Tongaat Hulett is officially shutting down, with the Business Rescue Practitioners (BRPs) having exhausted all possible avenues to save the company. The BRPs applied to the KwaZulu-Natal Division of the High Court for an order to commence the company’s business rescue proceedings and to place Tongaat into provisional liquidation. The BRPs said that they had…
Dover Saddlery, which claims to be the largest equestrian retailer in the U.S., is expected to close all of its approximately 30 stores unless an “economically viable” deal emerges, according to a report in the Boston Globe. The report said the chain was taken over by its primary lender, an arm of Prudential Financial, and…
Akron welding automation company Weldbot files for Chapter 7 bankruptcy The Business Journals Read the original article here
Ecojet Airlines, Ascend Airways, and Zenith Aviation Limited have all fallen into administration or liquidation in 2026. These failures come amid a turbulent backdrop of high fuel costs, conflict in the Middle East, and operational challenges. The EU’s new entry/exit system has also caused additional disruption by increasing processing times for travellers at airports. The…
Structural Weakness in the Insolvency and Bankruptcy Code (IBC) The Ministry of Corporate Affairs seeks Cabinet approval for 50 additional National Company Law Tribunal (NCLT) courts and two more National Company Law Appellate Tribunal (NCLAT) Benches. This move highlights a longstanding structural weakness affecting the effective functioning of the Insolvency and Bankruptcy Code (IBC). Capacity…
First Brands at breaking point as it scrambles to avoid liquidation Financial Times Read the original article here
Even before Brazil’s insurance regulator, the Superintendence of Private Insurance (SUSEP), ordered the liquidation of Goiás-based Infinite last week, companies operating in the surety insurance market had already begun talks to create a self-regulatory system in what would be an unprecedented initiative in the country. Although Infinite held only around 0.5% market share, the case…
Liquidators said Green withheld information, changed contact details and indicated plans to relocate overseas. “This non-cooperation limited the liquidator’s ability to fully assess the company’s financial position,” the final liquidator’s report said. The company has since been removed from the Companies Register owing creditors about $187,000. Meanwhile, Scaffold Alchemy Limited director Marcus Kennerley was also…
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026), which received Presidential assent on 6 April 2026, represents the most comprehensive legislative overhaul of India’s insolvency framework since the Code’s enactment in 2016. By notification dated 22 May 2026, the Ministry of Corporate Affairs appointed 26 May 2026 as the date of…