Introduction 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…
Prof Jason Harris, Sydney Law School One of the problems is that our insolvency laws adopt a ‘one-size-fits-all’ approach that makes little distinction between winding up a national transport company and dealing with a failed corner store business. This work must be paid for and while the former may well justify the attention of what…
Hong Kong to Introduce Corporate Rescue Regime and Insolvency Trading Regime Herbert Smith Freehills Read the original article here
Project Overview Fraudulent phoenix activity is of great concern to Australian policymakers. It occurs where there is the deliberate liquidation of a company to avoid paying debts but the business continues through another company, and in corporate groups through the liquidation of undercapitalised subsidiaries and transfer of business to other companies in the group. This…
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New figures from Deloitte Ireland show that the number of corporate insolvencies jumped by 47% in the first quarter of 2024 compared to the same time last year and could reach a total of 800 by the end of the year. Deloitte’s latest Insolvency & Restructuring Statistics reveal 214 corporate insolvencies during the first three…
The staff who fear they ‘lost everything’ in Crown Agents collapse Devex Read the original article here
GVK Power and Infrastructure Ltd (GVKPIL) will face insolvency proceedings for failure to pay loans to lenders, a corporate insolvency court has said. The Hyderabad bench of National Company Law Tribunal (NCLT) issued the order on a petition of lenders’ group led by ICICI Bank Ltd, GVKPIL said in a stock exchange filing. The loan…
Scottish specialist accounting, tax, and audit firm Wbg has advised shareholders planning on using business asset disposal relief (BADR) through a members voluntary liquidation (MVL) process to consider acting sooner rather than later. The advice follows figures from the Office for National Statistics (ONS) showing that UK government borrowing hit a higher than expected £3.1…
A fall in the number of monthly company insolvencies in England and Wales reflects an improvement in local trading conditions, with a growing quantity of struggling businesses able to be rescued rather than closed down. This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest monthly statistics published by…