Investigations into the company’s financial records have been delayed, though an update for creditors is expected in the next review period. Joint administrator Frank Wessely noted while investigations may not lead to financial recovery for creditors, they are necessary to fulfill statutory duties and explore any potential avenues for enhancing recoveries. “As advised in my…
UK Supreme Court rules on dishonest asset transfers during liquidation Taylor Wessing Read the original article here
English High Court supports creditors’ choice in payment institution collapse Taylor Wessing Read the original article here
For more than a decade, the former executive chairman of Saks Global dreamed of adding Neiman Marcus to his collection of legacy department stores, believing the combined entities would create a luxury powerhouse strong enough to defy changes dragging down the industry. Instead, Richard Baker’s $2.7 billion acquisition of Neiman Marcus in 2024 ultimately plunged…
Bankruptcy activity across the United States increased noticeably in 2025, marking one of the sharpest rises in more than a decade and reflecting mounting financial pressure on businesses and individuals alike. While the total number of annual bankruptcy filings remains lower than pre-pandemic levels, overall filings grew at a steady pace compared to the prior…
Insolvency proceedings often arise from avoidable compliance failures: missed deadlines, governance lapses, statutory violations, and failure to adapt to evolving law. Businesses can significantly reduce insolvency risks by embedding robust compliance protocols, transparent governance, and proactive legislative tracking into their operational DNA. By focusing on these preventive measures, companies not only safeguard against legal exposure…
Liquidators of Northland engineering firm Obelisk Industrial chase director over $9m shortfall BusinessDesk | NZ Read the original article here
The liquidators said they had nevertheless served demand letters on Culham seeking recovery of the amount alleged to have been misappropriated, and would “pursue all available legal remedies”. Obelisk’s sole shareholder is listed as Kara Culham, who shares an address with Steven Culham in Auckland’s Swanson, according to the Companies Office. Obelisk is said to…
Open this photo in gallery: Saks Global estimated its assets and liabilities both fall within a range of US$1-billion to US$10-billion, according to court filings with the U.S. Bankruptcy Court for the Southern District of Texas.Brendan McDermid/Reuters The U.S. department store company that was split off from Hudson’s Bay Co. a little over one year…
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