Insolvency Guardian Media Centre
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Raashid Khan forged four documents to prevent restrictions being placed on his business bank account and to avoid having to pay a company £75,000 for fireworks
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Khan also secured a maximum-value Covid Bounce Back Loan just weeks before his business was liquidated and fraudulently withdrew more than £60,000 after his company had been wound-up by the High Court
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Insolvency Service investigations have resulted in the 29-year-old being sentenced to four years in prison
The director of a Birmingham-based fireworks retailer has been jailed after forging documents, fraudulently obtaining a Covid loan and removing more than £60,000 in company money.
Raashid Khan was the director of Ikandy Wholesale Ltd, which traded in bulk goods, including…
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The NCLAT Chennai bench of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Ajai Das Mehrotra (Technical Member) has held that pre-CIRP dues cannot be recovered once the corporate debtor is admitted into insolvency due to moratorium under section 14 of the code. Any amount due to the corporate debtor can be recovered by filing claims before the IRP/RP as the case may be.
Brief Facts
The present appeal has been filed by the Central Transmission Utility of India Limited (earlier Power Grid Corporation of India) against an order passed by NCLT Hyderabad.
KSK Mahanadi Power Company Limited (hereinafter called the ‘Corporate Debtor or CD’) is a company engaged in business of power generation. The Corporate Debtor was …
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The financial woes of the Pierer Mobility Group continue. Today, the PMG – parent company of KTM – announced they are to apply for a so-called judicial restructuring proceedings with self-administration. This is a form of bankruptcy protection, allowing a company to be reorganized and reach an agreement with its debtors.
While it is always dangerous to make comparison between legal jurisdictions, especially between systems based on the Napoleonic code and Roman law as found in most European countries, and those based on common law as found in the US and UK, the restructuring proceedings bear some similarity to chapter 11 bankruptcy protection in the US, although the conditions and operation are very different.
The website of the…
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Deewin Tianxia Announces Subsidiary Liquidation and Merger TipRanks
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Thames Water has brought in an insolvency veteran, who cut his teeth in the unravelling of the Robert Maxwell empire 30 years ago, to oversee its attempts to recapitalise the business and avoid sliding into administration.
The stricken water monopoly has appointed Julian Gething as its chief restructuring officer, a new role at the company.
His appointment could be seen as a tacit admission of the difficulty of the task facing the current management team in cutting a deal with creditors and finding new equity investors.
The team includes the chairman Sir Adrian Montague, an old hand in overseeing troubled public interest companies; the former British Gas boss Chris Weston, who came in as Thames chief executive at the start of this year;…
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Companies News Today Live Updates: Stay ahead of the curve with the latest insights from the corporate world through our company news coverage. This section provides a detailed look at significant events affecting industries and markets globally, including mergers, acquisitions, financial reports, and strategic shifts in leadership and operations. Whether you’re an investor, a business professional, or simply interested in the dynamics of various industries, our reports offer a deep dive into the developments that shape the economic landscape. From startups to established giants, we bring you the news that matters to help you make informed decisions in a rapidly changing business environment.
Disclaimer: This is an AI-generated live…
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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…