Seattle The former President & CEO of Northwest Territorial Mint, a now-bankrupt company dealing in precious metals, was convicted today in U.S. District Court in Seattle of 14 federal felonies resulting from a Ponzi-like scheme that defrauded customers of millions of dollars, announced Acting U.S. Attorney Tessa M. Gorman. After more than three weeks of…
The Insolvency and Bankruptcy Code, 2016, is an epochal legislation to bring a paradigm shift in the manner of resolution of stressed companies that were unable to pay off their debts. However, of late, numerous criticisms have surfaced that the IBC is facilitating high haircuts (lesser recovery than admitted claims) to the lenders, which is…
Eleanor Temple, Chair of insolvency and restructuring trade body R3 Q2 2021 England and Wales insolvency statistics, R3 response There were 3,116 seasonally adjusted corporate insolvencies in Q2 2021, an increase of 31.4% compared to Q1 2021s figures of 2,371 and a rise of 4% compared to Q2 2021 (2,997). There were 27,622 seasonally adjusted…
The Insolvency Service has revealed that company insolvencies across England and Wales climbed 31% quarter-by-quarter to 3,116 in Q2 FY21. The cases, which represented a 4% year-on-year climb, were made 90% of CVLs, 5% of administrations, 3% of liquidations, and 1% of CVAs. Related Articles England and Wales company liquidation rate for the year ended…
Clontarf is one of the most salubrious suburbs on the northern beaches but in the 1950s it was home to a shyster whose photograph was plastered across the front page of every major Sydney newspaper. Clontarf is one of the most salubrious suburbs on the northern beaches but in the 1950s it was home to…
Insolvency numbers are on the rise in Sydney and Melbourne, and one expert has pointed to the potential ‘tsunami’ in the next six months. The Australian Financial Security Authority (AFSA) has released its regional insolvency statistics for the June quarter, which revealed slight increases in insolvency numbers across Sydney and Melbourne. Personal insolvencies increased by…
Vijay Mallya declared bankrupt by London court The week brought bad news for the King of Good Times, Vijay Mallya, as the Insolvency and Companies Court of the London High Court declared the former liquor baron of India, fugitive from Indian law, bankrupt. The verdict delivered by Chief Insolvency and Companies Court (ICC) judge Briggs…
WASHINGTON, July 29, 2021 /PRNewswire/ — More than 30,000 women cancer victims would retain their constitutional right to have juries decide if talc in Johnson & Johnson’s (NYSE:JNJ) baby products caused their ovarian cancer under bankruptcy reforms proposed Wednesday by key lawmakers in the U.S. Senate and House of Representatives. The Nondebtor Release Prohibition Act…
Australias Small Business and Family Enterprise Ombud is calling on the federal government to reactivate temporary insolvency protections that will help cushion small and family businesses during public health ordered lockdowns. The number of businesses going into administration increased by 75% in the last week of June 2021, according to new data released by CreditorWatch.…
Heres what is happening in and affecting South Africa today: Coronavirus: In South Africa, there have been 17,351 new cases of Covid-19, taking the total reported to 2,408,525. Deaths have reached 70,908 (+520), while recoveries have climbed to 2,186,988, leaving the country with a balance of 150,629 active cases. The total number of vaccines administered…