Insolvency Guardian Media Centre
Wednesday, August 25, 2021
The recent case ofRe A Company [2021] EWHC 2289 (Ch)outlines how the coronavirus test for winding up petitions will be applied by the Courts. Taking a similar approach, to the cases ofNewman v Templar Corp Ltd [2020] EWHC 3740 (Ch) andRe PGH Investments Ltd v Ewing [2021] EWHC 533 (Ch),both as detailed in our blogshereandhere, the low threshold test for determining whether coronavirus had an impact on the financial position of the Company was applied.
The coronavirus test prohibits a creditor from pursuing winding up proceedings against a debtor company that has been financially affected as a consequence of the coronavirus pandemic. The temporary changes to winding up petitions are set to end on 30 September 2…
Read the full article at: https://www.natlawreview.com/article/uk-winding-petitions-hurdle-coronavirus-test
LONDON: Fugitive Indian businessman Vijay Mallya has filed papers in the UK high court seeking permission to appeal against his bankruptcy order.
Mallya (65) was declared bankrupt by the insolvency and companies court (ICC) of the high court on July 26 this year. His name is now listed in the individual insolvency register.
A spokesman for the chancery division of the high court told TOI that Mallya had on August 16 filed a notice seeking permission to appeal the decision of Chief ICC judge Briggs, who had declared him bankrupt. “He has until September 21 to file his appeal bundle and then it will be referred to another judge to consider whether to grant permission to appeal.”
If permission is granted, he will have a full appeal hearing, wh…
Read the full article at: https://timesofindia.indiatimes.com/world/uk/vijay-mallya-files-for-permission-to-appeal-against-bankruptcy-in-uk-high-court/articleshow/85637517.cms
Edward Wade, Content Author and Technical SEO at Wilson Field, explores some of the alternative initiatives businesses can use to help themselves through tough times
Despite all the help from the government over the course of the Coronavirus pandemic, for some businesses, there is still quite a bleak picture. After restrictions were lifted, there is no doubt that the economy saw a small boom. But for many businesses, it was too little too late, with the extension of lockdown to the 19th of July a final nail in the coffin.
For many businesses across the country, they are still feeling the effects of not being able to trade properly for the last 12-18 months. The government support has been able to plug some of the g…
Read the full article at: https://www.openaccessgovernment.org/alternatives-government-help-businesses-affected-by-covid/118331/
SAN FRANCISCO–(BUSINESS WIRE)–U.S. fintech company Brex, the all-in-one finance solution for growing businesses, today launched Brex Venture Debt, a new product that gives select customers access to debt financing.
Brex already offers credit cards, cash management accounts, spend management, and bill pay software together in a single dashboard for its customer base of high-growth businesses. With the addition of Brex Venture Debt, the company is further building on its promise of offering financial solutions for customers at every stage of growth.
Our mission has always been to support growing businesses, and as our customers have grown quickly, so have our offerings, said Henrique Dubugras, co-founder and CEO of Brex. Our venture …
Read the full article at: https://www.businesswire.com/news/home/20210825005200/en/Brex-Launches-Brex-Venture-Debt-to-Help-Existing-Customers-Scale
An exclusive casino in London is fighting a multi-millionaire property developer in court after he cashed cheques for gambling chips which then bounced.
The Les Ambassadeurs Club in Park Lane, Mayfair which featured in James Bond film Dr No is taking Yu Songbo to the High Court to recover the money he owes.
The court heard the Chinese tycoon, whose family had an estimated fortune of 1 billion when he became a casino member in 2014, cashed cheques for 19 million between April 27 and May 1 in 2018.
But the court said all the cheques were subsequently dishonoured, MailOnline reported.
The casino initiall…
Read the full article at: https://metro.co.uk/2021/08/25/mayfair-casino-takes-chinese-tycoon-to-court-over-10000000-debt-15148477/
MCLEAN, Va.–(BUSINESS WIRE)–Intelsat S.A. (OTC: INTEQ), operator of the worlds largest and most advanced integrated satellite and terrestrial network, today announced that it has achieved the support of key creditor groups across the capital structure on the terms of a comprehensive financial restructuring that would reduce the Companys debt by more than half from nearly $15 billion to $7 billion and position the Company for long-term success.
The Company has filed an Amended Plan of Reorganization in its Chapter 11 proceedings pending before the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, accompanied by an explanatory Disclosure Statement. The Amended Plan has the support of holders of approximate…
Read the full article at: https://www.businesswire.com/news/home/20210824005884/en/Intelsat-Achieves-Support-of-Nearly-75-of-Funded-Debt-on-Comprehensive-Financial-Restructuring
The year-on-year level of corporate insolvency has risen for a third consecutive month in the North East, highlighting the continuing impact of the pandemic on businesses in the region, according to a new report.
