The threat of invoking IBC is itself enough to prevent defaults and to reinstate the sanctity of debt contract. ByK Srinivasa Rao The judgment of the Supreme Court upholding the legal sanctity of Insolvency and Bankruptcy Code (IBC) can bring a tectonic shift in the loan repayment culture. It asserts that the defaulters cannot bid…
The number of companies that entered insolvency rose 10 per cent in 2018, the highest level since 2014, according to official insolvency statistics. Data, published by the UK government today (January 29), revealed 16,090 companies entered insolvency in 2018 and 3,949 of those took place in the fourth quarter of 2018. When compared with figures…
// 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…