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.
Download CSVShow datatableNumber of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days Number of bankruptcies
A judge in May dismissed the NRAs bankruptcy case, ruling that the advocacy group cannot use the bankruptcy code to move from New York, where it is the subject of a lawsuit, to Texas, a more gun-friendly state.
The court determined that the bankruptcy case was no…
Armed with Supreme Court order, banks may invoke personal guarantees of tycoons ranging from Venugopal Dhoot to Kapil Wadhawan to recover unpaid loans from their delinquent firms, sources said Monday.
Armed with Supreme Court order, banks may invoke personal guarantees of tycoons ranging from Venugopal Dhoot to Kapil Wadhawan to recover unpaid loans from their delinquent firms, sources said Monday.
According to an estimate, top 10 personal guarantors have guaranteed debt of over Rs 1.6 lakh crore. Among the big names, former promoters of Bhushan Steel and Power Sanjay Singhal and his wife Aarti Singhal had furnished personal guarantees worth up to Rs 24,550 crore to take loans from a cons…
It is becoming increasingly fashionable to either spin off or sell assets from large businesses to reshape for the future. In particular, conglomerate structures are no longer considered attractive, and investors prefer a sharp focus on fewer areas rather than fingers in lots of pies.
Some of these corporate restructuring actions have been driven by activist investors seeking to unlock hidden value, others have been partially influenced by third parties wanting to own certain assets and offers that are too good to pass up.
In the case of media group Daily Mail & General Trust, it has for years owned stakes in various assets and its come to the stage where major shareholder, the Rothermere family, thinks it could be best to take the bus…
Restructured loan books of non-bank financial groups may double to 3.1-3.3 per cent by March 2022 from 1.6 per cent in March 2021, hurt by the second wave of Covid-19 infections hitting borrowers, rating agency ICRA has said.
Covid-19 and lockdowns to slow down its spread have affected the cash flow of borrowers and delayed economic recovery, according to ICRA. Non-bank financial entities cover finance companies and housing finance firms (HFCs).
The Reserve Bank of India (RBI) has allowed lenders to restructure their credit, while maintain…
NEW YORK (AP) U.S. Senate Majority Leader Chuck Schumer on Sunday called on the Justice Department to investigate the National Rifle Association for bankruptcy fraud, saying the financially stable gun-rights group abused the system when it sought bankruptcy protection in the wake of a New York lawsuit seeking to put it out of business.
A judge rejected the NRA’s bankruptcy case in May, ruling the nonprofit organization had not acted in good faith. NRA leaders made clear that the organization was “in its strongest financial condition in years” and was seeking bankruptcy protection so it could changes its state of incorporation from New York to gun-friendly Texas.
Schumer, a New York Democrat, said the NRA’s continued heavy spending on…
MEDFORD, Ore., July 12, 2021 /PRNewswire/ — At its virtual annual conference, concluded in June, AIRA announced the following leadership transitions and awards:
Michael R. Lastowski, Duane Morris LLP, Wilmington, DE named president, succeeding David Bart, CIRA, CDBV, RSM US LLP, Chicago. Mr. Bart assumes the role of chairman from Brian Ryniker, CIRA, RK Consultants LLC, Sea Cliff, NY, who remains an AIRA board member.
Emanuel M. Katten Award
Emanuel M. Katten was a founding member of AIRA’s predecessor organization. He was instrumental in the development of the CIRA program and other association and professional initiatives.
In recognition of Manny’s legacy, annually, AIRA conveys its Emanuel M. Katten Award to an AIRA member with a…
A free national debt advice service has been launched to help people around Scotland who are struggling with their finances.
The moneyadvice.scot service from Advice Direct Scotland (ADS) is for anyone struggling to meet their current financial commitments.
It comes after a new opinion poll by Survation revealed more than one-third of Scots are worried about paying their monthly bills over the next year. The poll also found 32% of Scots are concerned about being able to afford living costs such as food and clothing.
The pandemic has had a devastating financial impact on many families in Scotland.
Andrew Bartlett, Advice Direct Scotland
The new service accessed online and by phone on 0808 800 9060 (between 9am and 5pm, Monday to Frida…
Detroit A mob-connectedbookie from Grosse Pointe Parkhandled lucrative bets for Phil Mickelson and was accused of cheating the PGA Tour golfer out of $500,000, according to federal court records obtained by The Detroit News.
Previously unreported gambling allegations outlined in a trial transcript filed in federal court in Detroit linkMickelson with one of the biggest gamblers in Detroit history, Dandy” DonDeSeranno, whoalso handled bets forbig shots as a Las Vegas casino host and bookie from 1994-2002.
Mickelson, whohas not been accused of wrongdoing, is headlining the Rocket Mortgage Classicat Detroit Golf Club, which starts Thursday. Mickelson, 51, is scheduled to make his first appearance at the tournamenttwo months after he beca…
Australian banks have offered loan repayment deferrals of up to three months to their small business customers as New South Wales succumbs to hardened lockdown restrictions.
Australias banks on Friday each announced varying small business support options to customers affected by hardened state lockdown restrictions spanning loan repayment deferrals of up to three months, merchant terminal fee refunds, and waived fees.
Australian Banking Association (ABA) CEO, Anna Bligh, said that customers should rest assured if they need support, because their banks will give it to them.
While we know that the Australian economy is in good shape, we also know that recent lockdowns have taken their toll on customers and the recovery can be slow, Ms Bl…
A2 Milk is reorganising to provide more focus as part of a plan to get the company back on track.
A2 Milk group managing director David BortolussiPhoto: Supplied
The speciality dairy company has been [https://www.rnz.co.nz/news/business/442238/a2-milk-launches-review-of-approach-to-chinese-infant-formula-market
looking at its operations] after continuing Covid-related problems and steps taken to make up for disruptions to some sales channels roved ineffective.
It is reorganising its Asia Pacific division, which makes the majority of the business, is to be reorganised into a China domestic business, an international export business, and an Australia & New Zealand (ANZ) domestic business.
A retired couple in their 70s have now been released from the majority of their small business tax debts after the Administrative Appeals Tribunal overturned an ATO decision on the grounds of serious financial hardship.
The couple, Mr and Mrs Smith, had owed $106,576 in tax debts after their 50-year-old small interstate transport and freight business ran into cash flow problems when a large contractor of the business went into voluntary administration while owing them $80,000.
The couples transport fleet also suffered a number of significant mechanical breakdowns, at a cost of $60,000 to the business, ultimately leading them to rack up tax debts from 2015 to 2017.
Mr and Mrs Smith managed to keep the business afloat and sold it in May …
