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.
Former Acxiom and LiveRamp executive Dean Capobianco has joined government-owned geospatial geospatial data company, Geoscape Australia, as CEO. Capobianco started
The Reserve Bank of India has started discussions with the Indian Banks Association for a possible extension of the one-time restructuring scheme announced last year to support borrowers through the Covid crisis. While the schemes have closed, bankers had requested for them to be reopened amid a soaring second wave of infections.According to three bankers in the know, the regulator is considering relief for retail and small business…
The Reserve Bank of India has started discussions with the Indian Banks Association for a possible extension of the one-time restructuring scheme announced last year to support borrowers through the Covid crisis. While the…
The number of people going financially insolvent after being unable to pay their debts across England and Wales fell by 5% in the first three months of this year.
ome 29,140 personal insolvencies were recorded between January and March, the Insolvency Service said.
It said the number of insolvencies was 5% lower than in the fourth quarter of 2020, with numbers of individual voluntary arrangements (IVAs), debt relief orders (DROs) and bankruptcies all lower.
IVAs, which are agreements whereby money is shared out between creditors, accounted for more than three quarters (77%) of personal insolvencies in the latest quarterly figures.
In the first quarter of 2020, 28,936 personal insolvencies were recorded, so the latest total is 1% higher …
A Blackburn fraudster who had been made bankrupt tried to hide his inheritance by putting it in his wifes bank account, a court heard.
Dad-of-three Neil Thomas Maloney was declared bankrupt in December 2015 after he owed creditors a total of 17,848.30.
The car parts dealer was due to be discharged from his bankruptcy in November 2016 but this was suspended indefinitely.
As a result Maloney was banned from applying for credit over 500 without disclosing his financial status.
However, Preston Crown Court heard today that despite his bankruptcy, Maloney went on to obtain credit to the sum of 24,040.72 with Lancashire-based Euro Car Parts.
Prosecutor Kimberley Obrusik said: Between May 2017 and July 2017 he went on to order items with a va…
Nearly a year afterits last layoff, online coding bootcamp Lambda School just announced more cuts amid a broader structuring. In a blog post, CEO and founder Austen Allred said that the startup,which raised a $74 million Series Cin August, is laying off 65 employees.
The roles that were cut span senior product, engineering, design, community management, or instructional staff. There is aGoogle formfor companies to post job opportunities for new Lambda School alumni.
We have been working for years on making incentive-aligned education work, Allred wrote in a tweet. Its harder than we initially thought; weve had to invent a lot from scratch simultaneously and we have to get a lot of things exactly right.
LONDON (Reuters) Company insolvencies in England and Wales fell to their lowest level in more than 30 years during the first three months of this year, as government support measures helped businesses hit by the coronavirus pandemic to ward off bankruptcy.
Britain suffered its sharpest fall in economic output in more than 300 years last year, but government-backed lending schemes enabled firms to borrow more than 75 billion pounds to bridge a shortfall in cashflow.
The number of businesses which were declared insolvent sank to 2,384 in the first quarter of 2021 from 3,053 in the final three months of 2020, the lowest number in seasonally adjusted data that goes back to the first quarter of 2011.
Auto components major Motherson Sumi Systems Ltd (MSSL) on Friday said its public shareholders have voted in favour of its proposed group restructuring under which it will demerge its domestic wiring harness (DWH) business into a new company that will eventually be listed.
As part of the restructuring which was announced in July last year, after the demerger of DWH, group firm Samvardhana Motherson International Ltd (SAMIL) is to be merged into MSSL to consolidate 100 per cent shareholding in Samvardhana Motherson Automotive Systems Group BV (SMRP BV) as well as to bring all auto component and allied businesses in SAMIL under MSSL.
In a statement, the company said for the NCLT convened meeting regarding the scheme of reorganisati…
The High Court has refused to approve a Personal Insolvency Arrangement (PIA) under which a pensioner would be making mortgage repayments on her home until she was aged 98.
In what is regarded as an important test case, Mr Justice Mark Sanfey said 69-year-old Ann Fennell, who owes Ulster Bank some 72,500, would not be reasonably likely to be able to comply with the terms of the proposed PIA.
The bank opposed the PIA, which proposed to restructure the length of her mortgage repayments to 348 months from the coming into effect of the arrangement.
If the proposal had been approved, Ms Fennell would have been making monthly mortgage repayments until she was aged 98.
She had entered into an insolvency arrangement over her difficulties in rep…
Living in the coastal suburb of Killcare on New South Wales Central Coast, the past year has seen Linda Gibbens spend the most time on solid ground in two decades.
Previously a flight attendant with Emirates and Virgin Australia, the role saw her travel all around the world and live in Dubai for seven years at the age of 22. However when the pandemic hit, the 43-year-old was stood down without pay, and like the majority of her peers, her career was plunged into uncertainty.
The last flight I did was LA to Brisbane and I wasnt able to fly back to Sydney until I completed hotel isolation for five days, she tells news.com.au.
Supreme Court accepts complex task made more difficult by range of challenges
WITS assets were eventually auctioned off as part of its liquidation
The Supreme Court of Victoria Commercial Court brings into sharp relief the cost of company failure as external administrators are approved remuneration of more than $320,000 for their work in winding-up Wadleys Interstate Transport Service (WITS) Holdings in 2019.
The case also sheds light on a messy ending for the 40-plus-year-old company, led by Brian Wadley and Ed Slade, which, in a 2017 interview,was still operating more than 40 trucks.
The administrators made the claim under the Insolvency Practice Schedule (IPS), which deems the court has an obligation t…
A VIP casino patron who is accused of racking up a $43 million baccarat debt will be forced to appear in an Australian court.
Casino Guardian reports that a Brisbane judge has overruled the bid of Dr. Wong Yew Choy to set aside the legal action started by Star Entertainment Group against him.
The Brisbane casino operator is seeking to get the money owed by the high-roller for his gambling losses generated in 2018.
At the time, Justice Thomas Badley said he was not persuaded that green-lighting the proceedings will have the desired effect for the gambling operator.
Previously, the Singapore International Commercial Court decided that Star had no legal grounds to claim the money owed by the gambler.
Former Acxiom and LiveRamp executive Dean Capobianco has joined government-owned geospatial geospatial data company, Geoscape Australia, as CEO.
Capobianco started his corporate career in media after time as an elite athlete whereby he competed for Australia at the Olympics.
Dean Capobianco
Most recently, he was acting CEO of the now insolvent tech startup UbiCar, an app based car insurance platform founded in Australia. UbiCar branded itself as the first usage-based insurance company in Australia. It went into voluntary administration in October 2020.
With the fallout from the novel coronavirus pandemic for many being either job loss or business closures, the possibility of needing to find shelter under the provisions of the Insolvency Act is all too real.
What happens, however, to your lease? As the tenant who needs rescue, are you likely to be kicked out of the premises because you are insolvent or if your landlord is?
The Insolvency Act gives some assurance to the tenant in these situations.
If you, as the tenant, are the one who is seeking insolvency protection by filing a proposal or a notice that you intend to file a proposal, the Insolvency Act provides that the lease cannot be terminated simply because you are insolvent or because you have not paid your rent. The Act also pro…
