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.
The IBC classifies individuals into three categories- personal guarantors to corporate debtors, partnership firms and proprietorship firms and other individuals
The IBC classifies individuals into three categories- personal guarantors to corporate debtors, partnership firms and proprietorship firms and other individuals to enable implementation of individual insolvency in a phased manner.
The National Company Law Tribunal (NCLT) Chennai has held that the threshold limit for initiating the Personal Insolvency Resolution Process (PIRP) under Sections 94 or 95 of the Insolvency and Bankruptcy Code, 2016 (Code), shall be the same as that for a Corporate Debtor under Section 4 of the Code, i.e., ₹1 crore.
CHICAGO — Chicagoans with tickets who have accrued late fees or additional penalties now have a chance to wipe clean their debt to the city if they pay the original fine under a new program.
Mayor Brandon Johnson’s administration is launching a ticket relief program for people with non-meter parking tickets and standing violations, speed camera and red light citations and “compliance violations” — such as expired registration, or missing city stickers and license plates — that were issued before 2024.
Anyone meeting that criteria has until June 30 to pay their tickets under the program.
More information about how to participate is here. The limited-time initiative does not cover tickets given for expired parking meter…
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As part of its restructuring, Canadian department store Hudson’s Bay Co. will eliminate 200 corporate roles effective Friday.
“This is a difficult reality of the restructuring process, and we are committed to treating associates impacted by these changes with respect and support,” a company spokesperson said in a statement.
Impacted personnel were notified on March 28. The company did not respond to…
Six people arrested last year after The Crooked House pub was destroyed in a fire and then demolished illegally, were released from bail last July, but remain under investigation
A firm linked to the ex-owner of the Crooked House pub, which was gutted by fire before being demolished illegally, has gone into liquidation with debts of £1.2m.
Himley Environmental Ltd (HEL), which owns the 15-hectare Oak Farm Quarry and Landfill site adjacent to the pub, which was reduced to a pile of bricks nearly two years ago, has been wound up voluntarily, Companies House stated.
In October, the Environment Agency (EA) obtained an injunction against the firm over a risk of pollution and to human health on the…
A pedestrian passes the Hudson’s Bay store in downtown Calgary, on March 20.Jeff McIntosh/The Canadian Press
Hudson’s Bay Co. has informed some former senior executives that their pension payments will be cut, as the retailer continues to liquidate the majority of its stores and the future of the company hangs in the balance.
Last Friday, the retailer sent letters to participants in its “supplementary executive retirement plan” (SERP), saying that HBC is stopping all payments under the SERP. The trustee will now be initiating a wind-up of the plan, according to the letter, which was obtained by The Globe and Mail.
Hudson’s Bay sponsors two different pension plans, and the one affected by the cuts is a…
Imagine learning that your genetic data, which you thought you had deleted months ago, has been transferred to a company you have never heard of. Despite your careful attempts to remove your DNA profile, family health history and raw genetic data from a genetic testing service, it resurfaces during bankruptcy proceedings as a valuable asset. No further consent required. No real option to prevent the transfer. This nightmare scenario isn’t science fiction; it’s the potential reality facing millions when data-rich companies collapse.
8 Steps to Take During and After Bankruptcy to Protect Your Data
Submit formal objections to the bankruptcy court if your data is listed as an asset.
The Star Casino is still in a trading halt as the embattled company negotiates a financial lifeline. (Dan Himbrechts/AAP PHOTOS)
Star Entertainment has failed to secure a $940 million lifeline to cover its eye-watering debts, throwing the future of the casino operator and 9000 jobs into question.
The Star announced in March it had entered into an exclusivity and process deed with property development fund Salter Brothers Capital for the deal, which had “sufficient liquidity” to cover the group’s arrears.
“The Star has continued to work diligently with Salter Brothers Capital in relation to the Refinancing Proposal,” the company said in an ASX announcement on Wednesday.
“But (it) has not received a binding debt commitment letter…
Hydrogen truck and zero-emission transport manufacturer Quantron has risen from the ashes of insolvency and is once again trading under a refocused strategy.
A holding company belonging to Quantron CEO Andreas Haller has been named as the purchaser. Quantron had initially been founded in July 2019 as a spin-off company of Haller GmbH & Co. KG.
A seven-figure investment sum was initially floated as needed to save Quantron when it entered bankruptcy proceedings.
“After challenging months, we are moving forward with fresh energy and a clear vision,” the company…
