On May 2, 2023, Go First filed a voluntary plea under Section 10 of the IBC, seeking admission to the Corporate Insolvency Resolution Process (CIRP). The NCLT admitted the application on May 10, appointing a Resolution Professional (RP) to manage the airline’s affairs. In response, the airline’s lessors appealed to the National Company Law Appellate…
Thousands shut up shop as company collapses hit record The Australian Read the original article here
Summer holidays. For many of us, that means family gatherings, beach breaks and test match cricket. For many businesses, it means the office or worksite closes for potentially up to a month. What results? A cashflow shortfall in the new year due to limited billable income whilst continuing cash outflows, particularly for employees’ annual leave…
North Somerset Council North Somerset Council is facing a “significant financial challenge” A council has asked people if they would donate up to £1,000 as councillors also consider an unprecedented 15% rise in tax. North Somerset Council has launched a consultation into how it can overcome its “current financial emergency”. The authority faces £53m funding…
True Value, a national hardware retailer whose roots go back more than 70 years, said Monday that it has declared bankruptcy and will sell itself to a competitor. The Chicago-based company filed for Chapter 11 protection from its debts in the U.S. Bankruptcy Court for the District of Delaware. As part of the filing, most…
Personal loans main cause of bankruptcy, especially among youth New Straits Times Read the original article here
Canoo, a U.S.-based electric vehicle (EV) manufacturer, has filed for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code, the company announced Friday. Chapter 7 bankruptcy is a legal process that involves the complete liquidation of a company’s assets to repay creditors. Unlike Chapter 11, which allows companies to restructure and continue operations, Chapter 7…
Canoo Inc., the electric vehicle startup that came to the state in 2021 and had facilities in Oklahoma City and Pryor announced Friday it has filed for Chapter 7 bankruptcy. The company said it could no longer sustain operations after failing to secure federal loans or attract foreign investors. Canoo Inc. statement in Jan. 17,…
Labour hire company at centre of immigration probe estimated to owe creditors $4.01 million MSN Read the original article here
This year’s myriad restaurant bankruptcies make it possible to draw many individual lessons about tactics that burdened balance sheets. But if the filings of bankrupt brands and operators elucidate specific, flawed business practices, like Thai Union Group’s sale-leaseback process at Red Lobster, are there generalizable lessons, given the sheer number of bankruptcies? 2024 offers a…