Fuelled by a huge unsatiated appetite for freedom of exit, the insolvency law is changing the way the society perceives business failures as it becomes a reform by, for and of the stakeholders, according to IBBI Chairperson M S Sahoo. Little over five years after its enactment, the Insolvency and Bankruptcy Code (IBC), which provides…
The chief executive of the Legal Aid Board (LAB) has said it is clearly unhealthy for one barrister, Keith Farry, to be given the vast majority of personal insolvency cases by personal insolvency practitioners (PIPs), which are then funded by the state. The board is considering using its powers to force PIPs to use other…
image copyrightScience Museum Groupimage captionA Vox Phantom guitar used by Joy Division’s Ian Curtis will go on display for the first time An exhibition charting the rise of Factory Records from punk-inspired start-up to “influential force” has opened in the city it called home. The Manchester label grew out of a club night, which started…
Advice LBV Hub Financial Services Jonathan Amor, restructuring and insolvency partner at Azets, the UKs largest regional accountancy and business advisors to SMEs, comments on the May 2021 corporate and personal insolvency statistics for England and Wales. Corporate insolvencies Jonathan said: The figures released today for May 2021 show a slight increase in corporate insolvencies…
The public can now help modify the regulations already put in place by the insolvency regulator Insolvency and Bankruptcy Code of India (IBBI) during the last five years since the enactment of the Insolvency and Bankruptcy Code (IBC). The regulator has now resorted to crowdsourcing of ideas to understand the important issues in the extant…
Image courtesy of the Rochester Rhinos First, let me say I know PSP is a Philly-centric soccer blog. But I hope youll indulge me today because, earlier this week, some news dropped that I could not let pass without comment. Specifically, this: Exclusive: Jamie Vardy has bought US soccer team @RochesterRhinos Striker to be co-owner…
On Tuesday, the National Company Law Tribunal (NCLT) questioned the extensive haircut that lenders have agreed to take in the insolvency resolution of Videocon group companies. Billionaire Anil Agarwals Twin Star Technologies has proposed to pay 2,962 crore against admitted claims of 64,838 crore, implying a 95.85% loss to all Videocon creditors. The tribunal noted…
1. Data Sources Company Insolvency data for England & Wales, Scotland and Northern Ireland are sourced from Companies House, except for compulsory liquidation data for England & Wales and Northern Ireland. Compulsory liquidation data for England & Wales are sourced from the Insolvency Service case information system (ISCIS). Compulsory liquidation data for Northern Ireland are…
The swift spread of coronavirus needed an equally rapid response from government, but with business coming back to life its time for the economy to stand on its own again, says the Insolvency Services Paul Bannister. The sudden beginning of the pandemic and the imposition of the first lockdown brought about an economic scenario we’ve…
Ontarios government watchdog on Wednesday announced it will investigate cuts to French-language programs at Laurentian University. The investigation comes after Ontarios ombudsman received 60 complaints about the transparency and fairness of the process by which the programs were shelved after the northern Ontario university sought creditor protection and declared itself insolvent in February. The university…