Somerset Council will go bankrupt in April 2026 without school funding reform – Somerset Live
Somerset Council will go bankrupt in April 2026 without school funding reform Somerset Live Read the original article here
Dry lining boss sentenced after mystery account moves
Mario Huiu’s failure to keep proper accounting records for Incentive Services Limited meant liquidators were also unable to verify cash receipts of more than £200,000 into the same bank account. The 39-year-old, of Ilford, was prosecuted for offences under the Companies Act 2006 and Insolvency Act 1986. Huiu was given a four-month prison sentence, suspended…
SMEs urged to diversify client base as insolvency fears surge
A recent study has revealed that nearly a fifth (17 per cent) of Australian SMEs would collapse if they lost just one major client. As revealed in ScotPac’s SME Growth Index Report, if businesses lost a key client, there would be an average revenue loss of 22 per cent. Diversifying revenue streams is key to…
UK Supreme Court clarifies scope of fraudulent trading liability | Restructuring touchpoint | Global law firm
The recent Supreme Court decision in Bilta (UK) Ltd (in liquidation) & others v Tradition Financial Services Ltd, provides important guidance on those who may be caught within the scope of fraudulent trading under section 213 of the Insolvency Act 1986. Meaning of “any person” under section 213 Insolvency Act 1986 Section 213 enables the…
Former Victorian Liberal leader John Pesutto to avoid bankruptcy after party agrees to loan him $1.55m
Former Victorian Liberal leader John Pesutto has expressed his gratitude to his Victorian Liberal colleagues after the party agreed to give him a $1.55 million loan to avoid bankruptcy. Mr Pesutto was ordered to pay fellow Liberal MP Moira Deeming $2.3 million in legal costs after she successfully sued him for defamation. He was unable…
Are You in This Party? The Scope of Section 213 of the Insolvency Act 1986 | Cooley LLP
The UK Supreme Court recently handed down a judgment in Tradition Financial Services Ltd v Bilta (UK) Ltd & Others[1] in which it considered the scope of section 213 of the Insolvency Act 1986, specifically whether those beyond the small group of individuals with controlling or managerial functions of the liquidated company could be ‘party…
Urban Company turns profitable; GlobalBees faces insolvency – MSN
Urban Company turns profitable; GlobalBees faces insolvency MSN Read the original article here
Insolvency plea filed against FirstCry subsidiary GlobalBees
Directors of direct-to-consumer (D2C) homecare company Kuber Industries have filed an insolvency plea against rollup ecommerce platform GlobalBees for unpaid dues worth Rs 65 crore. In a stock exchange filing, GlobalBees’ listed parent, FirstCry, said that Ashutosh Garg, Paritosh Garg and Manju Agarwal have petitioned the New Delhi bench of the National Company Law Tribunal…
Queensland-based grain trading company enters liquidation according to GTA – Farm Online
Queensland-based grain trading company enters liquidation according to GTA Farm Online Read the original article here
Travel company ends in bankruptcy, cancels tours and trips – TheStreet
Travel company ends in bankruptcy, cancels tours and trips TheStreet Read the original article here