Insolvency and debt overhang following the COVID-19 outbreak: Assessment of risks and policy responses Lilas Demmou, Sara Calligaris, Guido Franco, Dennis Dlugosch, Mge Adalet McGowan, Sahra Sakha 22 January 2021 A swift response by policymakers across OECD countries has helped businesses to bridge the short-term liquidity shortfalls due to the economic shock following the COVID-19…
MILLIONS of families that are dealing with stretched household budgets face a debt time-bomb when the coronavirus crisis subsides, the anti-poverty charity the St Vincent de Paul Society suggests. Fewer people than usual are asking the Roman Catholic charity for help because most enforcement and eviction action has been temporarily suspended during the pandemic, and…
A NEWCASTLE builder accused of leaving five Hunter families out of pocket and with unfinished or ‘defect-riddled’ homes has been declared bankrupt. Ben Geary, of BJG Builders, filed for bankruptcy just days after Charlestown MP Jodie Harrison launched a scathing attack on him using parliamentary privilege in November. Ms Harrison said Mr Geary, of Lake…
The Aryza Group has today announced the acquisition of HubSolv, a move that will significantly strengthen Aryzas already dominant position within the financial services and insolvency market. Aryza incorporates technology such as Open Banking and AI-informed decision making to seamlessly automate the financial restructuring and recovery journey. HubSolv has developed a suite of fully automated…
Rationale Asset Management PLC, Value Asset Management PLC and Merydion Corporation Limited were wound up in the public interest on 12 January before ICC Judge Prentis. The Official Receiver has been appointed liquidator of the companies. During the proceedings, the court heard that Rationale Asset Management and Value Asset Management acted as property investment companies…
Timothy Dunn Stephen Skorbinski As we promised in our first article in this series, we will now discuss the advantages available to municipalities if it is determined that they can rely upon Canadas insolvency legislation to restructure their affairs. If applicable, the Bankruptcy and Insolvency Act (BIA) or the Companies’ Creditors Arrangement Act (CCAA) federal…
Thecompanybehind a32m development, intended to help regenerate Kilburn High Street,has gone into administration afteryears ofdelays. It has left buyers,who put hefty deposits intoapartments,in limbo aftertheir move-in dates were repeatedly delayed. Others, who have moved in,sayhave spentmonthsliving on aconstruction site. The Park Placeproject a ten-minute walk from West Hampstead train station wasmeant to house 60 luxury…
For the first time since lockdown measures were introduced, monthly insolvency filings were higher in 2020 than the same month a year before. The Insolvency Service reported 1,228 registered company insolvencies in December 2020 with the bulk of those being creditors voluntary liquidations (CVL). Duncan Swift, past president at R3 says given the general mood…
Hyderabad: The VBC Industries which was declared insolvent earlier will now be taken over by Kamini Metalliks company for a price of Rs 98 crore.A bench of national company law tribunal (NCLT) comprising K Anantha Padmanabha Swamy, member (judicial), and Dr Binod Kumar Sinha, member (technical) approved the resolution plan filed by Kamini Metalliks through…
The Personal Insolvency Act 2012 has been a game-changer for restructuring personal insolvency for farm families, said Gary Digney, accountant and personal insolvency practitioner, during last Thursdays ICMSA webinar on unmanageable debt. The personal insolvency arrangement [PIA] can help farmers to restructure debt and retain the land, said Mr Digney. Three new debt resolution mechanisms…