In 2023, Alabama had the highest personal bankruptcy filing rate in the United States. In Alabama 346.72 inhabitants per 100,000 had filed for bankruptcy. In comparison, Alaska had the lowest bankruptcy filing rate, where 25.77 inhabitants per 100,000 filed for bankruptcy. Filing for bankruptcy Bankruptcy is a legal process that occurs when a person, business,…
Landmark Cross-Border Insolvency Case Sees Court Vary Summons and Order Trustees to Pay Security for Costs Lexology Read the original article here
Germany’s corporate insolvency surge raises economic fears MSN Read the original article here
The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis. CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of…
Key points for asset-based lenders We explore the implications for the Act in the context of asset-based lending below. Key points to note are: The Act introduces a new “moratorium” procedure allowing eligible companies to continue to trade whilst being protected from creditors who may not take enforcement steps against them. The moratorium…
Where is the insolvency market going in 2023? Corporate insolvency appointments at highest rate since November 2020. 2023 is promising to be a volatile and interesting year, with a lot of uncertainty, especially as we look forward to the latter half of 2023. Corporate insolvencies Corporate insolvency appointments started the year at a low point,…
On 24 March 2020, the Coronavirus Economic Response Package Omnibus Act 2020 (Cth) (‘Omnibus Act’) was enacted as part of the Commonwealth government’s economic response to the Coronavirus. The Omnibus Act made changes to the Bankruptcy and Corporations Acts and Regulations. These changes were intended to extend for six months, but were later (in September 2020)…
The Corporate Insolvency and Governance Act 2020 has introduced a new standalone moratorium procedure for companies.1 The moratorium is part of a package of significant legislative reforms contained in the Act, intended to enhance the UK’s restructuring rescue culture. These were originally consulted on between 2016 and 2018 and were fast-tracked to deal with the COVID-19…
A bankruptcy court in New Delhi has admitted Hero Electric Vehicles for a corporate insolvency resolution process in an application filed by its operational creditor Metro Tyres. The National Company Law Tribunal appointed Bhoopesh Gupta as interim resolution professional for the EV maker. “We are of the view that the corporate debtor (Hero Electric Vehicles)…
{{ registerForm.errors.get(‘form’) }} We had trouble validating your card. It’s possible your card provider is preventing us from charging the card. Please contact your card provider or customer support. Credit Card {{ cardForm.errors.get(‘card’) }} … Read the original article here