Insolvency Guardian Media Centre
WISI concludes insolvency proceedings Broadband TV News
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Chancellor Rachel Reeves has announced the autumn budget for 2024.
Commenting on the announcements James Burgess, Head of Commercial and insolvency expert at Atradius said “Today’s Autumn Budget could be a game-changer for businesses across the UK, marking a pivotal moment for the economy. With Labour’s proposals set to impact retail, hospitality, and leisure businesses, these firms need to stay sharp as we head into 2025.
“As Labour confirms tax hikes of £40 billion, uncertainty looms over National Insurance contributions and small businesses across the UK, which will bear the brunt.
“SMEs, especially, will now have to prepare for the changes to Capital Gains Tax and increased employer National Insurance…
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Key Takeaways
- Credit and debit card spending by household was up 1.0% in October compared to the year prior, up from a decline in September, according to a recent report.
- If you’re feeling pressured to spend more this holiday season, consider strategies and tools like debt consolidation, balance transfers, and budgeting apps before taking on more debt.
- Debt relief comes in several forms, but it typically involves paying off some of your debt for a fee or working with a credit counselor.
- If you can, gift yourself the present of less debt by saving money and paying off low-balance debt first.
With the end of the year fast approaching, the holiday spirit can tempt even the most miserly Scrooge to splurge on gifts for friends and loved…
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WISI Communications, the German communications tech provider, has announced that, on November 27th, the Pforzheim District Court decided to terminate the insolvency proceedings against the assets of the company.
The decision came into effect at midnight on November 30th, following the legally binding confirmation of the insolvency plan. WISI said it initiated the insolvency proceedings in order to facilitate a sustainable restructuring of the company.
A company statement said: “Thanks to the trusting cooperation with our insolvency administrators, Luther Rechtsanwaltsgesellschaft mbH, and the tireless efforts and commitment of our employees, we have been able to successfully navigate this challenging…
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No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of… Live Law – Indian Legal News
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New Delhi: Riju Raveendran, the largest shareholder of edtech company Byju’s and brother of founder Byju Raveendran, approached the insolvency tribunal on Monday, seeking to be included in the insolvency case deliberations involving the troubled firm, its lenders and the cricket board.
Riju Raveendran’s counsel urged the tribunal to allow him to present his defence against allegations made by Byju’s lenders, particularly Glas Trust, regarding the source of the ₹158 crore he raised to settle the dispute between Byju and the Board of Control for Cricket in India (BCCI).
The lenders had alleged that the ₹158 crore used to settle dues with the BCCI were sourced through round-tripping and were “tainted”.
However, the NCLT bench…
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The National Company Law Appellate Tribunal, New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Naresh Salecha (Technical Member) and Mr Indevar Pandey (Member) held a liquidator cannot not create sub-leases over public land without adhering to the statutory requirements. It was further held that Section 238 of the Insolvency and Bankruptcy Code, 2016 cannot override a public body’s statutory authority to regulate its properties.
Brief Facts:
The Corporate Insolvency Resolution Process (“CIRP”) was commenced against Narmada Cereal Private Ltd. (“Narmada Cereal/Corporate Debtor”). After the CIRP’s failure, the National Company Law Tribunal, New Delhi (“NCLT”) ordered liquidation against Narmada…
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Glas Trust argued in the National Company Law Tribunal (NCLT) that the application should be rejected. It stated that the application, which the resolution professional (RP) claims the BCCI filed before the committee of creditors (CoC) was formed, should have been submitted by the interim resolution professional (IRP), not the RP, according to proper procedure.
“A stage where the COC is not yet constituted, the IRP continues to be in operation….
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If you recently received a salary increase or haven’t updated your income information with your credit card issuer in a while, you might qualify for a credit limit increase.
By securing a higher credit limit, you’ll be giving yourself more spending power and keeping your credit utilization rate low — and these factors make up a large part of your credit score.
Below, CNBC Select details how you can quickly raise your credit card’s credit limit — and potentially your credit score — by simply updating your income information with your credit card issuer.
Compare credit repair options
When to consider a credit limit increase
When you apply for a credit card, the issuer will ask for details regarding your current salary. If it’s been…
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President-elect Donald Trump is unlikely to continue many of Biden’s student-debt relief efforts.
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Borrowers are still waiting for a final court decision on the SAVE student-loan repayment plan.
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Even if the plan survives the courts, Trump and GOP lawmakers could take steps to rein in relief.
During his term as president, Joe Biden has used various programs to cancel $175 billion in student debt for nearly 5 million borrowers. Those efforts will likely fizzle out over the next four years.
Two of Biden’s key debt-relief initiatives are tied up in court: his SAVE income-driven repayment plan, intended to make student-loan payments cheaper for borrowers, and his broader loan forgiveness plan, set to benefit over 30 million borrowers.
Millions…
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The share application money was given for the allotment of shares but neither were shares allotted nor was money refunded
The New Delhi bench of National Company Law Appellate Tribunal ( NCLAT) has held that share application money deposited with the corporate debtor cannot be treated as financial debt under section 5(8) of the IBC.
The appeal was filed by Muralidhar Vincom ltd under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’) out of the Order (‘Impugned Order’) passed by the Adjudicating Authority. By the impugned order, the Adjudicating Authority has dismissed the Section 7 application filed by the Appellant for admitting M/s Skoda (India) Pvt Ltd-Corporate Debtor into the rigours of Corporate Insolvency…
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Galena Mining’s Abra Mine Under Voluntary Administration TipRanks