Professional services firm PKF Attest has introduced a new advisory and technical consulting service aimed at mitigating business liability in potential insolvency situations. This service is designed for company executives and high-level management, addressing the proactive measures required by the new European directive to prevent insolvency cases. The initiative has already completed a pilot phase…
1. Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? Canada is a relatively debtor-friendly jurisdiction. Canadian insolvency legislation provides creditors and other stakeholders with broad rights, remedies and protections within a framework that enables financially distressed debtors to remain in possession of their assets and restructure their…
Looking forward, slowing growth, persistent geopolitical frictions and a delayed easing of financing conditions would push up corporate insolvencies by +2% in 2025 before stabilizing at high levels in 2026. In the US, we expect bankruptcies to increase by +12% in 2025 (reaching a total of 27,800 companies) before falling by -4% in 2026. In…
Small business restructuring booms amid economic strain Adelaide Advertiser Read the original article here
New Delhi, Feb 9 (PTI) In a rare move, NCLT has recalled and set aside its own order directing insolvency proceedings against realty firm Logix Infrastructure in July 2023, saying the plea was initiated with “fraudulent and mala fide intentions” and a collusive petition was filed by the financial creditor. NCLT said “there is a…
NSW builder Clarke Homes, which formerly traded as Hotondo Homes, has been placed in administration following a meeting with creditors held on Wednesday. Picture: Facebook NSW builder Clarke Homes, which formerly traded as Hotondo Homes, has been placed in administration following a meeting with creditors held on Wednesday. Documents reveal the company owes employees wages…
A decade strong: Apptrade marks 10 years of providing liquidation services, auctioneering, and surplus trading BusinessWorld Online Read the original article here
The Australian Securities and Investments Commission (ASIC) said creditors have resolved to wind-up UGC and David Stimpson of SV Partners has been appointed as a liquidator. UGC withdrew its application regarding the cancellation of its Australian financial services licence, which was cancelled on 31 July, and the Administrative Appeals Tribunal (AAT) dismissed that application. An…
Though the paper talks about insolvency resolution for interconnected entities, it doesn’t provide for consolidation of assets and resolution as a whole, which is the essence of a group insolvency process. Srivastava said that it is pertinent that any amendments for introduction of group insolvency must include consolidation of assets and combination of creditors’ committees…
The Delhi High Court has ruled that a Corporate Debtor that has undergone a successful resolution process under Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC), cannot be prosecuted for offences committed prior to the commencement of the Corporate Insolvency Resolution Process (CIRP). The Single Bench of Justice Manmeet Pritam Singh Arora made…