Insolvency Guardian Media Centre
BBB: Beware of debt relief and credit repair scams CBS 4 Indianapolis
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The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi has held that the commercial wisdom of the Committee of Creditors (CoC) in rejecting a resolution plan and opting for liquidation is “non-justiciable”. The Appellant-Director was disqualified under Section 164(2) of the Companies Act, thereby rendering the him ineligible to be a Resolution Applicant under Sections 29A(e) and 29A(j) of Insolvency & Bankruptcy Code, 2016 (IBC). The Tribunal held that the decision of the CoC to reject the Appellant’s Resolution Plan cannot be interfered with.
Brief Facts
Corporate Insolvency Resolution Process (CIRP) was initiated against Aarya Industrial Products Private Limited (Corporate Debtor) on …
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Monopoly Go is a mobile board game created and operated by Scopely. It purposely shares themes with Hasbro’s famous Monopoly game. Though Monopoly Go doesn’t completely follow the same official rules as Hasbro’s game, players can still suffer consequences like losing money and going bankrupt.
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What is Monopoly Go?
Everything you need to know about the latest take on one of the most beloved board games
Monopoly Go includes mini-games that are somewhat RNG-dependent on how they play out, but you still need the means to get there. Our guide discusses what happens when a player goes bankrupt while playing Monopoly Go and what you can do to get yourself out of the hole — don’t let Monopoly Go’s game mechanics get the…
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Some 30% more companies went bust in 2024 than in 2023, taking the total to an eight-year high, national statistics agency CBS said on Monday.
In total, 4,270 companies were declared bankrupt last year, compared with 3,300 the year before.
The bankruptcy rate was up across all sectors, with the trade sector accounting for the bulk of the companies closing their doors. In 2024, 811 traders went bust, including high street giants such as Blokker, Bristol, Scotch & Soda, Game Mania and the Dutch arm of The Body Shop.
In total, 157 “special business services” firms went bust, as did 139 construction firms. The increase there is largely down to specialised building sectors, such as technical installations and finishing,…
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If your workplace goes bankrupt, your employment can end with a two-week notice period. You might not get your salary or other payments. The pay security system ensures that workers get their salaries and other employment-related payments if the employer cannot pay because of insolvency.
You must apply for pay security within three months after your payment is due. This means you need to submit your application no later than three months after the payday when you first did not get paid because of the employer’s financial issues. Pay security covers different types of payments, like salaries and holiday bonuses, up to a maximum of 19,000 euros. Taxes and some limits apply to pay security.
When applying for pay security, you need proof…
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The number of bankruptcies increased significantly in 2024 compared to the previous year. According to Statistics Netherlands (CBS), almost 4,300 companies were declared bankrupt last year. That is an increase of 30 percent compared to 2023 when the number of bankruptcies was nearly 3,300. The number of bankruptcies in 2024 was the highest in eight years.
Bankruptcies increased in almost all sectors compared to 2023. As in previous years, trade had the most bankruptcies in 2024 at 811. The construction industry followed with 618 and specialist services with 509 bankruptcies. These sectors are also the largest in terms of the number of companies.
In absolute terms, the increase in bankruptcies was the strongest in specialist services. In…
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How Abengoa Group impacted the Spanish economy EY
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If you have been struggling with debt for some time and need a fresh start this New Year, the Insolvency Service has sources of information and practical solutions to relieve serious financial burdens.
- There are many options available to help deal with serious personal debt problems and there are a range of debt-relief options available.
- Remember you are not alone in facing financial difficulties, but the earlier you address it, the better.
- Solutions include Breathing Space, Debt Relief Orders (DROs), Individual Voluntary Arrangements (IVAs) and bankruptcy.
According to the insolvency service, for many people, January can be a time to reflect on their finances. Sadly, for some people, their debts will have…
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A legal firm claims it is considering a lawsuit that alleges cruise giant P&O incentivised guests to gamble regardless of their capacity to repay their debts and plied them with free alcohol following the death of a man who jumped overboard off Sydney Heads.
Carter Capner Law director Peter Carter said the firm was investigating a possible suit over what it said were “unethical practises” preying on vulnerable passengers in ship casinos in the wake of the incident on-board P&O’s Pacific Adventure.
Alarms were raised on-board the cruise ship about 4am on May 6, 2024 when the vessel was about 18…
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The International Monetary Fund and Its Work on Debt Relief and Crisis Management fundsforNGOs
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Australia’s The Star Entertainment Group may face voluntary administration within months, as lenders doubt the company’s ability to secure a lifeline investor, according to the Australian Financial Review.
With its market value plummeting from AU$4 billion ($2.6 billion) to under AU$500 million ($325 million), the casino operator has struggled with cash flow and regulatory challenges.
In a recent filing with the Australian Securities Exchange (ASX), the company informs that its available cash fell by AU$79 million ($49.16 million) from its last report at end-September 2024.
According to the AFR, the company has burned through AU$107 million ($69.5 million) in recent months, and lenders are considering a AU$100 million…