Insolvency Guardian Media Centre
Chaos agent Christen Ager-Hanssen has been declared bankrupt in his homeland of Norway, the third country to poke holes in the self-proclaimed billionaire’s fantastical claims of entrepreneurial success.
Late last month, the District Court in the Norwegian city of Stavanger issued a bankruptcy judgment against Ager-Hanssen based on his unwillingness/inability to pay debts stemming from a judgment issued against him in the U.K. Ager-Hanssen has appealed the Stavanger ruling, even…
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Look before you leap: Avoiding the chaos caused by multiple liquidation applications Cliffe Dekker Hofmeyr
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In this era of globalisation, international trade has significantly increased, where companies have business in multiple jurisdictions. One of the aspects of globalisation is companies falling into insolvency, which leads to overlapping and conflicts of law between countries, creating chaos for the stakeholders.
The purpose of the Model Law is to eradicate the impediments and provide effective mechanisms for dealing with cases of cross-border insolvency.
Considering the growing significance of cross-border insolvencies, the International Monetary Fund encourages States to adopt the Model Law as it provides an effective mechanism for the recognition of foreign proceedings and cooperation among different courts and administrators.
The Model…
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By MS Sahoo Former chairperson, Insolvency and Bankruptcy Board of India
In a landmark ruling on May 2, the Supreme Court of India ordered the liquidation of Bhushan Power and Steel Ltd (BPSL) while disposing of an appeal filed in 2020. The court found grave irregularities, some intentional and collusive, in the approval and implementation of the resolution plan, attributing lapses to the Resolution Professional (RP), the successful Resolution Applicant (RA), the Committee of Creditors (CoC), the National Company Law Tribunal (NCLT), and the National Company Law Appellate Tribunal (NCLAT).
The judgment has since dominated headlines and ignited an intense debate. Supporters have welcomed the verdict, asserting that the integrity of…
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Liquidators were appointed to the company last week
Darren Campbell (34) announced in March that the FBA Brand Builder would be entering liquidation
A controversial ‘brand builder’ had racked up debts of more than £450,000 before the company entered liquidation, it can be revealed.
The FBA Brand Builder, run by Darren Campbell (34), previously charged clients for guidance in launching their own online selling business through Amazon.
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Bipartisan bill would help Ohioans pay off their medical debt, but not eliminate it News From The States
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Builder’s future hangs in the balance as liquidation delayed The West Australian
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New research by ThinCats has found that mid-sized companies that borrow are sixteen times more likely to achieve growth than face insolvency.
The data found that companies that borrowed were more likely to achieve growth than non-borrowers, with the level of borrowing proportional to growth potential.
Nearly 40% of mid-market SMEs have achieved revenue growth of at least 5% above inflation in the last two years. Companies borrowing significant amounts (i.e. over £5 million) are sixteen times more likely to achieve super growth (50% above inflation) than to face insolvency.
The combination of private equity (PE) backing and debt financing increases the chances of achieving any level of growth. The data shows that in the…
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Laurie van der Burg is global public finance campaign manager at Oil Change International. Mariana Paoli is global advocacy lead at Christian Aid. Rebecca Thissen is global advocacy lead at Climate Action Network International.
While climate disasters intensify across the Global South, another connected crisis is quietly unfolding – one with less media coverage, but just as deadly. Governments are drowning in debt, and the money they need for clean energy and resilience is flowing not into solar panels, but to creditors in the Global North.
Meanwhile, the US is on a mission to make this debt and climate spiral even worse: it is pressuring the World Bank and other global institutions to abandon climate action and to instead use their…
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