The latest corporate insolvency figures for England and Wales reveal a 70.4 percent increase in creditors’ voluntary liquidations in July 2021 compared to July 2020.
While corporate insolvencies fell by 9.3 per cent month-on-month to 1,094, compared to Junes figure of 1,206, they increased year on year by 13.4 per cent.
Alexandra Withers, North East chair of insolvency and restructuring trade body R3 and an associate solicitor in the insolvency department of Short Richardson & Forth Solicitors in Newcastle, said the figure…
Read the full article at: https://www.insidermedia.com/news/north-east/year-on-year-rise-in-insolvencies-report
The pandemic has taken its toll on one of Australias largest disability service providers with the organisation calling in administrators and leaving thousands of staff and participants across NSW in limbo.
Disability Services Australia called in KPMG to oversee its voluntary administration on Wednesday, but moved to reassure participants and staff the organisation would continue to operate as normal for now.
Disability Services Australia said the pandemic compounded financial difficulties within the organisation.Credit:Louise Kennerley
The not-for-profit, which has operated across NSW since 1957, supports more than 1500 people with disabilities to live independently in greater Sydney, Illawarra, the Hunter, Central West, Southern …
Read the full article at: https://www.smh.com.au/politics/federal/pandemic-blamed-as-disability-service-provider-enters-voluntary-administration-20210825-p58lxo.html
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A Sunderland scaffolder is in trouble after it was found he applied for a government-backed 50,000 Bounce Back Loan he wasnt entitled to.
The 34-year-old scaffolder was trading as LTH Scaffolding until December 2019 he started working with a separate company.
But this did not stop him from applying for a government-backed Bounce Back Loan of 50,000 in the name of LTH Scaffolding which he received on 12 May 2020.
The money was then used to repay third parties rather than to meet ongoing business costs.
The scaffolder was declared bankrupt on 26 October 2020. But due to his improper application for the Bounce Back Loan and the risk he posed to other creditors, the Official Receiver sought to extend his bankruptcy restrictio…
Read the full article at: https://scaffmag.com/2021/08/scaffolders-bankruptcy-restrictions-extended-for-10-years/
As businesses transcend geographical boundaries, and in times of financial distress, it becomes more challenging to find a restructuring solution that is time and cost-efficient, providing the debtor with requisite breathing space and tools with which to effect the restructuring exercise, while ensuring the rights of creditors are adequately protected. In this context, it becomes almost inevitable that companies and creditors look further afield for the suitable forum to conduct a restructuring, and this is where forum shopping, or forum selection, comes in.
The term forum shopping frequently carries a negative connotation. Conventionally understood, it refers to a litigant commencing proceedings in a forum that offers the best tactic…
Read the full article at: https://law.asia/forum-shopping-asian-restructuring/
The owner of Madison announced a net increase of full-year profits before tax of over 200%, as it restructured its wealth division following the acquisition of the advice group.
Climes profit before tax was reported at $3.8 million, an increase of 280% on financial year 2020.
A successful merger of Madison with Clime has allowed both businesses to enhance investment offerings to clients through increased scale and greater expertise available across the group, Clime said.
In its full-year results presentation, the company also noted a streamlining of processes and systems between the two businesses is ongoing, with a key focus being the simplification of Climes technology architecture to improve client experience.
Clime’s existing p…
Read the full article at: https://www.ifa.com.au/news/29978-clime-profits-skyrocket-following-restructure
Cabin crew and ground staff at Jet Airways (JAI, Mumbai Int’l) have united to challenge the Kalrock-Jalan consortiums proposal to revive the airline, expressing concerns about unpaid salaries and retirement benefits, and have filed a petition on the matter to the National Company Law Appellate Tribunal (NCLAT), the Press Trust of India reported.
The Jet Airways Cabin Crew Association (JACCA) and ground-staff union Bhartiya Kamgar Sena claimed that money owed to employees had not been included as part of insolvency proceedings taking place under the Corporate Insolvency Resolution Process (CIRP).
In June, the Mumbai Bench of the National Company Law Tribunal (NCLT) approved the consortiums resolution plan for Jet Airways, which ceased f…
Read the full article at: https://www.ch-aviation.com/portal/news/107075-staff-at-indias-jet-airways-challenge-consortiums-revival