Almost two-thirds of all businesses could be at risk of insolvency, according to official figures that reveal the UK could suffer a flood of bankruptcies over the coming months. The Office for National Statistics (ONS) said that 64% of businesses across all industries were at risk of insolvency last month, with 43% of companies running…
LONDON: Creditors have approved a proposed individual voluntary arrangement (IVA) by Pramod Mittal, brother of one of the worlds richest men, Lakshmi Mittal, in which he is offering to pay back just 4.4 million (Rs 42 crore), after costs, of the 2.5 billion (Rs 24,000 crore) he owes them.He can now apply to get his…
New Delhi, Oct 28 (PTI) The Supreme Court Wednesday said it would pass orders on a batch of pleas filed by Insolvency and Bankruptcy Board of India (IBBI) seeking transfer of all petitions pending before different high courts challenging the provisions of IBC with regard to personal insolvency. A bench of Justices L N Rao,…
The Ministry of Corporate Affairs has defended the Insolvency and Bankruptcy Code’s provision for invoking personal guarantees of corporate debtors in the matter of Reliance Groups Anil Ambani in the Delhi High Court. A senior MCA official said, A notice was issued, so we have to file a response. The ministry has to defend its…
FROM big homes to the big house, Gold Coast business leaders and entrepreneurs aren’t always the success stories they first appear to be. Here are some of our top millionaires and moguls who have been undone by crime. Michael Issakidis. MICHAEL ISSAKIDIS A Glitter Strip developer and medical tech company who moved to the Coast…
Former Kids Company chief executive Camila Batmanghelidjh is at the start of a nine-week trial in the high court that could see her disqualified as a company director, along with nine former directors from the charity that include BBC veteran Alan Yentob. Batmanghelidjh is threatened with a six-year order, and Yentob with four years. The…
The UK pensions regulator is to warn trustees of thousands of company final salary-style pension plans to be more alert for signs of employer distress as it fears scheme members risk getting a raw deal from any hastily arranged business rescue. The action comes as government and regulatory bodies become increasingly concerned that the winding…
Gore was acquitted on six other counts. The most serious fraud charges with which Gore was convicted under Queenslands Criminal Code carry jail terms of up to 12 years. Sentencing is due next month and Gore’s bail was revoked. The former entrepreneur was lead away to the cells downstairs after a brief chat with his…
Mike Tyson saw his net worth peak at $300 million during his days as boxings most dominant fighter. He had it all. But as quickly as the wealth came, it left. The former heavyweight champion declared bankruptcy in 2003. Tyson, who is ready to step back into the ring at 54 against Roy Jones Jr.,…
The retired tennis star Boris Becker has insisted that he will clear his name over allegations that he concealed his Wimbledon trophies, an Olympic gold medal and more than 1 million in cash during bankruptcy proceedings. Mr Becker, 52, is standing trial at Southwark crown court for allegedly failing to declare more than two dozen…