Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
1. Starting point: Insolvency scenarios, legal and economic impact of insolvency on company pension schemes Insolvency proceedings against the employer's
An Auckland man who took his fight against an $80 speeding ticket all the way to the Supreme Court, and lost at nearly every turn, racked up $34,000 in legal fees and was declared bankrupt when he could not pay them.
Peter Prescott has now failed to have his bankruptcy annulled, and is liable to pay more legal fees to the New Zealand Police after another unsuccessful trip to court.
In July 2016, Mr Prescott was caught driving at 64kmh in a 50kmh zone and was sent a ticket. However, he tried to claim he was not driving the car, nor did he own it.
When he did not pay the fine and the matter went to court, Mr Prescott did not show up and he was fined a further $80 and $30 in court costs.
1. Starting point: Insolvency scenarios, legal and economic impact of insolvency on company pension schemes
Insolvency proceedings against the employer’s assets (insolvency debtor) are initiated if one of the grounds for insolvency as defined in Sections 17f et. of the German Insolvency Code (Insolvenzordnung, InsO) applies (§ 16 InsO), i.e. if the insolvency debtor is either unable to pay (Section 17 InsO), at risk of being unable to pay (Section 18 InsO) or is over-indebted (Section 19 InsO). When insolvency proceedings are opened, the right of the insolvency debtor to independently manage and dispose of the assets belonging to…
A GP surgery manager who deducted pension payments from her staff’s wages but failed to pay them into the NHS pension scheme has been handed seven years of bankruptcy restrictions.
Sonia Simkins, 54, from Foxglove Way in Dudley, ran Hawes Lane Surgery in Rowley Regis, which closed in July 2024 after Simkins was made bankrupt.
It served nearly 4,000 patients and employed 10 staff, including a GP, receptionists and admin workers.
An investigation by the Official Receiver found that between August 2019 and December 2020, and again from June 2023 to June 2024, Simkins deducted over £25,000 in pension contributions from staff wages but failed to pass the money on to the NHS pension fund.
A Bench led by Chief Justice Sanjiv Khanna dismissed Wadhwans’ appeal against the National Company Law Appellate Tribunal’s last year’s order that refused to entertain their pleas.
The Mumbai bench of the National Company Law Tribunal had admitted insolvency petitions filed by Union Bank of India to initiate insolvency proceedings against the duo for a default of Rs 3958 crore with interest and penalties in relation to the credit facilities….
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A Queensland building company has gone into liquidation owing about $20 million to creditors, many of which are unlikely to recover the full extent of their losses.
Veteran construction company Stokes Wheeler had four projects under construction on the Gold Coast whose contracts have now been cancelled.
The largest project, a block of 40 apartments at Palm Beach, is being developed by Evoke Property who is seeking to recover $6.49m in debt according to the Courier Mail.
Stokes Wheeler was also building an aged care facility in Sunnybank, a Hostel in Surfers Paradise and a medical centre in Pimpama.
A number of loss-making projects put financial strain on the commercial construction company, and in February, it went into voluntary…
The company behind the St Giles Centre has officially entered liquidation.
As a result, assets owned by St Giles Shopping Centre Holdings Limited will be sold off to repay those who are owed money – including Moray Council.
The gates at the St Giles Centre are set to stay closed…Picture: Daniel Forsyth
Liquidators Alistair McAlinden and James Dewar, from the firm Interpath, were appointed on April 8, 2025.
The company, owned by Aviemore businessman David John Cameron through Upland Developments Limited, owns the lease and right to operate the Elgin shopping centre.
However, the actual building is owned by a pension fund for Imperial Tobacco, which is not subject to insolvency.
The St Giles Centre operated for 33 years but closed on…
