Category Archives: Bankruptcy

Warning that calling time on ‘rent rebels’ could signal end for 5800 companies | TheBusinessDesk.com – The Business Desk

Landlords getting tough with so-called rent rebels could force 5,834 companies out of business and trigger 326m-worth of insolvent debt that further decimates city centres. That is according to analysis from Stockport-based insolvency scorecard Red Flag Alert. Concerns are mounting that April will see companies fighting for survival after a COVID-19 moratorium on evictions ends…

High Court refuses to approve personal insolvency for car salesman – The Irish Times

The High Court has declined to approve a Personal Insolvency Arrangement that would have allowed a car sales executive write off about 190,000 in debts, mainly owed to financial institutions. The PIA was sought in respect of Keith Cremin, Subulter, Cecilstown, Mallow, Co Cork. He owed money to Pepper Finance Corporation DAC, which opposed the…

High Court declines Personal Insolvency Arrangement for car sales executive – Waterford Live

The High Court has declined to approve a Personal Insolvency Arrangement (PIA) that would have allowed a car sales executive to write off approximately190,000 in debt mainly owed to financial institutions. The PIA was sought in respect of Keith Cremin of Subulter, Cecilstown, Mallow, in County Cork. He owed money to Pepper Finance Corporation DAC,…

Statutory demands back in vogue in 2021 – Business News

In 2021, businesses must move quickly to recover debts, particularly at this time of year when the sum of debtors may be larger than they can manage for the purposes of their cashflow. Over the next three years, Deloitte is forecasting that 5,300 Australian companies (which otherwise would have col In 2021, businesses must move…

More change ahead for insolvency system – Banking Day

Temporary insolvency relief measures introduced in March last year as part of the governments COVID response ended last month but there is more change in store for the bankruptcy system. Attorney-General Christian Porter has released a discussion paper, outlining a range of possible permanent changes to the system. Following the end of the temporary measures:…

Cachar and Nagaon paper mills may go bankrupt, NCLT hearing again on Tuesday – Barak Bulletin

In the process of recovering the Cachar and Nagaon paper mills, the National Companys Law Tribunal (NCLT) has postponed their hearing 8 times till now. Next hearing is scheduled for Tuesday, but the government is yet to come up with a plan or proposal to recover the two paper mills. On September 10 last year,…

Real Estate Debt and UK Corporate Insolvency Act 2020 The Moratorium – The National Law Review

Monday, February 8, 2021 In late June 2020, the UKs Corporate Insolvency and Governance Act (the Act) became law.1 While the Act was passed in response to the Coronavirus Disease 2019 (COVID-19) pandemic and its economic ramifications, it represents a significant legislative step forward in promoting the rescue culture in respect of financially distressed business…

7-year ban for caterer who failed to pay taxes – Mirage News

Patrick Olusoji Ekundayo (66), from Edmonton in London, was the sole director of Peaches Limited. The company, incorporated in August 2010, provided catering services and managed social events. At its most successful trading period, Peaches Limited hosted up to 60 functions per year and took an average of 10,000 to 15,000 per event. By March…

Boohoo Buys Last of Arcadia Brands: Dorothy Perkins, Wallis and Burton – WWD

LONDON Boohoo has bought the last batch of Arcadias high-street brands Dorothy Perkins, Wallis and Burton in a deal that marks the end of an era for Sir Philip Greens once-mighty, and now bankrupt, British retail group. Boohoo, which had been in exclusive talks to buy the three names from Arcadia, is paying 25.2 million…

The Insolvency and Bankruptcy Code allows the market to make the most efficient choice – The Indian Express

The Insolvency and Bankruptcy Code, 2016 was enacted to resolve the stress of companies. Some, however, argue that because the corporate insolvency resolution process (CIRP) rescues only about 25 per cent of companies and leads to liquidation for the rest, the code is not delivering on its mandate. These numbers do tell a story, but…