Casa’s Dutch shops remained closed on Wednesday morning: the retailer was declared bankrupt on Tuesday, a logical consequence of the earlier bankruptcy of its parent company in Belgium. ‘The staff are appalled’ A month ago, Casa Netherlands’ works council had already filed for bankruptcy because wages had not been paid and shops were no longer…
News30.04.2510.30 AM by Max Colbert The construction industry has the highest number of insolvencies across all recorded sectors in England and Wales, a trend which has continued across the past decade. Picture: Alamy Sharelines Construction sector in England and Wales most affected by company insolvencies #UKhousing The construction industry has the highest number of insolvencies across…
In a landmark judgment, the Bombay High Court in Nagpur has clarified that a company undergoing insolvency cannot shirk its statutory obligations towards employees. The Court directed Dalmia Cement (Bharat) to settle over Rs 25 crore in outstanding Employees’ Provident Fund (EPF) dues owed to workers of Murli Industries, a company it had acquired through…
Environmental group puts in symbolic £1 bid as UK licences auctioned off Greenpeace UK lawyers have written to the UK government to express serious concern about its lack of control over two deep sea mining exploration licences that it sponsors via UK Seabed Resources (UKSRL). UKSRL’s parent company, Loke Marine Minerals AS, recently declared bankruptcy…
1. Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? German insolvency proceedings place a high priority on protecting creditors, but they are not completely creditor-friendly. Section 1 of the German Insolvency Code states that satisfying creditors is the primary goal of German insolvency proceedings, which would seem…
Several strategic buyers as well as investors are actively scouting for cement manufacturing companies which are currently undergoing the corporate insolvency resolution process under the Insolvency & Bankruptcy Code. One of the most sought-after assets in the sector is the cement business of debt-laden Jaiprakash Associates Ltd (JAL). The company has four plants in North…
Liam James Hennessey, 28, has been disqualified from being a director of a company for the next 11 years. Mr Hennessey, of Manchester Road, Haslingden, applied for Nero Plant Limited to receive a £50,000 Bounce Back Loan during the Covid-19 pandemic. Under the BBL scheme, businesses could apply for a loan of between £2,000 and…
Veteran jockey Frankie Dettori says he feels “embarrassed” after he filed for bankruptcy having been unable to reach agreement with His Majesty’s Revenue and Customs over a long-running case of tax avoidance. The 54-year-old Italian, a mainstay of the British and European flat-racing scene for 37 years, has ridden more than 3,300 winners during his…
The possibility that your genetic data could one day be sold to the highest bidder sounds like something out of a sci-fi novel, but fiction has just taken one step closer to reality. Genetic testing company 23andMe has filed for bankruptcy protections and is looking for a buyer, which has people asking – what’s going…
Part 1: A Broad Overview of Bankruptcy ‘As privileged professionals, who live by the words of the English language, lawyers have a special duty to be clear in what they say and write’[1] When discussing any area of law, precision is essential. A common source of confusion amongst both lawyers and the public generally is…