to creditors, research for the Guardian suggests. The study is the latest to raise questions about the practice of “phoenixism” – accounting’s controversial art of liquidating companies to allow directors to return…