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.
India's anti-trust regulator, Competition Commission of India (CCI), on Tuesday (September 30) granted in-principle approval to Naveen Jindal-led Jindal Power
Business recovery and insolvency stakeholders have called for the strengthening of insolvency institutions to enhance practitioners’ effectiveness and align Nigeria’s
The National Company Law Appellate Tribunal (NCLAT) upheld the order of the Indore Bench of the National Company Law Tribunal (NCLT) rejecting a Section 7 application filed, after observing that the alleged default amount was below the statutory threshold of Rs. 1 crore under the Insolvency and Bankruptcy Code, 2016. The appellate tribunal set aside the penalty imposed under Section 65 of the Code.
Tanay Securities & Services Pvt. Ltd., the financial creditor, had filed an application under Section 7 of the Code before the NCLT, claiming a financial debt of Rs. 4.08 crore and alleging default by the corporate debtor.
The NCLT, after hearing both sides, observed that the corporate debtor had substantially repaid the…
The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis.
CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of the draft legislation in May. CIGA is part of the Government’s response to the COVID-19 crisis and introduces a number of “debtor friendly” measures to English restructuring and insolvency law, which up to now has been regarded as “creditor friendly”. The two new permanent restructuring procedures leave the current directors in office, with an opportunity to…
IRS rules that REIT may make liquidating consent dividend
The IRS ruled that a real estate investment trust (REIT) with debt in excess of its inside asset basis may make a consent dividend under IRC Section 565 in the year of its liquidation, and should include the consent dividend in calculating its dividends-paid deduction for purposes of calculating its REIT taxable income.
The IRS also concluded that the REIT’s shareholder should treat the consent dividend as liquidating proceeds received under IRC Section 331 and a deemed contribution by the shareholder of those proceeds to the REIT under IRC Section 565(c), thus increasing the shareholder’s adjusted basis in the REIT’s stock.
The move comes as part of CCI’s clearance for resolution plan submissions under the Insolvency and Bankruptcy Code (IBC).
“Commission approves acquisition of Jaiprakash Associates Limited by Jindal Power Ltd,” the regulator announced on X.
Following a Supreme Court ruling on IBC provisions, companies must secure CCI approval before presenting their resolution plans to the Committee of Creditors (CoC). The CoC of JAL is currently reviewing the resolution plans, and voting…
Business recovery and insolvency stakeholders have called for the strengthening of insolvency institutions to enhance practitioners’ effectiveness and align Nigeria’s frameworks with global best practices.
This was made known at the 2025 Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) conference in Lagos. The two-day event focused on deepening the use of insolvency tools to resolve chronic indebtedness and financial distress facing businesses.
Justice John Tsoho, Chief Judge of the Federal High Court,…
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The former Liverpool and England winger John Barnes has been declared bankrupt after a petition was filed by HM Revenue & Customs last month
16:04, 30 Sep 2025Updated 16:04, 30 Sep 2025
Former England and Liverpool footballer John Barnes(Image: PA)
Football legend John Barnes has been declared bankrupt after his company ran up debts of £1.5 million.
Giving his full name – John Charles Bryan Barnes – the bankruptcy notice was published in the London Gazette today (Sept 30) after a petition was filed by HM Revenue & Customs (HMRC) in early August. It was issued in the High Court of Justice on September 23.
Toronto-based esports and sports betting operator Rivalry has announced a major financial reset to conclude its strategic review.
The company announced a C$5.52 million ($3.9 million) private placement alongside a significant debt restructuring. The move concludes the strategic review process that the company kicked off in April and follows a series of cost-cutting measures.
In a press release, StevenSalz, Co-Founder and CEO of Rivalry, said it marks “the start of Rivalry’s next chapter”.
Rivalry has announced the conclusion of its strategic…
If corporate consolidation of one of the biggest entities in the video game industry by private equity, a Saudi Arabian investment fund, and a major investment firm doesn’t signal a worrying future for EA, leveraging AI to further cut costs will do the trick.
The $55 billion required to buy out EA includes $20 billion worth of financing in the form of a loan from JPMorgan. Not paying back that loan could result in the closure of the gaming giant, like what happened with toy chain Toys R Us (via Los Angeles Times).
As reported by the Financial Times, the deal is reportedly betting big on AI cutting down operational cost for EA significantly. EA reportedly has not shouldered huge amounts of debt prior to now, and this could signal a change…
The Lindsey Oil Refinery went into administration in June
Almost a third of the workers at the Lindsey Oil Refinery are to lose their jobs.
The Insolvency Service said 125 employees would be made redundant at the end of October, with 255 people remaining at the site at North Killingholme in North Lincolnshire.
The refinery was taken over by the official receiver in June after its owner, Prax Group, went into administration.
The Unite union said the government was “responsible for the redundancies going ahead, as it could provide support to ensure the refinery is kept intact and operational”.
Energy Minister Michael Shanks said the official receiver was “assessing potential bids for the future…
A liquidator has been appointed to four companies controlled by Paddy McKillen Jr after a creditors’ meeting last Friday. Accountant Cormac Mohan was approved as liquidator of the four non-trading companies called Ingaro Ltd, a former Oakmount management company; Beautiful Oak Ltd, another small management company; Tomose Ltd, the former Union Café operating company; and Sanphase Ltd, the former Lucky Duck pub operating company. A majority of creditors supported the liquidator’s appointment, and the Revenue Commissioners did not oppose it. The largest creditor is McKillen Jr, who invested about €7 million in the four companies. There is another €8 million…
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Kontafarma China Holdings Ltd ( (HK:1312) ) has issued an announcement.
Kontafarma China Holdings Ltd announced the potential winding up of its associate, True Concept Ltd, due to severe operational challenges and financial constraints in the Taiwanese fitness industry. Despite efforts to improve conditions, True Concept’s business has deteriorated, leading to the closure of its fitness centers and potential legal proceedings for liquidation. The company has recognized significant impairment losses, and True Concept’s total debts exceed…
