A High Court judge has refused to approve a personal insolvency arrangement (PIA) for a golf shop director which would have seen a 198,000 debt secured on the shop in Birr, Co Offaly, written down to 80,000. Alan McGee, a personal insolvency practitioner (PIP) acting on behalf of Michael Horan, of Rapemills, Banagher, sought approval…
The court held that restructuring plans, introduced by the 2020 Corporate Insolvency and Governance Act(CIGA), are ‘insolvency proceedings’ for the purposes of the Lugano Convention. As the plan fell within the bankruptcy exception in the Convention, the UK court had jurisdiction despite an exclusive jurisdiction clause in favour of the Swiss courts. Restructuring plans fall…
Download CSVShow datatableNumber of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days Number of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days 2017 March 304 2017 April 263 2017 May 281 2017 June 300 2017 July 266 2017 August 231 2017 September 237 2017 October…
Czech Airlines A319 City of Prague OK-NEP Ivan Conincx The companys debts stand at CZK 1.8 billion (EUR 68 million), and the future will be clearer in June after the creditors meeting. The Prague City Court has declared Czech Airlines bankrupt. The fate of one of the worlds oldest airlines will be decided by a…
The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected consequences have not…
As pandemic restrictions loosen, bankrupt companies get a new lease on life. As the pandemic swept across the globe in 2020, a new sort of crisis began to emerge: bankruptcies. Companies that entered the year in a position of strength faced a new reality that kept consumers stuck at home and closed down stores, sometimes…
Source: AAP/Bremdon Thorne. The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected…
The Australian parent company, which is controlled by Greensill founder and chief executive Lex Greensill, is a creditor in the UK administration process and is understood to be owed hundreds of millions of dollars. Mr Greensill is also a director of Greensill Capital UK. Grant Thornton has told the Australian Securities and Investments Commission (ASIC)…
The government has launched a call for evidence seeking stakeholders views on the Insolvency Rules that set out the detailed requirements for company and individual insolvency procedures in England and Wales. Stakeholders are being asked to share their views on the Insolvency Rules as they currently stand, including whether they provide an appropriate framework for…
Japanese insurer Tokio Marine, which provided $US4.6 billion of coverage to Greensill credit notes, said that it was investigating the validity of those policies which it inherited when it bought Insurance Australia Group in 2019. A source familiar with the situation said the policies were directly linked to the $US10 billion Credit Suisse funds. The…