The Irish arm of fashion retailer New Look has sought the appointment of provisional liquidators as it seeks to wind down its operations. The UK-owned retailer said the decision to wind down its Irish operations came after several years of sustained losses and challenging market conditions. The High Court today approved the appointment of Shane…
The parent company of fashion retailer New Look is putting its business in the Republic of Ireland into liquidation. The move impacts almost 350 jobs in the chain in the Republic, but it does not affect its business in Northern Ireland nor its parent company in Britain. The chain has 26 stores in Ireland that are…
Jodie Wildridge, deputy chair of the UK’s insolvency and restructuring trade body R3 in Yorkshire and a barrister at Exchange Chambers in Leeds Jodie Wildridge, deputy chair of the UK’s insolvency and restructuring trade body R3 in Yorkshire and a barrister at Exchange Chambers in Leeds, says: “The monthly and yearly rise in corporate insolvencies…
The Tribunal noted that because “secured creditors” and “security interests” are treated completely differently in the liquidation process than they are during the CIRP, the legislature never intended for Section 77 of the Companies Act to be applied to the CIRP. The National Company Law Appellate Tribunal (NCLAT), New Delhi held that a creditor may…
A total of 17 staff have been made redundant following the collapse of an Isle of Wight glazing firm, it has been confirmed. ‘Cashflow difficulties’, exacerbated by the COVID pandemic, are being blamed for Glazing the Island entering liquidation. As previously reported, the company has ceased trading with immediate effect. Advisory firm Quantuma was appointed to oversee…
After a 10-month inquiry process, on 12 July 2023 the Parliamentary Joint Committee on Corporations and Financial Services (PJC) delivered its final report on the effectiveness of Australia’s corporate insolvency laws. In this alert, we distil some of the key findings from the almost 400-page report and consider what future law reforms might look like. …
How Abengoa Group impacted the Spanish economy EY Read the original article here
‘Difficult decision’: Premium spa business sinks with $1.7m shortfall The Press Read the original article here
On January 30, the RBI filed an application before the NCLT in New Delhi to initiate the CIRP under Section 227 and clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC) and the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority)…
Financial creditors of Reliance Big Private Limited, formerly promoted by Anil Ambani, are set to face a 99% haircut as part of the approved resolution plan in its insolvency case. The National Company Law Tribunal (NCLT), Mumbai Bench, has given its nod to the resolution plan submitted by Manoj Kumar Upadhyay through his affiliate firm,…