Backed by an additional £2.2 million in Scottish Government funding, the project provides tailored support to affected households and works with local authorities to support good practice in Council Tax debt collection.

Housing minister Paul McLennan said the project has already been delivered in nine local authority areas, where it has helped to “promote a dignified and empathetic approach” to debt collection and supported more than 1,600 people with advice on Council Tax issues. This additional funding will allow the project to be…

Insolvency Plea Revival

The insolvency case hearing took place in October 2024. However, the plea was dismissed for non-prosecution in November. Later, Nona Lifestyle again moved the petition for its restoration. Nona Lifestyle’s counsel advocate Tanu Singhal, during the latest hearing, told NCLT that she was not able to attend the previous proceedings.

Nona Lifestyle Pvt Ltd, an operational creditor, has moved NCLT requesting to restore an insolvency plea filed by it earlier against Zomato Ltd under Section 9 of the Insolvency & Bankruptcy Code in 2024.

However, market investors were not impacted following this development. At 12:14 PM, shares of Zomato were trading 4.77% higher at ₹213.41 apiece on the National Stock Exchange. Its market capitalisation stood at ₹775.23 crore.

In 2024, NCLT had dismissed it due…

A liquidation plan at Canada’s oldest company could begin at all of its locations as soon as Tuesday and last for up to 12 weeks, but Hudson’s Bay is still holding out hope that it will find a lifeline.

Lawyers for the beleaguered retailer said in an Ontario court Monday morning that if approved by the judge, the liquidation would span 80 stores as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.

The process Hudson’s Bay is proposing would allow the retailer to remove some stores from the liquidation, should it find sufficient financing during the 10 to 12 weeks when lawyer Ashley Taylor expects the company to offload its inventory.

A quick start will maximize the…

The Insolvency and Bankruptcy Board of India (IBBI) has tightened disclosure requirements for Insolvency Professionals (IPs), mandating them to include comprehensive details of carry forward losses in the Information Memorandum (IM) prepared during corporate insolvency resolution processes.

In a directive issued under Section 196 of the Insolvency and Bankruptcy Code, 2016, the IBBI has asked IPs to create a dedicated section in the IM explicitly outlining the quantum and nature of carry forward losses available to the corporate debtor under the Income Tax Act, 1961.

The move follows the Board’s observation that recent IMs lacked adequate disclosures on the carry forward of losses, despite amendments made to Regulation…