Insolvency Guardian Media Centre
Compuage Infocom Ltd Undergoes Corporate Insolvency Resolution Process TipRanks
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Accedere Faces Challenges Amidst Stagnant Growth and Debt Management Concerns MarketsMojo
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The Irish arm of fashion retailer New Look has sought the appointment of provisional liquidators as it seeks to wind down its operations.
The UK-owned retailer said the decision to wind down its Irish operations came after several years of sustained losses and challenging market conditions.
The High Court today approved the appointment of Shane McCarthy and Cormac O’Connor of KPMG Ireland as Provisional Liquidators over the business and its assets.
New Look said its Irish staff were notified immediately following this appointment and further staff engagement is planned over the coming days. The company employs a total of 347 staff across its 26-store network in the Republic of Ireland. A majority of its stores are of small to medium…
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When you know you’ll be visiting a new place, what do you like to do? For me, there are a few things. One is, I like to just walk around and experience the area. Take pictures. Take in the sights, sounds, smells, and really pay attention to what’s going on around me. Soak up the vibes. If there are any, I like to know the whereabouts of a good coffee shop/bakery specializing in whatever delightful baked goods the area is famous for having.
And if there’s a motorcycle museum, I want to know about it. And I want to make plans to visit. Wouldn’t you?
If you’re like me in this way, and especially if you’ve ever done food and/or hospitality work in your life, then…
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The parent company of fashion retailer New Look is putting its business in the Republic of Ireland into liquidation. The move impacts almost 350 jobs in the chain in the Republic, but it does not affect its business in Northern Ireland nor its parent company in Britain. The chain has 26 stores in Ireland that are impacted by the move. Mr Justice Brian Cregan ordered that Shane McCarthy and Cormac O’Connor of KPMG be appointed as provisional liquidators to New Look Retailers (Ireland) Ltd this Thursday. The company operates the group’s Irish business and had sales of €38.3 million in the…
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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, says:
“The monthly and yearly rise in corporate insolvencies is down to an increase in the number of Creditors’ Voluntary Liquidations and Administrations. That would suggest that directors may be choosing to close down their firms after years of challenging trading conditions and ahead of the increase in the National Minium Wage and Employers’ National Insurance Contributions in April, and this has pushed corporate insolvency levels to the…
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The Tribunal noted that because “secured creditors” and “security interests” are treated completely differently in the liquidation process than they are during the CIRP, the legislature never intended for Section 77 of the Companies Act to be applied to the CIRP.
The National Company Law Appellate Tribunal (NCLAT), New Delhi held that a creditor may be considered a “Secured Creditor” under section 3(30) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) even if they have not registered a “charge” in accordance with Section 77 of the Companies Act, 2013.
Home Kraft Avenues, the Appellant had granted a loan of Rs.11 crores to the Corporate Debtor by a loan agreement on 29.10.2015. Two options…
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A total of 17 staff have been made redundant following the collapse of an Isle of Wight glazing firm, it has been confirmed.
‘Cashflow difficulties’, exacerbated by the COVID pandemic, are being blamed for Glazing the Island entering liquidation.
As previously reported, the company has ceased trading with immediate effect.
Advisory firm Quantuma was appointed to oversee the liquidation process earlier this month.
Quantuma managing director and joint liquidator Kelly Mitchell said: “It is deeply regrettable that Glazing The Island has been forced to cease trading, due to a series of challenging circumstances.
“This was a sad ending for an established company.
“As joint liquidators, our immediate priorities have been to provide appropriate…
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After a 10-month inquiry process, on 12 July 2023 the Parliamentary Joint Committee on Corporations and Financial Services (PJC) delivered its final report on the effectiveness of Australia’s corporate insolvency laws.
In this alert, we distil some of the key findings from the almost 400-page report and consider what future law reforms might look like.
A COMPLEX AND INEFFICIENT SYSTEM
The PJC’s overarching observation is that Australia’s corporate insolvency system is “overly complex, difficult to access, and creates unnecessary cost and confusion for both debtors and creditors”—with inefficiencies, low returns for unsecured creditors, and opportunities for restructuring lacking. The PJC also highlights…
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How Abengoa Group impacted the Spanish economy EY
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NCLT Admits Aviom India Housing Finance Into Insolvency On RBI’s Petition BW Legal World
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‘Difficult decision’: Premium spa business sinks with $1.7m shortfall The Press