// Gerry Weber begins insolvency proceedings after financing talks breaks down // 580 staff at risk // Retailer assures it is safeguarded until at least 2020 Gerry Weber has applied for the court order of preliminary insolvency proceedings under self-administration after talks with its finance partners broke down. The requested preliminary insolvency exclusively applies to…
The National Company Law Tribunal on Tuesday rejected the settlement offer put forth by the promoters of Essar Steel Limited, saying the proposal violated a section of the Insolvency and Bankruptcy Code, Reuters reported. The Ruia family made the offer on the day the Committee of Creditors approved ArcelorMittals resolution plan for the insolvent Essar…
Despite the Australian bankruptcy rate hitting a 23-year low, individuals and businesses must still be thorough and ensure that they know who they are doing business with. The legal technology provider and Australian Financial Security Authority (AFSA) broker was reacting to data released by AFSA, which revealed that bankruptcies declined 6% on the year to…
Abhaile provides vouchers for free financial and legal advice available through the Money Advice and Budgeting Service (MABS). A total of 11,695 individual borrowers, or over 10,000 households, in mortgage arrears have received independent expert Abhaile financial advice and negotiation support. Court mentor And a court mentor has helped 7,100 borrowers facing repossession proceedings, under…
Bankruptcy used to be steeped in a negative stigma, making it difficult for people to formally declare themselves as being in a poor financial situation and having no way out of it. In order to declare yourself as bankrupt, you need to formally apply which will actually cost you money. However, this can be…
The number of insolvencies among impact companies remained constant over the past three years, with a slight decrease from 184 companies in 2017 to 183 in 2018. At the same time, however, the total value of fixed assets of insolvency firms reached EUR 809, the lowest threshold in the last five years and a 34.44…
29/01/2019 The number of people declared insolvent reached a seven-year high in 2018, according to figures. There were 115,299 personal insolvencies in England and Wales last year, a 16.2% rise on 2017 and the highest annual level since 2011, statistics from the Insolvency Service reveal. This was primarily driven by increases in individual voluntary arrangements…
The recent Supreme Court ruling in Brilliant Alloys insolvency may just prove to be the saving grace for promoters who have lost control of their insolvent company and whose hopes of ever regaining it were dismal. The ruling now allows promoters, eligible or not, to take back control of their insolvent companies by enabling withdrawal…
A series of devastating wildfires that killed more than 100 people and scorched hundreds of thousands of acres in California over the course of two years just brought one of the nations largest utilities to its knees. PG&E Corp., Californias biggest power company, filed for Chapter 11 bankruptcy in Northern California bankruptcy court as investigators…
If Pacific Gas & Electric goes bankrupt, who gets final say over onwhether it can renegotiateits old and expensive solar power purchase agreements federal regulators or the bankruptcy court? This multi-billion dollar question has come to the fore as PG&E, overwhelmed by tens of billions of dollars in potential wildfire liabilities, prepares to file for…