Temporary insolvency relief measures introduced in March last year as part of the governments COVID response ended last month but there is more change in store for the bankruptcy system. Attorney-General Christian Porter has released a discussion paper, outlining a range of possible permanent changes to the system. Following the end of the temporary measures:…
In the process of recovering the Cachar and Nagaon paper mills, the National Companys Law Tribunal (NCLT) has postponed their hearing 8 times till now. Next hearing is scheduled for Tuesday, but the government is yet to come up with a plan or proposal to recover the two paper mills. On September 10 last year,…
Monday, February 8, 2021 In late June 2020, the UKs Corporate Insolvency and Governance Act (the Act) became law.1 While the Act was passed in response to the Coronavirus Disease 2019 (COVID-19) pandemic and its economic ramifications, it represents a significant legislative step forward in promoting the rescue culture in respect of financially distressed business…
Patrick Olusoji Ekundayo (66), from Edmonton in London, was the sole director of Peaches Limited. The company, incorporated in August 2010, provided catering services and managed social events. At its most successful trading period, Peaches Limited hosted up to 60 functions per year and took an average of 10,000 to 15,000 per event. By March…
LONDON Boohoo has bought the last batch of Arcadias high-street brands Dorothy Perkins, Wallis and Burton in a deal that marks the end of an era for Sir Philip Greens once-mighty, and now bankrupt, British retail group. Boohoo, which had been in exclusive talks to buy the three names from Arcadia, is paying 25.2 million…
The Insolvency and Bankruptcy Code, 2016 was enacted to resolve the stress of companies. Some, however, argue that because the corporate insolvency resolution process (CIRP) rescues only about 25 per cent of companies and leads to liquidation for the rest, the code is not delivering on its mandate. These numbers do tell a story, but…
The Personal Insolvency Act can be used by farmers to restructure debt and retain the family home and land. But many farmers are not aware of these mechanisms available to them, that were established by the Personal Insolvency Act 2012. Its a game-changer, says personal insolvency practitioner (PIP) Gary Digney, who addressed the recent Irish…
In the centre of Florence, near the Uffizi gallery and Cathedral of Santa Maria in Fiore, Pasquale Naccari has serious doubts about whether the seafood and pizza restaurant his family has run for more than 50 years can survive much longer. We are in a desperate situation, said Mr Naccari. My bank account balance is…
SUDBURY Laurentian University filed for creditor protection on February 1, citing years of operational deficits alongside decreasing enrolment and increased expenses due to the pandemic. As a result of recurring operational deficits in the millions of dollars, Laurentians factum says, LU is experiencing a liquidity crisis and is insolvent. Court documents indicate that the university…
2008 and 2020 arent the only times Australias economy has teetered. It was in the drink in the 1930s too. After the Wall Street stock market crash in New York in 1929, the world was plunged into The Great Depression. Black Tuesday hit Australia hard, with the collapse of international commodity prices, including wheat and…