Gambling ‘whiz kid’ accused of owing investors $126million insists the money is ‘safe as houses’ despite being declared BANKRUPT in court Creditors claim they’re owed $126million by 27-year-old bet hedger Chris Brown He said money is safe despite being declared bankrupt, having his assets frozen Mr Brown’s business activitieswere funded by backers including schoolmates His…
Directors of companies often tender their resignation during the Corporate Insolvency Resolution Process (CIRP). Therefore, a pertinent question arises as to whether such resignation requires acceptance/approval from the Interim Resolution Professional (IRP) or the Resolution Professional (RP) or the Committee of Creditors (CoC) of the corporate debtor Furthermore, it is often contended that directors of…
The young mastermind behind a Perth betting scheme has been declared bankrupt and had his assets frozen as investors try to recoup up to $126 million. 9News found Chris Brown as he admitted he’s been lying low. In an exclusive interview, he claimed the missing money is as safe as houses. The 27-year-old said there’d…
Our memory is short and lessons from the past may not always ward off the doom. This is especially true of the VUCA environment we live in, that is Volatile, Uncertain, Complex and Ambiguous. Repeatedly we witness, overconfident and over enthused entrepreneurs erupting on the business stage with their disruptive but complex business models and…
WILMINGTON, Del. (AP) Pierre S. Pete du Pont IV, a former Delaware governor and congressman who sought the Republican presidential nomination in 1988, has died. He was 86. Du Pont, a scion of the family that established the DuPont Co., died at his home in Wilmington, Delaware, on Saturday after a long illness, his former…
The number of people going financially insolvent after being unable to pay their debts across England and Wales fell by 5% in the first three months of this year. ome 29,140 personal insolvencies were recorded between January and March, the Insolvency Service said. It said the number of insolvencies was 5% lower than in the…
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against construction firm Ahluwalia Contracts India Ltd for defaulting on payments to an operational creditor. The New Delhi-based NCLT bench allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd against Ahluwalia Contracts, claiming default of Rs 14.10 crore, and appointed an interim resolution…
Introduction Filing for insolvency is not optional Debt restructuring followed by liquidation as an alternative Points of attention and key differences between insolvencies and liquidations Comment Introduction On 16 January 2021 the Supreme Court reconfirmed that a liquidated company is deemed to survive passively for five years further to the publication of the closure of…
Introduction Pension plans Financial leases Instalment sales with reservation of title Right to obtain a tax refund Witholdings in guarantee Introduction Article 192 of the Consolidated Text of the Bankruptcy Law (TRLC) introduces the concept of the ‘active mass’ of a bankruptcy, which constitutes all of the assets and rights integrated into the bankrupt’s assets…
Special Report Grant Suneson May 7, 2021 9:00 am Last Updated: May 7, 2021 12:19 pm Numerous American companies struggled to stay afloat throughout the COVID-19 pandemic, which reshaped daily life and rendered some types of businesses unable to function. Economists at the Federal Reserve estimated that 200,000 more businesses closed in 2020 as compared…