A massive high-street brand has officially gone bust, according to reports. Select Fashion LTD’s liquidation follows 35 Select stores shutting down across the UK last month. Read more: Select Fashion update as 48 stores to be SAVED by mystery company The brand issued a notice to confirm that insolvency firm, Moorfields, had been appointed to…
While March’s official statistics and details of insolvencies won’t be confirmed by the government’s Insolvency Service (IS) until April 25, an agency that supplies data on companies in distress for those seeking to “capitalise on crisis” has warned that the month saw businesses collapsing at an alarming rate. London-based agency Administration List, which sells speculators…
Open this photo in gallery: Hudson’s Bay in Richmond Centre shopping centre, on March 27. Hudson’s Bay stores are proceeding with clearance sales, which are expected to last 10 to 12 weeks and to conclude by mid-June.Isabella Falsetti/The Globe and Mail Senior lenders to Hudson’s Bay Co. have not yet acted on a previous claim…
The Supreme Court held that the Applications filed in respect of “Fraudulent and Wrongful trading” carried on by the Corporate Debtor (CD) cannot be termed as “Avoidance Applications” under the Insolvency and Bankruptcy Code, 2016 (IBC). The Court held thus in a batch of Civil Appeals in which one of the Appeals was filed by…
An application under Section 66 of IBC may be maintainable against the persons who were responsible for the management of the corporate debtor The National Company Law Tribunal (NCLT), New Delhi bench has held that third parties who sold land to the Corporate Debtor cannot be said to fall within the ambit of expression “any…
The troubled Brindabella Christian College will close one of its campuses from Friday next week, after it was put under voluntary administration last month by Deloitte. A spokesperson for Deloitte said administrators decided to “consolidate” BCC’s two campuses, with Norwest students joining the Lyneham campus for at least Term 2 of 2025. “A total of…
The Tribunal reaffirmed that the IBC is meant to be a method for resolving the Corporate Debtor, not a procedure for collecting debt The National Company Law Tribunal (NCLT) Mumbai bench has held that the Liquidator must not restrict the private sale to a single buyer but should strategize to attract the maximum number of…
Home building client David Daff says he is elated after the Perth company that left him waiting well past his scheduled completion date announced it had gone into administration. Inspired Homes’ move into voluntary administration will allow customers with long-overdue building projects to access funds and employ new builders. Mr Daff, who signed on with…
Jurisdiction for Group Insolvencies ResearchGate Read the original article here
According to the reports, by December 31, 2024, a total of 8,175 Corporate Insolvency Resolution Processes (CIRPs) had been initiated under IBC The Insolvency and Bankruptcy Code, 2016 (IBC) has strengthened with 6 amendments and 122 reforms, says Mr. Harsh Malhotra, the Minister of State in the Ministry of Corporate Affairs and Minister of State…