Image copyright PA Scotland’s business minister has blamed “continuing austerity” for a sharp rise in personal insolvencies. The last quarter saw insolvencies rise year-on-year by 17.3% to 2,839, according to official figures. Paul Wheelhouse claimed there was “no question” austerity had led to “more people suffering the anxiety and distress of insolvency”. The Scottish Conservatives…
East of England businesses are now at greater risk of insolvency than at the start of 2017, according to new research by the Eastern branch of restructuring and insolvency trade body R3. Julys figures, compiled using Bureau Van Dijks Fame database, show that over one in four businesses in the region 27.9 per cent are…
The number of corporate insolvencies in Scotland was down 24 per cent in the three months to June compared with last year, largely from a 32 per cent drop in compulsory liquidations, official figures show. Latest figures from the Accountant in Bankruptcy (AiB) show 200 companies went into insolvency receivership, compulsory liquidation and creditors voluntary…
THE countdown has begun on Canning-based Mias Bakerys fight for survival following its entry into voluntary administration earlier this month. Conrad Mias, whose family has owned Mias Bakery since 1950, said the bakery was placed into administration with WA Insolvency Solutions on July 12 and had 28 days to prove its viability. Mr Mias, who…
Troubled menswear brands Rhodes & Beckett and Herringbone will live to fight another day after a management buyout was secured with support from a Hong Kong-based private equity firm, in a resolution administrators say they are very pleased with. The brands had 140 employees across 29 stores when administrators were appointed in February, when high…
One of Australia’s largest private training colleges has collapsed, leaving 15,000 students in limbo and plunging 1000 staff into unemployment. The embattled Careers Australia was placed into voluntary administration late on Thursday – six weeks after it was stripped of federal funding due to dismal completion rates and aggressive recruitment practices. Classes have been suspended…
AUSTRALIAN mining and transport group Rivet, the reincarnation of McAleese, has placed a number of businesses into administration just months after their establishment. Australian Road Express and Rivet Mining Services East, which collectively employs more than 200 people across Australia, were put on notice, with receivers McGrathNicol entering on July 17. However, 48 hours after…
New Delhi: Allowing the plea of consortium of lenders led by SBI, the National Company Law Tribunal (NCLT) today appointed interim resolution professional (IRP) to initiate bankruptcy proceedings against Monnet Ispat & Energy Ltd. The Mumbai bench of NCLT appointed Sumit Binani as IRP for carrying out the Corporate Insolvency Resolution Process (CIRP) of the…
A Supreme Court Bench of Justice Rohinton Nariman and Justice Sanjay Kishan Kaul yesterday exercised powers under Article 142 of the Constitution to record consent terms between the parties post admission of the application under Insolvency and Bankruptcy Code, 2016. The Mumbai Bench of NCLT had, in June 2017, initiated corporate insolvency resolution process against the…
The Supreme Court of New South Wales has allowed close to a thousand disgruntled Dick Smith shareholders to file their class action against the collapsed retailer. Dick Smith’s directors placed the company into receivership in January 2016 after failing to secure enough funding from its lenders to continue operating the business. The collapse has…