Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
4 min read Last Updated : May 26 2024 | 11:11 PM IST
In the three years since its launch, the prepackaged insolvency resolution process has had a slow start, with limited interest from micro, small, and medium enterprises (MSMEs) and lower recoveries than the normal corporate insolvency resolution process.
In 2021 when the country was reeling from the Covid-19 pandemic, the government promulgated an ordinance and amended the insolvency law to help MSMEs avoid bankruptcy. However, the prepack scheme has not attracted many takers due to lack of advocacy, awareness, and a structure more formal than intended.
“We made it a non-starter by hardcoding the informal part of the prepack process in
Bruno Mars allegedly owes $50 million in gambling debt
Bruno Mars, the “24K Magic” singer has allegedly piled up over $50 million in gambling dept at MGM.
A source disclosed to News Nation the reason for his long-term residency at the outlet, “He owed millions to the MGM,”.
In 2016 the singer announced a multi-year residency with MGM Resorts International, but the diamond maker’s relationship with the resort started to get worse as the million dollar debt in gambling racked up at poker tables in Los Vegas.
Another source added, “[MGM] basically own him. He makes $90 million a year off of the deal he did with the casino, but then he has to pay back his debt, (He) only make $1.5 million per night after taxes.”
Following a consultation in 2023, the Insolvency Service will merge the monthly and quarterly statistics while maintaining monthly frequency. This the last release in the current format. The first release in the new format will be published on 26 April 2024. It will be available on the Company Insolvency Statistics releases page.
1. Main messages for England and Wales
Annual Summary for 2023
In 2023, there were 25,158 registered company insolvencies, comprising
20,577 creditors’ voluntary liquidations (CVLs), 2,827 compulsory
liquidations, 1,567 administrations, 185 company voluntary
arrangements (CVAs) and two receivership appointments. The number of
company insolvencies was the highest annual number since 1993.
The Advertiser Essentials $16 charged every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. Each payment, once made, is non-refundable, subject to law. Not in conjunction with any other offer. This subscription entitles you to access 30 locked articles on The Advertiser website only within each subscription period, and does not include access via the app. Any unused articles in your allocation per subscription period will not carry over to the next subscription period. This subscription does not provide access to the +Rewards program. Prices may be varied as per full Terms and Conditions. See www.advertiser.com.au/subscriptionterms for full details.
Rite Aid filed for Chapter 11 bankruptcy protection Sunday, a casualty of a miserable environment for drug stores, exacerbated by its runner-up status to bigger chains and expensive legal battles for allegedly filling unlawful opioid prescriptions.
The bankruptcy was not a surprise. Its bigger rivals, CVS and Walgreens, are also facing many of the same problems. They, too, are closing stores as Amazon and big-box chains like Walmart, Target and Costco serve as more customer-friendly alternatives to nationwide pharmacy chains.
But Rite Aid is in much worse financial shape than its competitors and…
MGM Grand Resorts International has denied reports that Bruno Mars is in debt with the entertainment company via a statement received by Complex.
“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” MGM wrote in the statement. “From his shows at Dolby Live at Park MGM to the new Pinky Ring lounge at Bellagio, Bruno’s brand of entertainment attracts visitors from around the globe. MGM and Bruno’s partnership is longstanding and rooted in mutual respect.”
The message continued, “Any speculation otherwise is completely false; he has no debt with MGM. Together, we are excited to continue creating unforgettable experiences for our guests.”
Billionaire and owner of top companies like Tesla, SpaceX, and X Corp, Elon Musk, issued a stark warning to the United States about its spending habits, suggesting that continued overspending could lead the country to bankruptcy.
“Overspending must cease or America faces bankruptcy,” Musk emphasized on Twitter.
His remarks came in response to a tweet highlighting the significant portion of tax money being allocated towards servicing the national debt. Economist E.J. Antoni pointed out, “It took 63% of all personal income taxes in Feb to pay the interest on the debt – no roads, no military, no schools, no social security – JUST INTEREST.”
In a retweet, another user underscored the alarming trajectory, stating, “This is an astounding…
Women walk past a closed Cafe Coffee Day shop in Srinagar, Wednesday, July 31, 2019. Photo: PTI
3 min read Last Updated : Aug 13 2024 | 1:53 PM IST
Coffee Day Insolvency Proceedings NCLT:Coffee Day Enterprises share price were under pressure for a second day on Tuesday. At 1:20 PM, Coffee Day shares were down 15 per cent at Rs 33.89 per share as against 364 points, or 0.46 per cent, dip in the benchmark BSE Sensex.
In two days, Coffee day Enterprises share price has tumbled 28.6 per cent after the company informed the exchanges that the National Company Law Tribunal (NCLT), Bengaluru bench, has admitted the company for insolvency proceedings.
In an exchange filing, after market hours on Friday, the company said: “With…
The prime minister, Anthony Albanese, has suggested the government is looking to reduce the rate of student debt indexation in response to debts growing by more than 4% this year.
Albanese said on Thursday that “there’s a range of areas we need to do much better for the younger generation and Hecs is one of them” and that announcements would be made “pretty soon” on changes to make the student loan “simpler and fairer”.
EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process.
Loan requests
Initially, the EY-Parthenon teams were asked to advise the bankruptcy of the parent company, with the ambition to find an alternative way ahead for the subsidiaries of Abengoa, where the majority of employees and debt were housed.
With support from EY teams, the subsidiaries requested help from the state-owned company SEPI, who are often used as a tool to implement government policy.
 "Cafe Coffee Day, CCD")