Insolvency Guardian Media Centre
This week’s TGIF examines the recent decision of the Federal Court in Reid, in the matter of Kununurra Panel Beating Works (Holdings) Pty Ltd Ltd (in liq) [2025] FCA 593 (Kununurra). In providing a helpful summary of the principles applicable to applications for pooling orders, the Court has also indicated that the traditionally broad scope of section 90-15 of the Insolvency Practice Schedule (Corporations) (IPSC) is not without its limitations.
Key takeaways
- Pooling orders are a handy tool available to liquidators appointed to multiple companies, allowing them to circumvent unnecessary and costly investigation into inter-company affairs and maximise payment to creditors of the companies as a whole.
- A court must refuse to make…
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Bowen Coking Coal has entered voluntary administration, a move that has heightened concerns regarding the future of the coal industry in…
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The creditors’ position would continue to “play out” through the administration process, Gammel said.
“Were still hopeful of getting a sale away and parties are working very hard to do that,” he said.
“The guys [at 1800 Lasagne] are still continuing to trade because they really believe in the business and want to keep it going.”
On Instagram this week, 1800 Lasagne shared that it was hiring chefs. A post urged applicants to “come join us”.
“We are looking for chefs that are driven, ambitious, excited and passionate about food and wine,” the post read. “Various roles and rosters available.”
Gammel said creditors would receive more details in a report due on Tuesday.
He said in the creditors’ meeting that 1800…
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BANGKOK, Thailand – Deputy Government Spokesperson Sasikarn Watthanachan has announced that the government, through the Government Housing Bank (GH Bank), is continuing the “Khun Soo Rao Chuay” (You Strive, We Support) Phase 2. The project, which assists vulnerable debtors by expanding eligibility criteria and extending the registration period until September 30, has already seen participation from over 97,000 accounts.
According to Sasikarn, the campaign is open to clients with a credit limit not exceeding 5 million baht who signed their contract before January 1, 2024. Eligible participants include debtors…
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62% of Professionals Earning Over $300K Struggle to Get Out of the Red moneywise.com
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The Insolvency and Bankruptcy Code, 2016 was a watershed moment in India’s corporate regulatory landscape. It replaced the patchwork of old laws and consolidated it within a single and efficient insolvency framework with a goal to rescue viable companies and to ensure a seamless exit for those that were beyond repair. The core objective of the code was clear- maximisation of asset values, encouraging entrepreneurship through a seamless exit option, increase lender confidence- and to overall curate a balanced resolution process.
However, the journey from on-paper to on-ground reality was presented with a plethora of challenges. The Code’s promise of a speedy resolution was eventually grounded by procedural delays, prolonged litigation….
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On May 2, 2025, the Supreme Court ordered liquidation of Bhushan Power & Steel Ltd (BPSL) and scrapped JSW Steel’s Rs. 19,350-crore resolution plan four years after takeover sending shockwaves through India’s insolvency market. That verdict has now been recalled; the Court has re-heard the matter in open court and on reserved its judgment.
Background
BPSL, one of RBI’s original “dirty dozen,” entered Corporate Insolvency Resolution Process (CIRP) in 2017 with dues exceeding Rs. 47,000 crore. JSW’s plan cleared the Committee of Creditors (CoC) in 2018, got National Company Law Tribunal (NCLT) approval in 2019, and was substantially implemented by March 2021, including an upfront payment of Rs.19,350 crore.
On May 2, 2025, in…
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What Is a Receivership?
Receivership and bankruptcy are often misunderstood mechanisms in the realm of financial recovery. While both aim to address financial distress, they serve distinct roles. Receivership allows a court-appointed neutral receiver to manage a company’s assets to prevent bankruptcy, aiding creditors and distressed companies alike. In contrast, bankruptcy offers debtor protection from creditors. Understanding these key differences can guide better financial decisions when faced with distress.
Key Takeaways
- Receivership allows creditors to recover funds and assists companies in restructuring to avoid bankruptcy.
- A receiver, acting as a neutral party, oversees a company’s assets and operations to facilitate…
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New Delhi: The CBI has filed a case against Reliance Communications and its promoter director Anil Ambani, for an alleged bank fraud that caused a loss of over Rs 2,000 crore to State Bank of India, officials said on Saturday. The agency is carrying out searches at the residence of Anil Ambani and premises linked to RCOM in connection with the case, they said.
The CBI took the action based on a complaint from the lender State Bank of India, which had approached the agency after the entities were classified as fraud on June 13, in accordance with the RBI’s Master Directions on Fraud Risk Management and the Bank’s Board-approved Policy on Classification, Reporting & Management of Frauds.
“On June 24, 2025, the bank reported classification…
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R3 responds to July 2025 insolvency statistics Yorkshire Post
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Insolvencies edge up in cautious July NewcastleWorld