Waipukurau Subway closed as franchisee put into liquidation – MSN
Waipukurau Subway closed as franchisee put into liquidation MSN Read the original article here
UK Company Restructuring Plans: What Is Next After Adler? | HUB
The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a 2020 innovation in UK insolvency law, as described in our earlier alert. At first instance, the…
Business insolvencies fall by 7%
Latest figures from the Insolvency Service have shown that there were 2,191 business insolvencies in England & Wales in July 2024, 7.3% lower than in June 2024 (2,363) but 15.9% higher than the same month in the previous year (1,890 in July 2023). The insolvencies consisted of 320 compulsory liquidations, the highest monthly number since…
Aussie battery maker Redflow goes into administration – Renewables Now
Aussie battery maker Redflow goes into administration Renewables Now Read the original article here
Du Val collapse: Questions over related party loans and debt to IRD in Tui Terraces liquidation
The related party term loans – recorded at $6.7 million in liquidation reports – are due for repayment in December 2024 and December 2025. The funds are required to satisfy Tui’s liabilities, consisting mainly of $4.59m claimed by the Inland Revenue. In April the BDO liquidators of Tui Terraces were confident the loans would be…
Glen Iris’ Deeds Brewing Reopens After Avoiding Liquidation
In March this year, after 14 years in business, Glen Iris taproom and brewery Deeds entered voluntary administration. In May, founders Patrick Alé and Dave Milstein closed the taproom and brewing operations. Now, they’ve found a way to keep the Deeds taproom and its brewing operations running until February 2025. Deeds and its creditors have…
Plant-based manufacturer Sustainable Foods goes into voluntary administration
Prosperous beginnings Sustainable Foods has been operating since 2018 when the company developed a range of plant-based alternative meat products under the brand plan*t. Products included plant-based chicken, sausages, mince and burger patties, using hemp as a main ingredient. The company was successful in its crowdfunding campaign in 2022, raising $2.28m to drive business growth…
Australian fashion label Dion Lee goes into voluntary administration | Australian fashion
The Australian fashion label Dion Lee has called in the administrators in a major blow to the eponymous brand that has dressed celebrities such as Taylor Swift, Dua Lipa, the Duchess of Sussex and Troye Sivan. The move came after the Australian retail chain Cue announced it had withdrawn its investment in the designer apparel.…
2023 was a worse year for corporate bankruptcies than 2020, S&P Global finds
When much of the world’s economy shut down after the outbreak of COVID-19 in 2020, businesses across the U.S. were on the ropes. In total, 639 U.S. corporations went bankrupt that year, according to an analysis by S&P Global. Despite the Federal Reserve slashing interest rates to near zero and Congress unveiling the $2.2 trillion…
BYJU’s knocks at NCLAT door against insolvency order; seeks urgent hearing
New Delhi: Crisis-ridden BYJU’s has moved the National Company Law Appellate Tribunal (NCLAT) against the recent order of NCLT that allowed cricket board BCCI’s petition for initiating insolvency proceedings against the once-famed edtech company, sources said. Sources privy to the development said that the company is seeking an urgent hearing on the matter. BYJU’s did…