By Lucia Osborne-Crowley ( February 19, 2025, 10:15 AM GMT) — The U.K. Supreme Court ruled Wednesday that a businessman’s family cannot avoid a £19 million ($24 million) debt to a UAE bank, finding that insolvency law can prevent a transaction by a company owned by the family because it was intended to put assets beyond the reach of creditors….
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In the 2023-24 financial year, a record 3,000 construction firms in Australia were declared bankrupt (insolvent).
New data from ASIC suggests that construction insolvencies have worsened in 2024-25.
In the first seven months of this financial year, 1,999 construction firms were declared insolvent. This was 26% higher than the same period in 2023-24 (1,583) and 69% higher than 2022-23 (1,182).
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The following chart from Justin Fabo from Antipodean Macro shows the uptrend in construction insolvencies.
The high number of construction insolvencies thwarts the Albanese government’s target of building 1.2 million homes in five years—a level of construction that Australia has never achieved.
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Boss of Sussex company banned from being director for 4 years after firm made more than 900,000 ‘nuisance cold calls’ Eastbourne Herald
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After seasonal adjustment, 1,971 companies became insolvent in January 2025, up 6% from December 2024 and 11% from January 2024. After three years, the average absolute change between consecutive months has been 12%.
After declining in the early 2000s, company insolvencies soared during the 2008-09 crisis. Government support measures during the COVID-19 epidemic in 2020 and 2021 reduced monthly volumes to their lowest ever. Creditor Voluntary Liquidations (CVL) numbers rose above pre-pandemic levels in 2022, although compulsory liquidations and administrations remained low. CVLs reached a record high and compulsory liquidations matched 2015-19 levels in 2023, bringing insolvency numbers to a 30-year high. The 2024 total was slightly…
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The suspended directors of embattled edtech firm Byju’s have approached the bankruptcy appeals court to prevent its creditors from deciding on a ₹158 crore settlement with India’s cricket board.
Byju’s Committee of Creditors (CoC) includes opposing lenders US-based Glas Trust Llc. and Aditya Birla Finance.
Riju Raveendran, a former director of Byju’s and younger brother of founder Byju Raveendran, argued before the National Company Law Appellate Tribunal (NCLAT) on Wednesday that the settlement with the Board of Control for Cricket in India (BCCI) had been finalized before the CoC was constituted.
The Bengaluru bench of the National Company Law Tribunal (NCLT) had on 10 February directed BCCI to submit the ₹158 crore…
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In a sorrowful event in Mysuru, Karnataka, three family members reportedly took their own lives after enduring significant financial losses from online gambling. The deceased were identified as Josh Anthony, his brother Joby Anthony, and Joby’s wife Sharmila.
Authorities suggest that Joby and Sharmila faced mounting pressure due to their involvement in online betting on IPL matches and other gambling platforms, leading to difficulties with repaying borrowed money. Distressed by this situation, Josh, in a final message, expressed frustration about the financial strain caused by these activities.
Following Josh’s death, Joby and Sharmila also ended their lives. The police have launched an investigation into the circumstances…
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A group of drag queens has provided an unexpected performance on the streets of the Gold Coast in an effort to get paid.
American-born Cadillac DeVille has been a drag queen for the past eight years but ran into trouble with a company called Paint Juicy failing to pay invoices totalling more than $3000.
Tara-Zan, who calls herself “the world’s first and only bodybuilding drag queen”, also ended up with a $3000 unpaid bill, while Russian-born Robyn Dix was owed $300.
READ MORE: ‘Complete cash grab’: Council tax charges Gold Coast homeowners for high-rise view
“We are…
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The Insolvency and Bankruptcy Board of India (IBBI) has introduced amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 through Notification No. IBBI/2024-25/GN/REG122, dated 03.02.2025. These amendments aim to enhance transparency and efficiency in the corporate insolvency resolution process (CIRP), particularly in relation to real estate projects.
An Overview of Amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Handing Over the Possession (Regulation 4E)
Regulation 4E has been incorporated which empowers the Resolution Professional to handover the flats, buildings or apartments during resolution process to Homebuyers after taking…
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DOGE head Elon Musk hit back at the criticism faced by Democrats over DOGE cuts and blamed the bureaucracy for the criticism for not allowing the implementation of presidential orders. File
| Photo Credit: Reuters
Tesla CEO and DOGE head, Elon Musk, criticised the current state of U.S. spending, saying that an average citizen in the country “should be made” over the expenditure of the tax money.
In an interview with Fox News telecast on Tuesday (February 19, 2025), Mr. Musk said that U.S. President Donald Trump inherited a $2 trillion trade deficit. He further warned that “America will go bankrupt” if it fails to bring the…
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(Bloomberg) — EFishery Pte is eliminating more than 1,000 jobs, or about 90% of the workforce, as the Indonesian agritech company suspected of fraud weighs a potential liquidation.
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The cuts began recently and more reductions are set to follow, people familiar with the matter said, asking not to be identified as the matter is private. The company’s total headcount stood in the region of 1,600 jobs.
The high-profile startup, backed by investors including SoftBank Group Corp. and Temasek Holdings Pte, is unraveling after a board investigation revealed it may have inflated its revenue and profit over several years. The company had raised hundreds of millions of dollars, and its demise would deal a blow to…