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.
Rationale Asset Management PLC, Value Asset Management PLC and Merydion Corporation Limited were involved in property investment and were previously placed into provisional liquidation in the High Court.
A provisional liquidator was appointed and the Official Receiver has responsibilities to protect assets in the possession or under the control of the companies pending the determination of the winding up petitions presented by the Secretary of State for Business, Energy and Industrial Strategy .
The Official Receiver is inviting investors and creditors of the three property companies to contact her office to provide details of their claims to assist with the provisional liquidation.
If you are an investor, creditor or shareholder of the…
After a year like no other, theQueensland2020-21 Budget has been handed down.
TreasurerCameron Dickrevealed the state’s finances had been significantly impacted by COVID-19, with debt set to increase to $102 billion and the budget deficit to swell to $8.63 billion.
The document also predicts four more years of deficits before a surplus is reached, and forecasts debt will climb to almost $130 billion by 2023-24.
Mr Dick defended the figures, saying the government will borrow less than Victoria ($192 billion) and New South Wales ($191 billion) and had to deal with revenues that were $12.3 billion lower than forecast.
The government has moved to extend its debt relief provisions for businesses by 10 months, meaning the scheme will remain open until 31 October next year.
The extension to the rules allowing affected businesses to put their debt on hold was made to help assist with the ongoing economic recovery from COVID-19.
The government introduced the scheme earlier this year as part of relief measures aimed at cushioning the economic impacts of the pandemic, Finance Minister Grant Robertson said. The scheme allows businesses that meet the necessary criteria to place their existing debts on hold for up to seven months.
This is intended to give businesses time to explore options for continuing to trade, when they might otherwis…
Journalists who lost their jobs when the weekly newspapers they worked for ceased publication are to receive money they are owed after a near-three-year fight.
Editorial staff who were employed at Lyme Regis-based View From Newspapers will now receive notice pay settlements and additional payments awarded by an employment tribunal after Duncan Williams, the final owner of the group, was declared bankrupt.
The money will be paid by the Insolvency Service after the Plymouth County Court ruling against Mr Williams, which means the government steps in to pay at least a proportion of what the former staff are owed.
Mr Williams, pictured, had bought the company for 1 on 16 January 2018, 12 days after 26 redundancies were announced at the View…
The majority of people in the UK want to pay the right tax at the right time because they believe that it is the right thing to do and appreciate that tax revenue funds public services for everyone. HMRC provides a flexible range of support for those who would like to pay on time but find it hard to do so.
We will continue to support viable businesses with our Time to Pay arrangements. Its essential that any business that is struggling to pay what they owe contacts HMRC, with support available through the Business Payment Support Service.
HMRC as a preferential creditor
Where a company or individual becomes insolvent, the taxes paid by employees and customers, which the insolvent business was temporarily holding, do not alway…
NEW YORK–(BUSINESS WIRE)–Duff & Phelps, the worlds premier provider of governance, risk and transparency solutions, today announced that it has signed a definitive agreement to acquire Borrelli Walsh, a leading specialist restructuring, corporate recovery, insolvency and forensic accounting firm. The combination of Duff & Phelps and Borrelli Walsh strengthens the firms restructuring offerings for clients in Asia, the Caribbean and around the world.
Founded in 2006, Borrelli Walsh has been involved in some of the largest and most difficult restructurings, corporate collapses and investigations. It has an unrivalled reputation for achieving results for clients through its innovative and hands-on approach in complex jurisdictions, inc…
To assist with the ongoing economic recovery from COVID-19, rules allowing affected businesses to put their debt on hold have been extended by 10 months.
New Zealands economy is recovering better than we expected, but the impacts of the pandemic are far-reaching and some businesses need continued support to keep trading, Finance Minister Grant Robertson said.
To help companies that are struggling due to COVID-19, we are keeping the business debt hibernation scheme open until 31 October 2021.
The Government introduced the scheme earlier this year as part of relief measures aimed at cushioning the economic impacts of the pandemic. The scheme allows businesses that meet the necessary criteria to place their existing debts on hold for u…
Plea filed by Alcock Ashdown said it could not repay debt of Rs 600 cr; this is the second state PSU to approach NCLT
Gujarat government-run company Alcock Ashdown (Gujarat) Limited (AAGL) has filed an application with the Ahmedabad bench of the National Company Law Tribunal (NCLT) for insolvency, saying it was not in a position to repay the debt of around Rs 600 crore to its creditors, including workmen. The company had been incurring losses for years.
In 2018, the state government decided to shut the company, which was into the business of ship-building, ship overhaul and ship conversion projects and worked for Indian Navy and Andaman Nicobar administration.
It started the proceedings under Section 10 of the Insolvency and Bankruptcy code…
An application for an order of liquidation has been filed in a Travis County, Texas, district court for a Houston-based nonstandard auto insurer now in receivership.
With the agreement of its board of directors, ACCC Insurance Co. was placed into receivership on Oct. 21 by Travis County District Judge Tim Sulak at the request of the Texas Department of Insurance. The application for liquidation was filed Nov. 24 by the TDI-appointed Special Deputy Receiver (SDR) for ACCC, Prime Tempus Inc., which has found the company to be insolvent.
Privately held ACCC is headquartered in Houston and in addition to Texas, the company offers its insurance products in Alabama, Georgia, Mississippi, New Mexico and South Carolin…
Leon, one of Britain’s most prominent restaurant chains, has served creditors with a restructuring plan that includes a multimillion pound investment from shareholders to secure its future.
Sky News has learnt that the company, which was co-founded by Boris Johnson‘s ‘food tsar’, Henry Dimbleby, circulated details of a company voluntary arrangement (CVA) to landlords and lenders on Tuesday.
The proposals, which require creditor approval, would see four of Leon’s restaurants switch to a rent-free model.
The majority of its 60 outlets will switch to turnover-based rents – an increasingly common framework for coronavirus-battered hospitality and retail businesses.
A deluge of CVAs have, however, sparked a backlash from commercial la…
During the pandemic-created recession, when millions of Americans are strapped for cash, youd think that more of us would turn to credit cards to help tide us over. It appears that just the opposite has happened, though.
Before 2020, consumer credit card debt grew for eight consecutive years, hitting a record high of $829 million in 2019, according to new data from Experian. But in the past year, that tally fell by 9 percent. Now, outstanding credit card debt in the U.S. totals $756 billion. Thats the lowest dollar amount since 2017, Experian says.
Credit utilization and late payments also fell
At the same time, two key measures of credit card activitycredit utilization and late paymentshave both moved downward, Experian says. For its a…
Journalists who lost their jobs when the weekly newspapers they worked for ceased publication are to receive money they are owed after a near-three-year