Specialty finance firm Greensill Capital headed toward a rapid unraveling after Credit Suisse Group AG suspended $10 billion of investment funds that fueled the SoftBank Group Corp. -backed startup. With a key source of financing frozen, Greensill has appointed Grant Thornton to guide it through a possible restructuring, and it could file for insolvency, the…
The Supreme Court Monday held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them. The top court, however, did not extend the benefit of moratorium on…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
The Pension Protection Fund (PPF) has published interim guidance on the Corporate Insolvency and Governance Act 2020 around the newly-introduced concepts of moratorium and financial difficulty mitigation arrangements. Under the act, a moratorium can be initiated by the directors of a company that, among other things, suspends payments of most historic debts and prevents action…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
The boss of a signage and display printer has received a lengthy ban of 10 years after a six-figure false invoicing scandal. The Insolvency Service has handed the 10 year ban to Russell Ivan Murch, who was managing director at Pure Point of Sale Limited, based in Lutterworth. The case dates back to the spring…
When Carriageworks went into voluntary administration during the Covid-19 downturn last year, many artists lost work and Sydneysiders were robbed of one of their best venues. The rescue was protracted and involved both public and private funds. The New South Wales governments Covid-19 rescue packages for artists were famously far smaller, and came far later,…
Member Article Commenting on the official Insolvency Service figures for January showing a 39.1% month-on-month fall in the number of UK corporate insolvencies, Alexandra Withers, North East chair of insolvency and restructuring trade body R3, said: Januarys fall in corporate insolvency numbers dont reflect the fact that the economic fallout from the pandemic is continuing…
The enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. The purpose…