Insolvency Guardian Media Centre
The National Company Law Tribunal’s ( NCLT ) inability to fill judge and technical posts has a detrimental impact on the prompt resolution of cases under the Insolvency and Bankruptcy Code (IBC). This problem has persisted and runs counter to the IBC’s main goal of offering quick settlement for corporate insolvency.
An Advocate named Y. Balachander Reddy filed an application for the Right to Information [RTI], which uncovered the ongoing problem of unfilled judicial and technical positions, especially within the NCLT, which is crucial in deciding possible corporate disputes and insolvency matters under the Insolvency and Bankruptcy [IBC] framework.
The number of open positions is concerning and could have an…
Read the original article here
A bakery firm that closed both its Market Harborough stores earlier this week is set to enter voluntary liquidation.
Butterwick shut 12 of its 14 sites including the shops on Church Street and at the railway station, leaving more than 60 staff out of work.
The owners of the Northamptonshire-based company said the decision was made with ‘deep regret’, citing rising operating costs and changes in customer spending habits as the reasons behind the closures.
Workers say they were given no prior warning of the closures and have criticised the handling of the matter.
The Church Street store was one of two branches in Market Harborough to close
A spokesperson for BRI Business Insolvency said: “BRI Business Recovery and Insolvency…
Read the original article here
The Insolvency and Companies Court, in A Company -v-
Visionary Future LLC & ors. (unreported), has dismissed an
application by a company seeking to strike out, or alternatively
restrain advertisement of, a winding-up petition brought by
creditors. The judgment underlines the critical importance of
providing proper and substantiated evidence in insolvency
proceedings.
Lewis Silkin acted for the petitioners (the respondents in the
application), who have since been successful in winding up the
company in question.
Background
The petitioners had invested a significant sum into the company
by way of convertible loan notes with a repayment date of 31
December 2025; those convertible loan notes also accrued interest
which would fall…
Read the original article here
Please note that by blocking any or all cookies you may not have access to certain features, content or personalization. For more information see our Cookie Policy.
To enable cookies, follow the instructions for your browser below.
Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:
1. Open the settings menu by clicking the hamburger menu in the top right
2….
Read the original article here
Carillion collapsed in January 2018 owing close to £7 billion, with only £29 million in cash.
The company’s insolvency sent shockwaves through the industry, impacting more than 30,000 suppliers and subcontractors, and led to significant government and public sector projects – around 450 construction and service contracts – being thrown into uncertainty.
At the time, Carillion employed around 43,000 people, including 19,000 in the UK.
Rachel Reeves, then chairwoman of the Business, Energy, and Industrial Strategy (BEIS), called Carillion “notorious” for its late payments to subcontractors, with the significant strain on its cashflow contributing to its eventual downfall.
The Commercial Relations Board, an independent…
Read the original article here
Data Centers And The Power Grid: A Path To Debt Relief? – Real Investment Advice – Commentaries Advisor Perspectives
Read the original article here
-
Former hotel boss Campbell Dickson has been banned from being a company director for four years after his company went into liquidation owing more than £400,000 in VAT to HM Revenue and Customs (HMRC)
-
Dickson had previously run two similarly named companies that also failed with substantial tax debts, leaving a combined total of more than £1.7 million owed to HMRC across all three businesses
The former boss of a hotel on the Isle of Skye has been banned as a director after his company went into liquidation owing more than £400,000 in VAT.
Campbell Dickson was the director of Caledonian Skye Ltd, which traded as The Portree Hotel on Somerled Square in the town.
Caledonian Skye Ltd went into…
Read the original article here
Fiji has launched a new digital interface, with support from the Commonwealth Secretariat, to better track how public funds are used.
The latest upgrade links the Commonwealth Meridian debt management software with Fiji’s new Financial Management Information System (FMIS) to create a streamlined process for recording all government financial transactions.
The interface ensures that debt transactions are recorded in real-time and accurately across both systems. With reliable and real-time data, it enhances audit trails and reporting for informed decision-making in allocating public funds for government services and development projects.
The new setup replaces the previous manual process, where staff had to…
Read the original article here
Insolvency numbers drop but November Budget casts “long shadow” – North East chair of R3 Insider Media Ltd
Read the original article here
A Danish interior design firm, based in Ullerslev, eastern Funen, has been declared bankrupt after 13 years in business.
© Khwaneigq | Dreamstime
Founded in 2008, Interno Design and Interior delivered interior solutions to well-known clients including Skodsborg Kurhotel, City Hotel Odense, and Hotel Svendborg. However, the COVID-19 pandemic severely impacted operations, leading owners Niels Pedersen and Michael Gregersen to attempt diversification into carpentry and joinery in 2020. That venture was dissolved in 2023, the same year Interno was renamed Cabina ApS in an unsuccessful restructuring effort.
The Danish…
Read the original article here
A debt centre manager is cycling across Hampshire to raise funds for people in crisis.
Dan Brain, from Eastleigh, is taking on the “End the Cycle of Poverty” challenge to support Christians Against Poverty (CAP), which provides free face-to-face debt advice and practical support.
The ride will start on October 6, from Junction Church in Eastleigh and will include stops at Hope Church in Winchester, the Freedom Centre in Romsey, and Life Church Southampton, finishing at Eastleigh Basics Bank.
Advertisement
Advertisement
Dan said: “The financial pressures people face often go unseen.
“Many people live on ridiculously low incomes, and when faced with increasing costs and other life challenges they can quickly become…
Read the original article here
Dan Brain, from Eastleigh, is taking on the “End the Cycle of Poverty” challenge to support Christians Against Poverty (CAP), which provides free face-to-face debt advice and practical support.
The ride will start on October 6, from Junction Church in Eastleigh and will include stops at Hope Church in Winchester, the Freedom Centre in Romsey, and Life Church Southampton, finishing at Eastleigh Basics Bank.
Dan said: “The financial pressures people face often go unseen.
“Many people live on ridiculously low incomes, and when faced with increasing costs and other life challenges they can quickly become trapped in a vicious cycle of uncontrollable debt.”
CAP’s latest report revealed that almost half of its clients…