Insolvency Guardian Media Centre
Project Overview
Fraudulent phoenix activity is of great concern to Australian policymakers. It occurs where there is the deliberate liquidation of a company to avoid paying debts but the business continues through another company, and in corporate groups through the liquidation of undercapitalised subsidiaries and transfer of business to other companies in the group. This behaviour causes huge losses in taxation revenue and large financial losses for employees and unsecured creditors. To strengthen Australia’s economic fabric, this project aims to determine the optimal method of dealing with fraudulent phoenix activity through a thorough examination of all of its aspects in Australia and by a comparative analysis of international…
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New figures from Deloitte Ireland show that the number of corporate insolvencies jumped by 47% in the first quarter of 2024 compared to the same time last year and could reach a total of 800 by the end of the year.
Deloitte’s latest Insolvency & Restructuring Statistics reveal 214 corporate insolvencies during the first three months of the year, up from 146 cases during the first quarter of 2023.
The increase was mainly driven by Creditors’ Voluntary Liquidations (CVLs), which saw a 71% increase from the same period last year.
Today’s figures also show a total of five SCARP (Small Company Administrative Rescue Process) appointments and two Examinerships were made in the first quarter of the year – a downward trend in the level of…
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The staff who fear they ‘lost everything’ in Crown Agents collapse Devex
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The Supreme Court on Thursday (August 22) refused to stay the meeting of the Committee of Creditors formed by the Resolution Professional in relation to the insolvency resolution of ed-tech firm Byju’s.
Although Senior Advocate Dr Abhishek Manu Singhvi (for Byjus) and Solicitor General of India Tushar Mehta (for the BCCI) made fervent and repeated submissions to stay the CoC meeting, the Court was not persuaded.
On August 14, the bench led by CJI DY Chandrachud comprising Justices JB Pardiwala and Manoj Misra had stayed the order of the National Company Law Appellate Tribunal (NCLAT) which upheld the settlement between Byjus and the Board of Control of Cricket in India (BCCI) in relation to the former’s Rs 158 crore dues to the latter….
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The loan was originally availed of by GVK Coal Developers (Singapore) Pte Ltd over a decade ago, for which GVKPIL acted as a guarantor.
The NCLT bench issued the order on July 12, which was made public on Monday. The petition was filed by ICICI Bank in 2022.
NCLT appointed Satish Kumar Gupta as an interim resolution professional for managing the company during pendency of the insolvency.
“The corporate debtor has…
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Scottish specialist accounting, tax, and audit firm Wbg has advised shareholders planning on using business asset disposal relief (BADR) through a members voluntary liquidation (MVL) process to consider acting sooner rather than later.
The advice follows figures from the Office for National Statistics (ONS) showing that UK government borrowing hit a higher than expected £3.1 billion in July prompting speculation that Chancellor Rachel Reeves might raise capital gains tax (CGT) in her first budget on 30 October.
MVLs typically allow shareholders to take advantage of BADR, which reduces the rate of Capital Gains Tax (CGT) to 10% on distributions made to shareholders by the…
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The swift demise of cryptocurrency exchange FTX in 2022 had damaging domino effects on the cryptocurrency industry, stoking widespread mistrust among the public and toppling cryptocurrency services that did business with it. At the time, FTX was the third-largest crypto exchange.
Learn more about what went wrong with FTX, including the role and trial outcome of its founder and former CEO, Sam Bankman-Fried.
Key Takeaways
- FTX collapsed in early November 2022 after journalists reported an affiliated trading firm, Alameda Research, derived most of its value from speculative cryptocurrency tokens.
- A surge of customer withdrawals due to concerns over this questionable financial valuation practice and unusually close relationship with…
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A fall in the number of monthly company insolvencies in England and Wales reflects an improvement in local trading conditions, with a growing quantity of struggling businesses able to be rescued rather than closed down.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest monthly statistics published by the Insolvency Service which show that corporate insolvencies decreased by 7.3% in July 2024 to a total of 2,191 compared to the previous month’s total of 2,363.
The drop in monthly company insolvencies follows soaring figures for June, which saw a 15.7% increase compared to the previous month, and a 17.1% rise against June 2023.
R3 Midlands Chair Stephen Rome, a partner at Penningtons…
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Challenges continue to mount for Byju’s, once celebrated as the posterboy of India’s growing startup ecosystem, as its employees are now considering legal action as they struggle to receive their salaries.
The insolvency crisis at ed-tech giant Byju’s has sparked widespread concern among its employees, reported news agency Reuters.
The report highlights the growing desperation among the workforce as they try to find a way to get away from what could become the largest insolvency in India’s tech startup sector.
Byju’s, once considered the epitome of success in the startup ecosystem, was valued at $22 billion in 2022.
The company rose to fame during the COVID-19 pandemic by offering online courses, which were in high demand as traditional…
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Three states faced questioning from a federal appeals court Wednesday about their standing to challenge the Biden administration’s student loan debt forgiveness program, while the US Education Department was pressed on the impact of a separate circuit ruling temporarily halting the program.
Texas Solicitor General Aaron L. Nielson said that Texas, Alaska, and South Carolina established Article III standing because they will be injured by receiving less interest with borrowers’ loans being consolidated under the Biden administration’s Saving on a Valuable Education Plan.
But Judge
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Challenges continue to mount for Byju’s, once celebrated as the posterboy of India’s growing startup ecosystem, as its employees are now considering legal action as they struggle to receive their salaries.
The insolvency crisis at ed-tech giant Byju’s has sparked widespread concern among its employees, reported news agency Reuters.
The report highlights the growing desperation among the workforce as they try to find a way to get away from what could become the largest insolvency in India’s tech startup sector.
Byju’s, once considered the epitome of success in the startup ecosystem, was valued at $22 billion in 2022.
The company rose to fame during the COVID-19 pandemic by offering online courses, which were in high demand as traditional…