Insolvency Guardian Media Centre
The federal government continues to throw regional carrier Rex Airlines a lifeline, after taking on its $50 million debt from its largest creditor PAGAC Regulus Holdings Limited.
Rex has been fighting for commercial survival after entering voluntary administration on June 30 last year, with Ernst and Young (EY) appointed administrators.
Transport Minister Catherine King and Finance Minister Katy Gallagher today announced the government would acquire some of Rex’s debt to prevent liquidation, which they said would harm regional and remote communities that rely on the carrier.
“By acquiring the debt, the government will become the…
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Scottish corporate insolvencies down 2.3% YOY Accountancy Today
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Companies and industries that are not moving towards zero-carbon emissions will be punished by investors and go bankrupt, the governor of the Bank of England has warned.
Mark Carney also told the Guardian it was possible that the global transition needed to tackle the climate crisis could result in an abrupt financial collapse. He said the longer action to reverse emissions was delayed, the more the risk of collapse would grow.
Carney has led efforts to address the dangers global heating poses to the financial sector, from increasing extreme weather disasters to a potential fall in asset values such as fossil fuel company valuations as government regulations bite. The Guardian revealed last week that just 20 fossil fuel companies have…
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The latest UK government statistics reveal a 5% year-on-year decline in registered company insolvencies across the UK, with 23,872 cases in 2024.
According to data released by The Insolvency Service, there was a 6% month-on-month decrease in company insolvencies for December 2024 and a 14% drop compared…
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NCLT Orders Liquidation of Go First Airways Moneylife
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The saga is fit for a comic book: meager beginnings, a rapid ascendance and toppling rivals to achieve sweeping power.
Diamond Comic Distributors’ latest chapter, however, reads as a downfall.
After decades as the country’s top comic book distributor, Diamond filed for Chapter 11 bankruptcy last week, intending to sell off some of the healthier aspects of its business and reorganize. It doesn’t necessarily mean the demise of Diamond, which received $41 million in financing from JPMorgan Chase to continue operating, but it does spell the end of an era for an industry giant.
Diamond’s origin traces not to Krypton or a spider bite, but to a TV repair shop basement. That’s where Steve Geppi, a Baltimore mailman in his 20s, opened a…
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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:
“Despite a year-on-year decline in corporate insolvency numbers, the figures for this year are still higher than in 2022 and well above pre-pandemic levels. Compulsory liquidation levels have increased compared to last year as creditors pursue the debts they are owed in an effort to balance their own books, and while Creditors’ Voluntary Liquidation numbers have declined compared to 2023, they are higher than in 2022 and the years before…
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It has been held that the opinion expressed by the CoC after due deliberations in the meetings through voting, as per voting shares, is the collective business decision and that the decision of the CoC’s commercial wisdom is non-justiciable
The New Delhi bench of the National Company Law Appellate Tribunal ( NCLAT ) upheld the resolution plan in absence of irregularity in the conduct of Corporate Insolvency Resolution Proceedings ( CIRP ) proceedings. Yashdeep Sharma, the appellant filed the appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’) by the Appellant…
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Third-generation, family-owned retailer begins final liquidation of two stores.
Voted Best of the Best in Colleton County for at least a decade by The Press and Standard readers, family-owned and operated Dixie Furniture & Mattress announced it is going out of business and will begin total liquidation of its stores in North Charleston and Walterboro.
Cousins Michael, David, and Stan Kirshtein are the third-generation owners of Dixie Furniture & Mattress, a retail business founded by their grandfather, Abe Kirshtein, in 1946. For nearly 80 years, the family and staff of Dixie Furniture have been known for their unwavering dedication to exceptional customer service, a hallmark of the company’s…
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While people contacted the helpline for a variety of reasons, the main ones were: housing stress, including mortgage, rent, rates and body corporate fees; utilities; credit card debt; personal loans; buy now pay later; and debts to the Australian Taxation Office.
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- Vasile Hrusca used funds from his failing company to pay off the remaining balance on a high-performance Audi he bought the previous year
- Hrusca also committed theft by selling-on plant equipment worth almost £90,000 which was still subject to two hire purchase agreements
- The 40-year-old was handed a suspended sentence and director disqualification after pleading guilty to theft and fraudulently removing company property
A builder who used company funds to pay for his high-performance car and stole almost £90,000 in plant machinery has been given a suspended sentence.
Vasile Hrusca withdrew more than £67,000 from his own failing company in 2019 to pay off the remaining balance on a hire purchase agreement for an…
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