Tim CooperPresident of R3 Corporate insolvency levels rose by 18.4 % in April 2024, with personal insolvencies also increasing by 9.9% during the same period, according to new statistics from the Insolvency Service. Corporate insolvencies increased to a total of 2,177 compared to March’s total of 1,838, and increased by 18.4% compared to April 2023’s…
2 min read Last Updated : Jul 16 2024 | 11:40 AM IST The Adani Group is strategising to acquire the Jaypee Group’s cement assets, which boast over 9 million tonnes per annum (mtpa) capacity, according to a report by Moneycontrol. This potential acquisition comes as lenders initiated insolvency and bankruptcy proceedings against Jaiprakash…
Insolvency professionals warn the Tax Office is using DPNs and legal action to take a “far more aggressive” recovery stance. The ATO is “hellbent” on chasing down $34 billion worth of debts owed by small businesses using director penalty notices (DPNs) and legal action, insolvency professionals say. Insolvency Australia (IA) members said that recent activity…
4 min read Last Updated : Jul 17 2024 | 10:00 PM IST Edtech company Byju’s parent Think & Learn will challenge the National Company Law Tribunal’s (NCLT’s) order on insolvency proceedings and may approach the National Company Law Appellate Tribunal (NCLAT) in the next few days, sources claimed. With the NCLT appointing…
Rachel Mealey: There’s been a spike in corporate insolvencies as businesses feel the pressure from higher interest rates and a slowing economy. And there could be worse to come if rising inflation forces the Reserve Bank to hike interest rates again next month. For more, I spoke earlier with the ABC’s senior business correspondent, Peter…
The Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal’s order that allowed the Indian cricket board’s settlement with debt-laden edtech firm Byju’s. The top court asked the Board of Control for Cricket in India, an operational creditor to Byju’s, to deposit the settlement amount of ₹158 crore in a separate escrow account…
The latest company insolvency statistics for July 2024 highlight a significant increase in corporate insolvencies within Scotland, reflecting broader trends seen across the UK. The total number of registered company insolvencies has risen, driven by a challenging economic environment that has persisted over recent years. Creditors’ Voluntary Liquidations (CVLs) remain the predominant form of insolvency,…
Popular drinks company Billson’s collapses Hawkesbury Gazette Read the original article here
The federal government will guarantee all regional flight bookings for customers of Rex during its administration process over the next month. The guarantee translates, if Rex customers have their flights cancelled, they will be entitled to receive a full refund. The Australian Federal Government has announced it will guarantee regional flight…
DigiDirect founder Shant Kradjian. Source: Supplied The owner and founder of tech retailer digiDirect has purchased book marketplace Booktopia out of administration, but says there are no plans to copy Amazon by combining both businesses under one giant e-commerce brand. On Monday afternoon, insolvency and restructuring practice McGrathNicol announced digiDirect founder and owner Shant Kradjian…