Most creditors oppose restructuring, court to hear case in May

British specialty steelmaker Liberty Specialty Steel UK may face bankruptcy proceedings after all Greensill’s creditors and more than three-quarters of other creditors voted against the company’s restructuring plan. This was reported by Argus.Media, citing sources in the company.

The restructuring plan was considered at a hearing on April 30. Now the final decision is to be made by the court at a sanction hearing scheduled for May 15-16. If the judge finds the creditors’ position unreasonable, he can legally reject their vote. However, sources attending the hearing…

The Supreme Court’s verdict ordering the liquidation of Bhushan Power and Steel (BPSL) has reignited uncertainty over one of India’s largest insolvency resolutions, dragging the acquirer JSW Steel into potentially a complex legal and financial quagmire, say experts.

The apex court on May 2 rejected JSW Steel’s resolution plan to acquire Bhushan Power and Steel, four years after the takeover was completed, ordering liquidation of the debt-ridden firm. Shares of JSW Steel ended the trading session sharply lower by close to six percent, following the verdict.

Despite having successfully completed the acquisition and operated the company since 2021, JSW Steel…

GrowthOps, the parent company of agencies including AJF Partnership, Khemistry, and APD, has entered administration and is undergoing liquidation for most of its entities.

Administrators, Katherine Sozou and Damien Pasfield of McGrathNicol, were appointed on 31 March to oversee the voluntary administration process of three business units – GrowthOps Limited, Asia-Pacific Digital (APD) and a third entity known as ACN 123287025 Pty Ltd – after directors of the company voted in favour of winding up the business.

McGrathNicol were also appointed liquidators for 19 entities on the same day, including AJF Partnership, Voodoo Creative, JTribe and 3wks. The advisory form was subsequently appointed yesterday as liquidator for a further two…

Latest annual data analysis by the Accountant in Bankruptcy has shown that there were 1,175 corporate insolvencies in the year 2024-2025. This was a slight increase of 0.6% from 2023-2024’s figure of 1,168, and an increase of 3.8% on 2022-2023’s figure of 1,132.

Separate quarterly figures (fourth quarter 2024-25) showed that registered companies becoming insolvent or entering receivership decreased when compared to the same quarter in 2023-24, with 294 companies becoming insolvent, 2.3% less than the fourth quarter of 2023-24, where 301 companies became insolvent.

Commenting on the data, Tim Cooper, President of insolvency and restructuring trade body R3 and Partner at Addleshaw Goddard said “The increase in…

New Delhi: The Supreme Court on Friday ordered the liquidation of Bhushan Power and Steel Ltd (BPSL), rejecting JSW Steel’s resolution plan for the bankrupt company. The apex court held that the ₹19,700-crore resolution plan submitted by JSW Steel was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code (IBC). The court said the resolution plan should not have been approved by the Committee of Creditors (CoC) and invoked its extraordinary powers under Article 142 of the Constitution to direct BPSL’s liquidation. This marks the second time in recent months—after Jet Airways—that the Supreme Court has ordered the liquidation of a major insolvent company by exercising these constitutional powers.

A detailed…

The Supreme Court on Friday issued orders for the liquidation of debt-ridden Bhushan Power and Steel Limited (BPSL), after rejecting the resolution plan worth Rs 9,700 crore, proposed by JSW Steel Limited.

Terming the resolution plan as unconstitutional, the Bench of Justice Bela Trivedi and Justice Satish Chandra Sharma ruled that the Committee of Creditors (CoC) erred in approving JSW Steel’s plan, in violation of the Insolvency and Bankruptcy Code (IBC).

JSW Steel had emerged as the successful resolution applicant for BPSL in 2019, after offering to pay over Rs 19,000 crore to financial creditors.

The National Company Law Tribunal (NCLT) approved the plan in September 2019.

Despite legal challenges, including…

• Gary Wright was the owner of the Talbot Ale House in St Helens before it ceased trading in 2019, prior to the pandemic

• Wright was subsequently declared bankrupt in early 2020

• This did not stop him applying for a £25,000 Bounce Back Loan on behalf of the pub, failing to tell the bank he was bankrupt in the process

• The loan was repaid in full earlier this year

A former St Helens pub owner who failed to disclose his bankruptcy when he applied for Covid support funds has been handed a suspended sentence.

Gary Wright did not inform the bank that he was bankrupt when he obtained a £25,000 Bounce Back Loan in the summer of 2020.

The 46-year-old made the application on behalf of the Talbot Ale House on Duke Street in St Helens town centre,…

• Gary Wright was the owner of the Talbot Ale House in St Helens before it ceased trading in 2019, prior to the pandemic 

• Wright was subsequently declared bankrupt in early 2020 

• This did not stop him applying for a £25,000 Bounce Back Loan on behalf of the pub, failing to tell the bank he was bankrupt in the process 

• The loan was repaid in full earlier this year

A former St Helens pub owner who failed to disclose his bankruptcy when he applied for Covid support funds has been handed a suspended sentence.  

Gary Wright did not inform the bank that he was bankrupt when he obtained a £25,000 Bounce Back Loan in the summer of 2020. 

The 46-year-old made the application on behalf of the…

The ED had previously attached Bhushan Power’s assets under Section 5 of the Prevention of Money Laundering Act, 2002 (PMLA) because the former promoters of BPSL were accused of defrauding banks and diverting funds for personal gains.

The Committee of Creditors (CoC) challenged the ED attachment during the corporate insolvency resolution process (CIRP), claiming it violated IBC protections.

The ED, in turn, opposed JSW Steel’s resolution plan, arguing that the assets attached under PMLA were tainted.

However, the ED later withdrew its challenge citing Section 32A of IBC. 

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New Delhi: The Supreme Court on Friday ordered the liquidation of Bhushan Power and Steel Ltd (BPSL), rejecting JSW Steel’s resolution plan for the bankrupt company.

The apex court held that the ₹19,700-crore resolution plan submitted by JSW Steel was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code (IBC).

The court said the resolution plan should not have been approved by the Committee of Creditors (CoC) and invoked its extraordinary powers under Article 142 of the Constitution to direct BPSL’s liquidation. 

This marks the second time in recent months—after Jet Airways—that the Supreme Court has ordered the liquidation of a major insolvent company by exercising these constitutional powers.

A detailed…