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…
More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus pandemic plunged the energy sector into the worst downturn in a generation. Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The…
As with nearly every other project Elon Musk is involved with, his SpaceX is going a novel route with its rocket launches. Various media outlets reported on Tuesday that the space exploration company plans to launch rockets from a pair of oil rigs recently purchased from Valaris, the once-mighty offshore drilling contractor that declared Chapter…
CreditorWatch chief executive officer Patrick Coghlan. Source: supplied. Small businesses have begun registering for temporary restructuring relief, under Australias new insolvency regime that began on January 1. Records published by the Australian Securities and Investments Commission show four businesses have so far made declarations that they are eligible for temporary restructuring relief. Among the businesses…
Eleanor Temple, Yorkshire Chair of R3 Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of Decembers corporate and personal insolvency statistics for England and Wales: Decembers increase in corporate insolvency numbers has been driven by a rise in administrations…
Scottish accountancy practice Wylie & Bisset has promoted two long-standing members of its business recovery and insolvency department. The promotions see insolvency managers Paul McDougall – with almost 15 years service with the firm – move to associate director, and Chris Wardle – with more than 19 years service – to senior manager with, effect…
KUALA LUMPUR (Jan 19): Former Port Klang Authority general manager (GM) Datin Paduka OC Phang, who was ordered to pay RM2.6 billion in damages by the Shah Alam High Court to the authority, has been declared a bankrupt. The petition notice declaring her a bankrupt was made following a Kuala Lumpur High Court order dated…
The Mumbai Bench of the National Company Law Tribunal (NCLT) has agreed to hear State Bank of Indias (SBIs) plea to initiate personal insolvency against Rajkumar Dhoot and Pradeep Kumar Dhoot, two relatives of Venugopal Dhoot, the founder and former chairman and managing director of Videocon Industries Limited (VIL). The bank is seeking recovery of…