Hudson’s Bay asked an Ontario court Wednesday to approve a restructuring agreement that will give it a few extra days timeline to save the six stores it has so far spared from liquidation. A new version of the agreement will force the retailer to start liquidating those stores on April 8 — if it hasn’t found a…
The UK Supreme Court’s recent decision in El-Husseini and another v Invest Bank PSC [2025] UKSC 4 has clarified the circumstances in which section 423 of the Insolvency Act 1986 (the Act) provides protection against attempts by debtors to “defeat their creditors and make themselves judgment-proof”. This is a critical decision for insolvency practitioners, any corporate or…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that a fresh period of limitation under Section 18 of the Limitation Act, 1963 (Limitation Act) for the purpose of filing an application under section 7 of the Insolvency and Bankruptcy…
TORONTO — Canada’s oldest company will begin liquidating most of its stores this morning. Hudson’s Bay says all but six of its locations will be selling off their inventory. The company is aiming to wrap up the liquidation by June 15. Gift cards will be accepted until April 6, but loyalty points cannot be used.…
Garment and fabric printer Direct on Demand Print managing director Matthew Armitage has called himself “the biggest loser” of his business’ failure after the firm entered liquidation on 7 March. Direct on Demand Print (DODP) ceased trading on 24 January, with Armitage confirming a number of redundancies were made the same day. Liquidators Mark Tailby…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that an order passed by the Adjudicating Authority after considering all necessary materials essential for determining the issue cannot be recalled. Therefore, it cannot be said…
Business conglomerate Adani Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources. Jaypee Group‘s flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order…
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Amsterdam-based Blokker, a prominent household retail chain, ceased its operation at most of its locations after filing for bankruptcy in November 2024. The company, which had struggled with financial difficulties for years, closed approximately 350 of its remaining 400 stores by the end of December, reports NLTimes. Only about 40 independently operated franchise locations continue…
India’s bankruptcy rule maker recently proposed to drop the clause that allows keeping a company in liquidation as a going concern—essentially, a business that can operate and meet its obligations. While the provision intended to save jobs and preserve value, it merely encouraged lawsuits, attracted tainted owners, delayed liquidation and depressed asset values, lawyers said.…