New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday gave a go-ahead to the lenders’ meeting of debt-ridden Bhushan Power & Steel (BPSL), directing it to finalise a bid for the company. Vacating its earlier stay, the appellate tribunal has directed the committee of creditors (CoC) of the company to consider the resolution…
Insolvency proceedings have been launched on the funds that own a pair of modern German supramax bulkers. The KG (limited partnership) owners of the 57,000-dwt Achat and Almandin (both built 2010) have thrown in the towel after failing to recover from the bankruptcy of a South Korean counterpart. The two supramax bulkers are destined to…
We refer to the intimation made to the Stock Exchanges on 11th June, 2018 regarding commencement of Corporate Insolvency Resolution Process (CIRP) and appointment of Interim Resolution Professional (IRP) and would further like to inform you that the First meeting of the Committee of Creditors (CoC) was conducted on 6th July, 2018 to provide business…
More than a fifth of North firms have taken a financial hit after a customers firm collapsed, research has shown. New findings from insolvency and restructuring trade body R3 found that 23% of regional businesses have suffered a hit to their finances following the insolvency of a customer, supplier or debtor in the preceding six…
The rate of personal insolvencies in Lewes has increased by almost 40 per cent over the last two years, official data has revealed. In 2015, 13.5 adults per 10,000 were declared insolvent in Lewes, according to Insolvency Service figures. However by 2017 that figure had risen to 18.8, an increase of 39.8 per cent. Insolvency…
Hastings has one of the highest rates of personal insolvencies in England and Wales, official figures show. The Insolvency Service found that 34 per 10,000 adults in the local authority were declared insolvent in 2017. This is when someone cannot pay their debts, and has to arrange a plan with an official body to pay…
The rate of personal insolvencies in Chichester has significantly increased over the last two years, official data has revealed. In 2015, 16.9 adults per 10,000 were declared insolvent in Chichester, according to Insolvency Service figures. However by 2017 that figure had risen to 19.5, an increase of 15.3 per cent. Insolvency is when someone cannot…
The rate of personal insolvencies in Eastbourne has significantly increased over the last two years, official data has revealed. In 2015, 24.1 adults per 10,000 were declared insolvent in Eastbourne, according to Insolvency Service figures. However by 2017 that figure had risen to 27, an increase of 12 per cent. Insolvency is when someone cannot…
The rate of personal insolvency in Worthing has slightly increased over the last two years, figures show. Across England and Wales personal debt has ballooned since 2015. Low interest rates and the rise of payday lenders have aided this, with insolvency rates increasing in every region. However in Worthing it has only gone up slightly,…
The restaurant group Gaucho is preparing to file for administration, putting 1,500 jobs at risk. The owner of the Gaucho and Cau brands is the latest victim of the intense pressure on the high street, which has cost 35,000 jobs in the retail and casual dining sectors this year. The group filed a notice of…