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.
Personal insolvency provider Carrington Dean has announced that has acquired personal insolvency business, Cleanslate from Interpath. Cleanslate is part of
In a rare move, the National Company Law Tribunal (NCLT) has revoked its own July 2023 order that initiated insolvency proceedings against real estate firm Logix Infrastructure. The tribunal ruled that the plea, filed by financial creditor Experts Realty Professionals, was made with “fraudulent and mala fide intentions” and involved collusion between the creditor and the corporate debtor.
The NCLT found that the entire transaction was “orchestrated” and that the insolvency forum was misused with “purported malicious intent.” It stated that the petition was filed for purposes other than resolving insolvency, which goes against the objectives of the Insolvency and Bankruptcy Code (IBC).
WASHINGTON: Tech billionaire Elon Musk, who has been tapped by President Donald Trump to lead federal cost-cutting efforts, said Tuesday that the United States would go “bankrupt“ without budget cuts.
Musk leads the efforts under the newly created Department of Government Efficiency (DOGE), and was speaking at the White House with Trump, who has in recent weeks issued a flurry of orders aimed at slashing federal spending.
In particular, Musk pointed to the country’s budget deficit, which topped $1.8 trillion in the last fiscal year, and took aim at high interest payments on the public debt.
“It’s not optional” for Washington to reduce federal expenses, he told reporters. “It’s essential.”
PT Indofarma Global Medika, a subsidiary of State-owned pharmaceutical company PT Indofarma (INAF), was declared bankrupt by the Supreme Court through its ruling on Monday, February 10, 2025.
“The status of the decision is granted,” said the Court ruling as quoted on Tuesday, February 11, 2025.
In addition, the Court ruling also appointed four curator teams to handle the bankruptcy process of PT Indofarma Global Medika. They are Novio Manurung, Margaret Tacia Situmorang, Yusti Riana P. and Adinda Anisa Madani.
The State-owned Enterprises’ Health Workers Union had earlier asked the Attorney General’s Office (AGO) to immediately seize assets belonging to the suspect in the INAF fraud case.
Personal insolvency provider Carrington Dean has announced that has acquired personal insolvency business, Cleanslate from Interpath.
Cleanslate is part of Interpath, an international advisory firm which specialises in the provision of advisory and restructuring services to businesses, their investors and their stakeholders.
Carrington Dean is based in Scotland and is part of the Creditfix Group.
Pearse Flynn, Founder of the Creditfix Group said “This acquisition is a great step forward for Carrington Dean. We’ve long been committed to helping people across Scotland find sustainable solutions to debt, and acquiring this book of personal insolvency clients from Interpath will allow us to assist even more individuals…
SAN JUAN, Puerto Rico (AP) — The executive director of a federal control board that oversees Puerto Rico’s finances said that it is “impossible” for the U.S. territory to pay the $8.5 billion bondholders are demanding in a bankruptcy case involving the island’s power company.
Robert Mujica Jr. unveiled a new fiscal plan for Puerto Rico’s Electric Power Authority on Tuesday, stating that the government can pay creditors $2.6 billion. The plan, requested by a federal judge overseeing the case, does not call for any rate increases to help pay off the company’s debt of more than $9 billion and the projected expenses are higher than those in the previous fiscal plan.
The board remains in contentious mediation with creditors as…
A HOSPITAL in Cardiff said its gym has closed because the company which ran it is going into liquidation.
The gym at University Hospital of Wales, called CMC Sports and Social Club, closed on Friday, January 31.
On social media, the gym, which was run by Cardiff Medical Sports and Social Club Limited, said it was closing “for staff training”.
However, a Cardiff and Vale University Health Board (UHB) spokesperson said: “We can confirm that the Sports and Social Club on the University Hospital of Wales site has closed its doors.
“It is proposed that the company running the club will enter Creditors’ Voluntary Liquidation and Menzies LLP are assisting with this process.”
Late last year, Queensland’s Truck Repair Group officially entered liquidation.
The general meeting of company members in December resolved that the company would be liquidated, with Nick Combis appointed as liquidator.
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Formerly known as The River Group, Truck Repair Group was sold by former director Russ Hill to Scott and Natalie Hunter in 2020, with the group running five sites across Queensland until its voluntary liquidation.
The company has debts of $634,290, with the company also owing the Australian Tax Office more than $2.5 million.
In total, Truck Repair Group owes east coast businesses roughly…
