The Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing. The case reiterates how…
Model and TV presenter Katie Price has been declared bankrupt for the second time, a court heard today. Price was married to Australian singer Peter Andre between 2005 and 2009 and they have two children together. The UK glamour model, 45, who was not in court to hear her fate, has an unpaid tax bill…
The New Zealand High Court has declared Richard Yan bankrupt after the Shanghai businessman failed to come to the negotiating table in connection with more than NZ$60.9 million (US$36.6 million) he owes creditors of failed construction company Mainzeal. Associate judge Grant Brittain adjudicated Yan bankrupt on Thursday, following months of failed efforts to chase down…
Katie Price has been declared bankrupt for a second time. The former glamour model – who was previously declared bankrupt in 2019 – owes more than 750,000 to HM Revenue and Customs (HMRC) and failed to respond to the organisation over the debt, a court was told on Monday (19.03.24). Insolvency and Companies Court Judge…
BERLIN, June 3 (Reuters) – Europe’s third-largest tour operator FTI Group filed for insolvency in the Munich regional court on Monday, the German company said in a statement, as bookings continued to fall even after a recent one-euro buyout proposal. In addition to sinking orders, multiple suppliers insisted on advance payments, which FTI is no…
Personal insolvencies are spiking as the cost-of-living crisis continues to bite and business failures trigger a ripple effect and theres more to come, says insolvency and business turnaround specialist Jirsch Sutherland. The comments come off the back of the March quarter 2024 new personal insolvencies statistics from AFSA, which reveals an increase of almost 20%…
The National Company Law Tribunal (NCLT) in Mumbai has admitted the State Bank of Indias application to initiate personal insolvency resolution proceedings against Rajkumar Nandlal Dhoot, promoter & co-owner of the diversified Videocon Group, for a Rs 5,353-crore default by the groups flagship company Videocon Industries Ltd. Dhoot was a personal guarantor against these loans.The…
BERLIN — German tour operator FTI said Monday that it is filing for insolvency protection from creditors, and trips that haven’t yet started will be canceled or scaled back. FTI Group, which describes itself as Europe’s third-biggest tour operator, said parent company FTI Touristik GmbH, was filing an application for the opening of insolvency proceedings…
Alterna Capital Partners has joined the queue of lessors at India’s National Company Law Tribunal (NCLT) seeking to have SpiceJet (SG, Delhi International) declared insolvent. An Alterna special purpose vehicle (SPV) is attempting to enforce a March 2023 UK High Court judgement awarding it more than USD11 million. The matter of Alterna Aircraft V B…
The National Company Law Tribunal has ordered the start of insolvency proceedings against Jaiprakash Associates Ltd (JAL). This comes six years after lenders, led by ICICI Bank, first requested action. This information comes from a report in the Times of India.The decision will significantly affect the company’s real estate operations in Noida and Greater Noida,…