Category Archives: Bankruptcy

Anticipating financial distress: Could developing countries borrow from the French and the US toolbox? – World Bank Group

As the COVID-19 crisis continues to hurt economic activity, promoting and encouraging the rehabilitation of distressed but potentially viable businesses should be at the top of lawmakers priorities.But many insolvency systems fall short in moving quickly to save viable businesses. This is in part because bankruptcy carries social stigma, which encourages debtors to delay recognition…

Protecting Your Company Against Revenue Clawbacks: Preference Actions (Part 3 of 3) – JD Supra

This is the final part of our three-part series on revenue clawbacks. The scenario: a customer or teaming partner goes bankrupt and then they (or a trustee) demand you return money they already paid you for services or goods duly rendered. In the first entry, we discussed the definition of preferences and the policy purpose…

Taming the Phoenix: New Pre-Pack Regulations Come Into Force – Sidley Austin LLP

As the first May bank holiday weekend began, the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the Regulations) were enacted and came into effect for all companies entering administration on or after April 30, 2021. The Regulations are, in the main, a policy response to enhance independent scrutiny of so called phoenix…

UK insolvencies rise, but still below pre-pandemic level – Reuters

By David Milliken 2 Min Read LONDON, April 15 (Reuters) – More businesses and individuals across Britain were declared insolvent last month than earlier in 2021 though levels remained mostly below those of a year ago as government support muted the impact of the coronavirus pandemic. Britains economy shrank by almost 10% last year and…

Spain: 2,000 Companies Have Already Declared Insolvency Despite The Insolvency Moratorium – The Corner Economic

T.C. | In Spain, 2,086 companies declared insolvency between January and April this year, an increase of 71% compared to 1,217 a year earlier, according to data published in the Official State Gazette and analysed by Iberinform. The strongest growth was in April, when 552 insolvencies were declared, compared to 41 in April last year,…

Betting scheme mastermind bankrupt | RACING.COM – Racing.com

A Western Australian man behind a betting scheme has been declared bankrupt with his assets frozen as investors chase up to $126 million. Chris Brown, 27, claims to have made winnings through a hedging betting model, capitalising on odds shortening before the jump. 9 News reported he regularly sent those investing in the scheme screenshots…

Mastermind behind betting scheme Chris Brown says he has $172M after being declared bankrupt – Daily Mail

Gambling ‘whiz kid’ accused of owing investors $126million insists the money is ‘safe as houses’ despite being declared BANKRUPT in court Creditors claim they’re owed $126million by 27-year-old bet hedger Chris Brown He said money is safe despite being declared bankrupt, having his assets frozen Mr Brown’s business activitieswere funded by backers including schoolmates His…

Resignation of directors during the Corporate Insolvency Resolution Process – Bar & Bench – Indian Legal News

Directors of companies often tender their resignation during the Corporate Insolvency Resolution Process (CIRP). Therefore, a pertinent question arises as to whether such resignation requires acceptance/approval from the Interim Resolution Professional (IRP) or the Resolution Professional (RP) or the Committee of Creditors (CoC) of the corporate debtor Furthermore, it is often contended that directors of…

Bankrupt betting scheme mastermind says $126m of investors’ money ‘safe as houses’ – 9News

The young mastermind behind a Perth betting scheme has been declared bankrupt and had his assets frozen as investors try to recoup up to $126 million. 9News found Chris Brown as he admitted he’s been lying low. In an exclusive interview, he claimed the missing money is as safe as houses. The 27-year-old said there’d…

Greensill Insolvency Cautionary Tale for Indian Fintech-Prof (Dr) Manoj Joshi , Suhayl Abidi , Dr Aseem Chauhan – BW Businessworld

Our memory is short and lessons from the past may not always ward off the doom. This is especially true of the VUCA environment we live in, that is Volatile, Uncertain, Complex and Ambiguous. Repeatedly we witness, overconfident and over enthused entrepreneurs erupting on the business stage with their disruptive but complex business models and…