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.
CompaniesMore than 12,000 Sritex workers to lose jobs in blow to nation's manufacturing sectorOne of Indonesia's largest textile manufacturers was declared
Gamblers in North Carolina are being hit with taxes even if they break even or lose money. A new bill aims to change that.
GREENSBORO, N.C. — A little-known North Carolina tax rule is hitting gamblers forcing them to pay taxes on their winnings, even if they lost just as much along the way.
Under current state law, if someone wins $10,000 gambling but also loses $10,000, they still owe taxes of $450 on the full amount of winnings. That’s because unlike federal law, North Carolina does not allow players to deduct their losses.
For James Joyce and his friends that realization was enough to make them stop…
More than 12,000 Sritex workers to lose jobs in blow to nation’s manufacturing sector
One of Indonesia’s largest textile manufacturers was declared insolvent on Friday after a long legal battle over liabilities of $2.1 billion. More than 12,000 workers will lose their jobs. (Photo by EPA/Jiji)
ISMI DAMAYANTI
February 28, 2025 19:37 JST
JAKARTA — Attempts by one of Indonesia’s biggest textile companies, Sri Rejeki Isman (Sritex), to appease its creditors and remain operating ended in defeat on Friday when a court declared it insolvent.
Troubled Metropolitan Sacco has been declared insolvent. This was announced by the Commissioner for Co-operatives David Obonyo who said that the Sacco would require Sh7 billion to resume normal operations.
“Metropolitan Sacco is technically insolvent and that is a fact. The little amount that we were able to spot and outrightly felt was mismanaged was about Sh7 billion,” said Obonyo.
The insolvency declaration now means that the Sacco is unable to repay any money that it owes customers. Neither is the Sacco able to settle its financial obligations including paying bills.
In August 2024, the shocking extent of how billions of money were lost at the Sacco came to light. More than 100,000 Metropolitan…
The National Company Law Appellate Tribunal (NCLAT) has set aside an order of the National Company Law Tribunal (NCLT) that allowed corporate insolvency resolution process (CIRP) against Coffee Day Enterprises Ltd (CDEL), the operator of the Cafe Coffee Day chain.
A two-judge panel of the Chennai bench of the NCLAT, comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain, on Thursday quashed the NCLT order.
The appellate tribunal had, in August 2024, stayed the order of NCLT initiating CIRP against the company.
NCLAT passed the order on an appeal filed by Malavika Hegde, a shareholder and director of the company, challenging the NCLT order that allowed a bankruptcy petition filed by IDBI…
An icon of American orange juice is facing a money crisis. According to Debwire (via CNN), Tropicana Brands Group, whose eponymous orange juice brand is one of the best, has recently suffered a 10% loss in quarterly income and a 4% quarterly revenue loss. The consistently lagging economic performance is stirring whispers of…
Gratuity payments are classified as excluded dues and therefore, remain outside the scope of asset distribution among creditors under the waterfall mechanism in Section 53 of the IBC
The Calcutta High Court ruled that gratuity obligations are not included in the corporate debtor’s liquidation estate as defined under the Insolvency and Bankruptcy Code, 2016 (IBC), and are instead statutorily protected by the Payment of Gratuity Act, 1972.
The court determined that gratuity payments, regardless of the settlement plan, must be made in full and fall outside the waterfall process under Section 53 of the IBC. It further noted that Section 14 of the Payment of Gratuity Act has a superseding effect, guaranteeing that workers’ legal rights…
On 17 February 2025, the Department of Employment and Workplace Relations (DEWR) issued a discussion paper addressing corporate misuse of the Fair Entitlements Guarantee (FEG).
The paper sets out several options for reform aimed at addressing and putting an end to future misuse of FEG by unscrupulous corporate actors.
Key takeaways
The Department of Employment and Workplace Relations (DEWR) has issued a discussion paper which addresses corporate misuse of the Fair Entitlements Guarantee (FEG).
The paper raises some options for reform aimed at deterring improper reliance on FEG and strengthening the ability to recover amounts advanced under FEG.
You can have your say on the reform options set out in the paper by making a…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that the application under section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) cannot be entertained when the debt is not unequivocally admitted by the Corporate Debtor.
Brief Facts:
The RR Metalmakers India Ltd.(Corporate Debtor) had approached Jaldhi Overseas Pvt Ltd. (Operational Creditor) for chartering of vessel MV Aetolia for carrying cargo from Port Redi to China for delivery to BST (HK) Ltd.- (“BST”) under a Charter Party Agreement dated 15.03.2017. The parties had appointed Bulk Chart as their broker.
Solent View Hotels Ltd (SVH), whose director is Howard Spooner, known as an old friend of Prince Harry, is in the process of being wound-up.
Mr Spooner was also director of Quay Street Ltd (QS), the company previously running the George Hotel and Beach Club, Yarmouth.
QS went bust in April 2023, owing almost £1 million to creditors, as previously reported.
The firm subsequently entered a Business License Agreement (BLA) with SVH, a company incorporated two months prior, with Mr Spooner’s son, Felix Spooner listed as sole director.
The purpose of the BLA was to preserve the value of the company’s business and assets while the liquidation process was ongoing.
