A local small business owner who put out an emotional video crying out for more help from the government was likely operating a company that was trading while insolvent. On Instagram, Carly Soderstrom posted a video saying small businesses couldn’t afford repeated lockdowns, and put direct blame for her financial woes on the pandemic. But…
Companies on the brink of insolvency are increasingly appointing independent directors to their boards as they prepare for a bankruptcy filing, but their neutrality is disputed by creditors, lawyers and academics. The companies label these directors as disinterested experts who act to maximize value for creditors by investigating the reasons for the bankruptcy, dealings between…
Pramote Polyamate John Bell, director and founder of Clarke Bell, reflects on the impact that reduced government support will have on struggling businesses over the months ahead and shares some advice on how companies can best navigate these financial challenges The next few weeks and months are going to be financially challenging as we tackle…
The city of Huntsville, as well as other north Alabama government entities, have fully recovered incentives used to lure Remington Arms to open a gun manufacturing facility in the Rocket City. Huntsville officials made the announcement Friday in a statement, saying that $12.5 million in incentives to Remington has been regained through the sale of…
Thursday, July 22, 2021 Even prior to the global impact of COVID-19, commercial bankruptcy filings were already on the rise. As stay-at-home orders caused many businesses to close or significantly curtail operations in 2020, financial struggles in the commercial sector mounted. Government assistance through the passage of different stimulus programs such as the Coronavirus Aid,…
Mr Greensill was recruited by a former colleague at Morgan Stanley, Jeremy Heywood, who by 2011 was back in government as cabinet secretary, the governments most senior mandarin. Lord Heywood died of cancer aged 57 in 2018. Mr Boardman said Lord Heywoods initial appointment of Mr Greensill for a three-month stint in early 2012 followed…
A Government-commissioned probe into the Greensill scandal has found that the lobbying system largely worked well, prompting accusations of a whitewash. The long-awaited 141-page report by Nigel Boardman was commissioned by Boris Johnson amid a lobbying controversy which had former prime minister David Cameron at its heart. The inquiry was launched in April after it…
GCUKs administration process is not due to end until at least March 7, 2022, and is likely to be extended. On the basis that the GCUK administrators do not indicate an earlier date of insolvency in relation to GCUK, we consider that the company became insolvent on or around 2 March 2021, which coincided with…
The number of corporate insolvency cases admitted in tribunals stayed low at 164 in the three months ended 30 June despite the governments decision to lift the one-year moratorium on creditor action against defaulters in March. This is expected to offer relief to the government, which decided to lift the suspension on 25 March amid…
Resolution Professionals (RPs) managing the operations of distressed companies undergoing corporate insolvency proceedings will now be required to assess and report whether the company has completed any transactions to siphon off funds prior to insolvency proceedings. Under the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016…