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Many businesses and industry groups are currently advocating for the Treasurer to extend the temporary six month exemption from insolvent trading liability for directors – due to expire on 25 September 2020 – and to also adopt other interim relief measures such as a prohibition on liquidators recovering unfair preference payments to creditors. It had been anticipated that the Treasurer would do so as part of the Australian Government’s Economic Update on 23 July, but an announcement was not forthcoming.
While these measures are argued to relieve the pressure on directors continuing to struggle to navigate the economic impact of the pandemic, and to enable companies to trade on, the risk is that they perpetuate…
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The Insolvency and Bankruptcy Code (IBC), enacted on 28 May 2016, was designed to address corporate distress by enabling quicker resolution of insolvency cases and aiming to preserve the value of assets. As of December 2024, a total of 8,175 Corporate Insolvency Resolution Processes (CIRPs) had been admitted under the Code. Among the cases that have reached closure, about 56% of closed CIRPs were settled through resolution, withdrawal, or legal closure, while the remaining 44% moved into liquidation.
In a landmark decision, the Supreme Court of India rejected the resolution plan submitted by JSW Steel for Bhushan Power and Steel Ltd. (BPSL), bringing an end to a Corporate Insolvency Resolution Process (CIRP) that began in July 2017….
As the cost-of-living crisis bites, the number of people seeking help with business and individual debts is soaring.
In March alone, calls to the National Debt Helpline’s small business advice number jumped to 570, that’s 49 per cent more than March last year and 18 per cent more than February 2025.
New business starts-ups and insolvency-related activity had both fallen across the UK and in Yorkshire and the Humber last month, according to the latest research from the UK’s insolvency and restructuring trade body, R3.
The findings, based on an analysis of data provided by Creditsafe, show an 18% decline in insolvency-related activity in the region in April, while the rate of new business start-ups saw a 9% drop in the same month.
Insolvency-related activity, which includes liquidator and administrator appointments and creditors’ meetings, rose in the North East (by 7%) and in Wales and the North West (by 4%) but fell in every other UK region, with the South West seeing the largest fall,…
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| Photo Credit: Reuters
The National Company Law Appellate Tribunal (NCLAT) has dismissed an insolvency petition against PepsiCo India Holdings after observing that provisions of IBC cannot be turned into a debt-recovery proceeding.
The appellate insolvency tribunal has upheld the earlier order passed by the Chandigarh bench of the National Company Law Tribunal (NCLT), which had rejected SNJ Synthetics’s plea.
“The adjudicating authority (NCLT) has not committed any infirmity in not allowing the CIRP of the corporate debtor [PepsiCo] to be initiated solely on the basis of the claim of the…
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In late April, the company confirmed it would close the last six stores that had initially been exempt from the first round of closures, including the heritage flagship stores in downtown Toronto and downtown Montreal, as well as Yorkdale Shopping Centre in Toronto, Hillcrest Mall in Richmond Hill, CF Carrefour Laval mall, and CF Fairview Pointe-Claire mall.
