Insolvency resolutions of companies and individuals will be completed within 180 days, as per a new law which has got the nod from President Pranab Mukherjee. Insolvency is a situation where an individual or a company is unable to repay outstanding debt. The legislation has a provision for imposition by appropriate authority a minimum penalty…
As a small business, its vital you set your payment terms and improve your cash flow to make sure you stay solvent. You need to ensure your interests are protected when you deal with other businesses and new customers, particularly if the order is large and requires a lot of investment. Are you supplying to…
Russell Howarth when he was an anti-Uber campaigner Who exactly is Russell Howarth? He’s best known as the man who made citizens arrests while campaigning against the UberX ride sharing service when it was setting up in 2014. But he’s also a bankrupt thanks to a seemingly innocuous traffic accident outside Sydney’s exclusive Ivy nightclub and a court…
Clock’s ticking: Laura Ashley is among retail businesses to have died recently. In good news for insolvency firms but not much else, insolvencies are rising and the number of retailers appointing external administrators is also up. Electronics chain Dick Smith, home furnishings company Laura Ashley Australia and clothing retailer Man To Man are among retailers to have gone under recently. John…
Fianna Fáil is calling for amendments to the personal insolvency legislation. The party has said the law is not fit for purpose and must be changed to put home owners first. The call comes as new figures show just 4 review applications were approved by Insolvency Service of Ireland – since it was granted limited…
May 26 Volgaburmash : * Says that Arbitration Court of Samara region has declared company insolvent and launched receivership for a six-month period Source text – bit.ly/1sABCYa Further company coverage: (Gdynia Newsroom) Read the full article at: http://www.reuters.com/article/idUSFWN18N08Z
BIS has launched a consultation on whether the UKs insolvency regime needs updating following a flurry of recent corporate failures and an increasing European focus on providing businesses with the tools to facilitate company rescue. The consultation explores four broad areas for reform. Core to this is introducing a moratorium for distressed businesses to benefit…
BIS says the move is in response to recent large corporate failures and developments in Europe to provide businesses with the tools to facilitate company rescue. Business secretary Sajid Javid said: An increasing international focus on company rescue has helped to shift the perceptions of what constitutes best practice; the UK needs to reflect this…
TK | 26 May 2016 Prague, May 25 (CTK) – Up to 150 billion crowns were siphoned off from the New World Resources (NWR) company, whose subsidiary is the Czech coal mining firm OKD that has been declared insolvent, during the time when it was owned by Czech billionaire Zdenek Bakala,…
THE IPA has issued its first personal insolvency licence following changes to the Deregulation Act 2015 and Insolvency (Amendment) Act Northern Ireland 2016. The Act opened up the insolvency licensing regime to greater competition and flexibility by catering for practitioners who choose to specialise in either personal or corporate insolvency work. Embracing the changes the…