The report also explores how Canadian businesses are adapting to economic pressures through the strategic use of restructuring law. BIA proposals and CCAA proceedings are being used more flexibly, sometimes in sequence. “It’s not unusual, frankly, to see a proceeding start as a proposal proceeding and then convert to a [CCAA] once the strategy becomes clearer,” MacParland says.

She cites the Body Shop Canada case as a recent example on which her firm has advised. “It was triggered by external circumstances in the UK, and so the Canadian company had to react fairly quickly,” she says. “So that’s why we filed a proposal proceeding there, but then we ultimately converted it to CCAA in order to…

New Delhi: The government is working on amending the insolvency law, including the provision related to bidders requiring CCI approval for resolution plans involving combinations before they approach the Committee of Creditors, according to a senior official.

The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of stressed assets and under the framework, the Committee of Creditors (CoC) is a key element.

As part of further improving the insolvency ecosystem as well as reduce the resolution timelines, the Corporate Affairs Ministry has been working on amending the IBC.

The senior official on Tuesday said the ministry is working on amendments to the IBC and they are likely to be moved in the next…

According to official data by the Insolvency Service, business insolvencies have soared to their highest levels in April compared to July 2024 and companies are being hit with higher taxes thanks to the Chancellor’s Autumn Budget.

In England and Wales insolvencies rose by 3% to 2,053 in April but remains down 5% compared to the same period last year.

Rachel Reeves increased employer’s national insurance and raised the minimum wage which has hit businesses hard, and some companies have put in place a pay and employment freeze, many are planning mass redundancies.

Creditor’s voluntary liquidations which have seen shareholders of business owners choose to close the business hit 1,544 in the period.

Tom Russell, president of R3,…

By Oscar Gonzalez2025-05-20T12:30:00

Business insolvencies rose in April to their highest level since July last year after firms faced fresh tax increases, according to official data.

Registered company insolvencies in England and Wales grew by 3% to 2,053 in April compared with the previous month, the Insolvency Service revealed.

It was, however, still down 5% against the same period last year.

Insolvencies have been ticking higher in recent months as UK companies have raised concerns of uncertain economic conditions and an increased tax burden.

Last month, businesses saw their labour costs particularly jump after the Labour Government increased National Insurance contributions and put up the national minimum wage.

Creditors’ voluntary liquidations,…

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