“The Society is not a party to the financial transaction forming the substratum of the Section 7 application. Hence, no statutory right of appeal inheres in the appellant,” it said, adding that the NCLAT’s decision absence of locus standi rests on sound legal footing. “Permitting such intervention would undermine the expeditious and structured insolvency framework…
New Delhi, Jan 15 (PTI) The Supreme Court on Thursday ruled that homebuyers’ societies or Resident Welfare Associations (RWAs) ordinarily constituted for maintenance and management of common facilities in a housing project cannot intervene in the insolvency proceedings of the developer company. A bench of justices JB Pardiwala and R Mahdevan, which upheld the insolvency proceedings…
DUG Foodtech AB, formerly known as Veg of Lund, has entered bankruptcy following a ruling by the Lund District Court on 19 December 2025. The decision was made at the company’s own request after it failed to secure sufficient financing to sustain operations. Nasdaq Stockholm has since delisted the company’s shares from the Nasdaq First…
As OpenAI continues its meteoric rise — boasting billions in revenue from ChatGPT and API usage while dominating headlines — the company faces a stark financial reality that could threaten its very existence. In a new New York Times opinion piece this week, historian and financial expert Sebastian Mallaby warns that despite massive fundraising rounds…
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…