Insolvency Guardian Media Centre
Liam James Hennessey, 28, has been disqualified from being a director of a company for the next 11 years.
Mr Hennessey, of Manchester Road, Haslingden, applied for Nero Plant Limited to receive a £50,000 Bounce Back Loan during the Covid-19 pandemic.
Under the BBL scheme, businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of 25 per cent of its turnover.
Nero Plant Limited, which is based in Brunswick Street, Oldham, received these funds on May 28, 2020.
Two days earlier Mr Hennessey applied for a BBL, declaring that the turnover figure for 2019 was £240,000.
Bank statements from the company’s one known account showed receipts for the entirety of 2019 totalling £4,656.
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The European Commission’s latest proposals to take forward the Capital Markets Union (CMU) action plan contain a long-awaited deliverable from the plan — an attempt to harmonise insolvency practices across the Union — as well as continuing efforts to make it easier to raise capital on EU public markets. Other proposals were not in the original action plan but address issues in the clearing sector that have arisen as a result of recent market volatility and the continued dominance of UK clearing houses in EU clearing.
EMIR 3.0
The proposals contain a few different strands amending EMIR and other regulations to address the current issues in EU clearing.
Continued dominance of UK central counterparties (CCPs) in EU…
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The Supreme Court on Tuesday (April 29) upheld the delivery of a demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to the corporate debtor’s Key Managerial Personnel (KMP), stating that the delivery of the notice to the KMP substantially complies with the requirement of Section 8 of IBC.
Setting aside the National Company Law Appellate Tribunal (NCLAT) ruling, the bench of Justices JB Pardiwala and R Mahadevan allowed the Operational Creditor’s appeal, stating that delivery of the demand notice to the corporate debtor’s KMP constitutes deemed service of the notice.
The judgment authored by Justice Mahadevan observed that, since the Respondent-Corporate Debtor failed to demonstrate any prejudice…
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Veteran jockey Frankie Dettori says he feels “embarrassed” after he filed for bankruptcy having been unable to reach agreement with His Majesty’s Revenue and Customs over a long-running case of tax avoidance.
The 54-year-old Italian, a mainstay of the British and European flat-racing scene for 37 years, has ridden more than 3,300 winners during his career.
Dettori’s financial situation became public knowledge in December last year when his plea for anonymity lodged in November was rejected by a High Court judge.
The case was brought against Dettori after he had employed professional specialist tax advisers to oversee his and his family’s financial affairs.
Dettori, who was awarded an MBE in 2001, terminated relations with those advisers…
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The possibility that your genetic data could one day be sold to the highest bidder sounds like something out of a sci-fi novel, but fiction has just taken one step closer to reality. Genetic testing company 23andMe has filed for bankruptcy protections and is looking for a buyer, which has people asking – what’s going to happen to everyone’s personal data?
23andMe was founded in 2006, and since then, millions of people have spit in a tube and sent it off to the company to find out what their DNA can apparently say about their ancestry and/or health.
However, the company announced on March 23 that not only was CEO and co-founder Anne Wojcicki resigning, but that it was also filing for bankruptcy protections, meaning it would be…
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Part 1: A Broad Overview of Bankruptcy
‘As privileged professionals, who live by the words of the English language, lawyers have a special duty to be clear in what they say and write’[1]
When discussing any area of law, precision is essential.
A common source of confusion amongst both lawyers and the public generally is the difference between insolvency and bankruptcy. Though you may see the terms being used interchangeably (especially in legal dramas), the two concepts are distinct.
Insolvency and Bankruptcy: A Distinction
Insolvency is defined by the Corporations Act 2001 (Cth) as the inability to pay one’s debts as and when they fall due.[2]
There are two types of insolvency: personal and corporate insolvency. Whilst it…
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“Frontline Collections – London office (Debt Collection)”
Top London Debt Collection Agency Frontline Collections is helping London Businesses stay solvent by recovering millions of pounds every year.
London, UK – In an increasingly challenging economic climate, London businesses are under constant pressure to maintain healthy cash flow and financial stability. One organisation that continues to stand out as a reliable lifeline for these businesses is Frontline Collections, the leading debt collection agency in London.
With a proven track record, ethical approach, and tailored services, Frontline Collections has been instrumental in helping companies recover outstanding payments and safeguard their financial futures.
Supporting London’s…
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The HOPE Act Will Help Americans With Medical Debt The Well News
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AboitizPower to raise P100B for future projects and debt management Bilyonaryo Business News
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TORONTO, April 29, 2025 (GLOBE NEWSWIRE) — Montauk Metals Inc. (TSX-V: MTK) (the “Company” or “Montauk”) announces that Mr. Robert Suttie has resigned from his position as Chief Financial Officer of the Company, effective immediately. The Board of Directors would like to thank Mr. Suttie for his service to Montauk and wishes him the best in his future endeavors.
The Company also announces that it will not be in a position to file its audited annual financial statements, management’s discussion and analysis, and related CEO and CFO certifications for the year ended December 31, 2024 (the “Required Filings”) by the prescribed deadline of April 30, 2025, as required under National Instrument 51-102 -…
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Another beloved brewery goes bust and files for Chapter 7 liquidation MSN
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Jodie Wildridge, deputy chair of the UK’s insolvency and restructuring trade body R3 in Yorkshire and a barrister at Exchange Chambers in Leeds, said:
“The slight month-on-month reduction in corporate insolvency numbers is due to a fall in Compulsory Liquidations compared to last month’s figures. However, the corporate insolvency statistics published today are higher than they were a year ago and show that demand for insolvency support and the number of firms entering insolvency processes are still high.
“Creditors’ Voluntary Liquidation, Administration and Company Voluntary…