Rethinking Section 29A of IBC to get the best out of a resolution process – Moneycontrol
Rethinking Section 29A of IBC to get the best out of a resolution process Moneycontrol Read the original article here
Why Britain’s towns and cities are going bust
Birmingham’s city center is thronged by empty lots with unfinished and unstarted building projects, like this one in the Deritend area. In 1890, an American journalist named Julian Ralph traveled from New York to Birmingham, an industrial powerhouse lying squarely in the center of England, and found it to be “the best-governed city in the…
Auckland swimming pool manufacturer Pool Spec insolvent, liquidator says it’s a sign of the times
Two unsecured claims total $58,000, but there might be other claims against Pool Spec, so the Waterstone liquidators want those parties to lodge documents if they are owed money. They don’t know yet if there will be enough realisable assets to pay Pool Spec’s creditors. Wellsford’s Richard Spearpoint and Ellen Spearpoint own the business. Richie…
EV startup Fisker files for bankruptcy, aims to sell assets – Reuters
EV startup Fisker files for bankruptcy, aims to sell assets Reuters Read the original article here
Birmingham’s going bust. Here’s why everything you’ve heard about that is wrong | James Brackley
Birmingham city council declared itself effectively bankrupt in September last year, but only now are the facts about what really happened beginning to emerge. A series of monumental problems and errors, including the botched implementation of a new IT system, a likely overstated equal pay liability, and a disastrous financial package imposed on the council…
Increase in firms going bust according to Insolvency Service data
Company insolvency levels are higher than during the pandemic, according to the latest figures. The number of firms in England and Wales going out of business last month was up 16% year-on-year, as reported by Sky. There were 2,191 company insolvencies in July, according to the Insolvency Service, with the retail and hospitality sectors hit…
Sharp rise in company insolvencies
There was a significant increase in the number of firms that became insolvent in July when compare with the corresponding month last year, the latest figures show. According to the Insolvency Service, 2,191 businesses went bust in England and Wales last month, up 16% on the 1,890 recorded in July 2023. The figures included 320…
Business insolvencies fall by 7%
Latest figures from the Insolvency Service have shown that there were 2,191 business insolvencies in England & Wales in July 2024, 7.3% lower than in June 2024 (2,363) but 15.9% higher than the same month in the previous year (1,890 in July 2023). The insolvencies consisted of 320 compulsory liquidations, the highest monthly number since…
Overall business insolvencies hit new peak in May
Insolvencies across the board have peaked at 1,711 in May 2024, up by 59.9 per cent from last year. This is according to new data from the Australian Securities and Investments Commission (ASIC), which show that insolvency rates have been steadily increasing post-COVID. First-time insolvencies also hit a new peak in May, up 383 from…
Turkish airline Atlasglobal’s bankruptcy finalized as court ends legal battle
Atlasglobal, a prominent Turkish airline, declared bankruptcy in June 2021, officially confirmed by the Supreme Court. While this development marks the end of a significant chapter in Türkiye’s aviation industry, the process has been marked by numerous legal developments and appeals. Legal proceedings Initial bankruptcy declaration (June 2021): On June 17, 2021, the Bakirkoy 3rd…