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…
Robert Thomas Cree appeared at Newcastle Crown Court where he was jailed for 4 years and 10 months for two counts of fraudulent trading and one count of perverting the course of justice. The court heard that Robert Cree (41), from Newcastle Upon Tyne, ran a number of debt recovery companies: Monument Management Limited, Falcon…
A hair and beauty salon operator in dispute with her landlord over rent arrears has asked the High Court for orders temporarily allowing her back into her workplace. Sinead Connolly has operated the Sin E Hair and Beauty Salon from Unit 2 at the Charlesland Shopping Centre in Greystones, Co Wicklow, for over a decade.…
The government has filed a bankruptcy notice against Najib as a debtor for failing to pay income tax amounting to RM1.69 billion. KUALA LUMPUR: Former prime minister Najib Razak has yet to be declared bankrupt over his failure to pay RM1.69 billion in additional income tax arrears to the Inland Revenue Board (IRB), according to…
Member Article Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds , responds to the Q1 2021 England & Wales corporate and individual insolvency statistics, which were published this morning by the Insolvency Service. Corporate There were 2,384 seasonally adjusted corporate insolvencies in Q1…
Australian Treasurer Josh Frydenberg arrives to speak to the media during a press conference at Parliament House in Canberra. Source: AAP/Lukas Coch. Insolvency practitioners have welcomed a federal government commitment to consult on further reforms for the industry, but say more piecemeal changes to Australias insolvency regimes could create even more complexity for business owners.…
Business Small businesses that operate through a trust will now be considered for further protection, as the government mulls further insolvency reforms as part of the federal budget. Business Jotham Lian 04 May 2021 1 minute read object(stdClass)#17579 (8) { [“image_intro”]=> string(64) “images/articleimages-391×261/850×492/Josh-Frydenberg-new2-ad.jpg” [“float_intro”]=> string(0) “” [“image_intro_alt”]=> string(43) “Government flags further insolvency reforms” [“image_intro_caption”]=> string(0)…
The reprieve is over. A year-long waiver on insolvency filings has ended in Germany and there are already signs that bankruptcies are starting to pick up in Europe’s largest economy. Germany introduced the waiver last March, when the COVID-19 pandemic hit, part of a package of measures aimed at supporting businesses but which gave rise…
This would protect a company from claims being brought while its pursuing a scheme, Ashurst insolvency partner Alinta Kemeny said. US Chapter 11 Ms Kemeny said the current schemes of arrangement framework already allowed for a debtor-in-possession model, but a costly court-driven process meant it was primarily used only by large corporations. The Ashurst partner,…