Insolvency Guardian Media Centre
Rex Airlines enters voluntary administration The Northern Daily Leader
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European subsidiary of the textile chain aims for a new start
Clothing retailer Scotch & Soda has filed for bankruptcy again. As the company announced, S&S Europe BV, the Northern European retail and e-commerce organization of the clothing brand Scotch & Soda, was declared bankrupt on Wednesday.
Scotch & Soda was already insolvent in 2023 and was taken over by Bluestar Alliance, a New York-based brand management company, after the proceedings were completed. The retail and e-commerce activities in Northern Europe were continued by S&S Europe BV.
The reason for the bankruptcy was logistical problems after the restart and the resulting ongoing losses. Bankruptcy was also filed for the branches in Germany, Belgium, Luxembourg and Austria. In…
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Rex staff told to provide ‘quality service’ to ‘secure their jobs into the future’ Goulburn Post
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Embattled Australian electric vehicle fast-charger company Tritium is on the lookout for buyers after its directors declared the company to be insolvent and called in administrators.
Tritium has declared itself insolvent and self-appointed administrators and insolvency administrators appointed by creditors have assumed control of the Queensland-headquartered electric vehicle (EV) charging company’s assets and begun the search for buyers.
In a brief notification to the United States’ Securities and Exchange Commission, the company writes that Tritium DCFC and three of its Australian subsidiaries are “insolvent or likely to become insolvent.”
The directors said they had appointed three managers from…
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The Insolvency and Bankruptcy Code, 2016, has a timeline of 270 days to complete the Corporate Insolvency Resolution Process (CIRP), including any extensions granted. This includes an initial 180 days, plus an additional 90 days in exceptional circumstances. As per the latest figures up to December 2023 released by the Insolvency and Bankruptcy Board of India, 68 percent of CIRPs have missed the 270-day deadline, and the average time for resolution has reached 677 days for financial creditors (FCs).
Even with these timelines, FCs have managed to recover only 33.8 percent of their admitted claims. While FCs have realised 177.6 percent when compared with the debtor’s liquidation value (the lowest possible value estimate of a…
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Column | I don’t lend money to family. There’s a better way to help. The Washington Post
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DigiDirect’s owner Shant Kradjian has also confirmed his intent to hire 100 extra staff on top of those still remaining, administrators McGrathNicol Restructuring said today.
Former staff are also encouraged to rejoin the company.
“We are incredibly pleased to have completed the sale of the Booktopia business to the owner of digiDirect,” administrator Keith Crawford said.
“The transaction will result in the retention of all remaining employees, the recruitment of some 100 additional employees and continuity of supply for Booktopia’s trade creditors.
Kradjian is also offering special arrangements to customers with unredeemed gift cards.
The legendary fashion designer who was a Nazi…
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The Association for Business Restructuring & Turnaround launches this week with the goal of accrediting specialists in company turnaround and setting professional standards.
ABRT founder Eddie Griffith said the body would aim to address problems identified by the parliamentary insolvency inquiry and had sprung out of conversations between like-minded specialists.
“We came up with the idea that we could set up an association that isn’t like anything else out there,” he said. “A new profession for pre-insolvency advisers or advisers likely to deal with distressed businesses.
“We will write a set of very easy-to-follow practice statements and bring credibility to this ‘pre-insolvency’ term.
“Our association will…
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The Eel Screen Company Ltd. provided a false turnover to secure a £50,000 Bounce Back Loan in 2020, the maximum allowed under the scheme which was designed to support businesses during the pandemic
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Financial inconsistencies were also found in the company’s application for a £225,000 Recovery Loan Scheme loan almost two years later
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Investigations by the Insolvency Service have resulted in The Eel Screen Company being wound-up in court
A Lincolnshire eel protection business has been closed down after investigations by the Insolvency Service revealed two cases of government loan misconduct.
The Eel Screen Company Ltd, based on Dolphin Road in Boston, was wound-up at the High Court in…
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Thousands of Wake students need help to pay for school lunch. Here’s how you can donate. Raleigh News & Observer
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Fears grow over fate of more councils after Birmingham files for insolvency
Local governments in the United Kingdom went into panic mode on Wednesday after Birmingham City Council effectively declared itself bankrupt. Authorities warned that more councils across the UK could declare themselves in financial dire straits.
Birmingham City Council, one of Europe”s largest, declared itself effectively bankrupt on Tuesday. The council, which looks after services in the city, made the move after saying it could no longer fund its 3.2 billion pound ($4 billion) annual budget.
With a population of about 1.15 million people, Birmingham is the second-largest city in…