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The newly launched Business Ready (B-READY) 2024 report offers a comprehensive analysis of the global business environment, highlighting both strengths
Guernsey-registered GBG Insurance Ltd was placed into administration by the Royal Court last December, pre-empting the collapse of the US-headquartered
A slew of Australian comedians have put their former management, Junkyard Artists, on blast after the director of the company allegedly “swindled” its talent and ghosted them.
Earlier this week, comedians who were previously affiliated with Junkyard Artists took to their Instagram accounts to call out the company with a series of allegations including unpaid invoices.
One of the comedians, Lewis Garnham, shared a video explaining his perspective on what had been going on behind the scenes, alleging that he was “lied” to.
Lewis Garnham at Edinburgh Fringe. (Image source: Instagram / @lewgarnham)
“I’m not going to get the money from ticket sales for so many shows that I did this year. The whole of Edinburgh…
Bradley Wiggins has revealed that he has been offered financial aid from a somewhat unexpected source – former cycling legend turned disgraced drug cheat Lance Armstrong.
Wiggins, who won a previous national record eight Olympic gold medals, was one of the greatest cyclists ever produced by Great Britain, winning titles on both the track and the road across his career.
Despite his success on the track, though, a company controlled by Wiggins was reported to have debts totalling around £1million, and after failing his individual voluntary agreement (IVA) to pay back the money he owed, was declared bankrupt.
The former cyclist was reportedly left homeless and said to be sleeping at various addresses including that of his ex-wife, and…
LONDON – Dunedin Enterprise Investment Trust PLC, a publicly traded investment fund, has released a timetable for its voluntary liquidation process. The company has made the circular detailing the proposed liquidation available for shareholders to view online and submitted it to the National Storage Mechanism.
According to the schedule, the last day of dealing in the company’s shares through CREST on a normal rolling two-day settlement basis is set for December 30, 2024. The deadline for receipt of proxy forms is 10 a.m. on January 2, 2025, and the register will close at 6.00 p.m. on January 3, 2025, which is the record date for participation in the liquidation.
Trading of the company’s shares on the London Stock Exchange (LON:) will…
In response, the Labour spokesperson said the council’s financial difficulties followed “14 years of Conservative austerity that saw £1bn of funding taken from our city”.
However, they accepted the council needed to improve.
“We have buckled down and brought in greater efficiencies, tighter financial control and are transforming our services fit for the future,” they said.
“We continue our work to transform the council and put it back on the path to financial stability whilst protecting the services that matter most to the people of Birmingham.”
The new Labour government would bring forward plans for “sustainable long-term funding for councils”, the spokesperson added.
This paradigm shifted with the introduction of the IBC, which provided a much-needed mechanism to address insolvency issues in a time-bound and efficient manner. Passed in May 2016, it has played a transformative role in the Indian economy.
At the time of its enactment, we were grappling with a twin balance sheet crisis, where banks’ non-performing assets (NPAs) were hovering close to 12%. This resulted in the choking of fresh credit, the jet fuel for any economy, stalling economic growth.
The IBC emerged as the lighthouse of a new era, resulting in what J. Nariman eloquently paraphrased John Milton to call a “defaulter’s Paradise Lost.”
The Biden administration aims to provide debt relief to nearly 28 million Americans by next fall.
Andrew Caballero-Reynolds/AFP via Getty Images
Student loan borrowers and their advocates have urged the Biden administration in public comments to implement its final effort to provide student debt relief, fearing what could happen during the next Trump administration.
“Cancel all student debt before Trump reverses everything,” one commenter wrote.
This latest plan is geared toward people facing financial hardship. The Biden administration received more than 14,000 comments on the proposal before the comment period ended Monday, though fewer than…
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B-READY’s Analytical Framework
B-READY’s analytical framework is based on three pillars: (1) Regulatory Framework, (2) Public Services, and (3) Operational Efficiency. These pillars encompass ten topics corresponding to various stages of a…
1. In Commercial Tax Department v. Teena Saraswant Pandey,(Company Appeal (AT) (Ins.) No. 1265 of 2022), the NCLAT observed that commercial tax department could not be treated as ‘secured creditor’ in relation to the taxes owed by the corporate debtor under Madhya Pradesh VAT Act, 2002 (“MPVAT”). To arrive at the conclusion, NCLAT relied on its earlier decision in Zicom SaaS (where a claim of the State tax authority of Maharashtra was not treated as secured charge – which we have covered here) and observed that Section 37 of the Maharashtra VAT Act (MVAT) and Section 33 of the MPVAT Act appeared to be pari materia.
However, in our humble opinion, the two provisions are not pari materia. A charge under Section 37 of MVAT is…
Guernsey-registered GBG Insurance Ltd was placed into administration by the Royal Court last December, pre-empting the collapse of the US-headquartered Global Benefits Group earlier this year.
Audited accounts showed that the business was in good health but directors discovered that declared assets representing more than $70m. did not exist. Efforts were made during 2023 to sell the business, and at several points it was thought that a deal could be achieved.
But a year ago the final potential purchaser backed out and the directors of GBG had no choice but to seek administration. The local firm of Teneo was appointed and has completed the administration process.
GBG, which was licensed by the Guernsey Financial Services Commission, had…
