An expert committee with the Insolvency and Bankruptcy Board of India (IBBI) has proposed a new set of rules to avoid duplication of action against the erring insolvency professionals (IPs). In a report, the committee noted that parallel disciplinary actions by both IBBI and insolvency professional agencies (IPAs) for similar contraventions can be avoided, by periodic data sharing and regular review meetings between the two.
“It was observed that in the absence of a structured coordination mechanism, there was a possibility of double jeopardy — the same IP being subject to multiple proceedings for the same issue — which could be contrary to the principles of natural justice and…
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New Delhi: A serving constable of Uttar Pradesh police has been arrested for stealing motorcycles in the city to repay gambling debts in east Delhi’s Preet Vihar. According to police, they were acting on a tip while patrolling in Rajdhani Enclave market on Aug 6 when they apprehended a man, identified as 27-year-old Mohseen from Uttar Pradesh’s Meerut. Two master keys used for unlocking vehicles were recovered from his possession.DCP (East) Abhishek Dhania said, “During police inquiry, Mohseen revealed that he is from Baghpat district of Uttar Pradesh, however, couldn’t justify his presence in Preet Vihar. When the cops checked his previous involvements, he was found to be involved in vehicle theft.” “During interrogation, he…
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The news: Financially distressed coal producer Bowen Coking Coal has appointed voluntary administrators from McGrathNicol Restructuring after it was unable to pay its two largest creditors BUMA Australia and the Queensland Revenue Office.
The numbers: Bowen previously told the market it was not in a position to pay BUMA’s total claims of $29.3 million and the $14.4 million in royalty payments owed to the Queensland Revenue Office (QRO).
The context: Bowen was not able to secure fresh capital from its senior secured lender or negotiate alternative commercial agreements with BUMA or QRO.
The decision to appoint administrators was taken after QRO on 29 July rejected the latest request for a short-term deferral of royalties. An initial…
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Corio Bay Dairy Group liquidator claws back $555k from creditor The Courier Mail
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When Red Lobster filed for bankruptcy in May 2024, it came as a shock, but in retrospect, it was just the first sign that an era of American dining was coming to an end. Founded in 1968 in Florida, Red Lobster was once one of the big success stories of casual…
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It’s common for spouses to combine finances — but sometimes, even when you keep your money separate, one partner’s bad habits can impact the other’s financial future.
Such is the case for Sarah from Montreal, Quebec, who called into The Ramsey Show two weeks after learning that her husband has a gambling addiction.
Despite having been together for 11 years, Sarah only recently discovered that her husband has racked up $1.1 million in debt over the past decade. Now, she’s taken over his finances and wants to help him tackle his debts.
“He had like maybe $1,000 left in…
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Housing stress has ranked among the biggest problems for Australians calling the National Debt Helpline, as demand for support continues to rise.
Demand for support via the National Debt Helpline has reached a six-year high, with more than 168,000 people reaching out for support during the 2024–25 financial year, making it the free service’s biggest year since 2018–19.
Housing stress, including issues with mortgages, rent, and rates, was among the most common problems for callers to the helpline during the year.
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BHOPAL: A 35-year-old peon with the Sports and Youth Welfare Department allegedly committed suicide by inhaling LPG gas at his rented home in Harda on Saturday night. Police suspect he was under heavy debt linked to online gaming.The deceased, Laxminarayan Kewat, was found around 9.30 pm with a domestic cylinder placed beside him, its regulator open and the rubber pipe in his mouth. Police said the body had stiffened from the strong effect of the gas. No suicide note was recovered.Originally from Bhopal, Kewat had been posted in Harda for the past three years after a transfer from Sehore in 2021. He lived with his wife and five-year-old daughter, though they were away at his wife’s parental home when the incident occurred.His elder…
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Latest figures from the Insolvency Service have shown that the number of registered business insolvencies in England and Wales decreased by 8.4% to a total of 2,043 in June compared to May 2025’s total of 2,230, and decreased by 15.9% compared to June 2024’s figure of 2,430.
The business insolvencies consisted of 332 compulsory liquidations, 1,585 creditors’ voluntary liquidations (CVLs), 111 administrations and 15 company voluntary arrangements (CVAs). There were no receivership appointments.
CVLs accounted for 78% of all company insolvencies. The number of CVLs decreased by 8% from May 2025 and was 18% lower compared to the same month last year (June 2024). In the first six months of 2025, CVLs have been at…
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FTS Recovery has promoted corporate insolvency specialist Rachel Ennis to associate director, where she will head up a new centralised team of insolvency and recovery advisers across the Midlands.
Rachel has worked for FTS Recovery and its affiliated company FA Simms & Partners for five years, most recently as recovery manager, overseeing corporate insolvency cases including liquidations, company voluntary arrangements (CVAs) and administrations. A JIEB-licensed insolvency practitioner, she brings nine years’ experience in the sector.
Her appointment marks a rapid career progression since joining as an…
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‘I feel terrible’: Failed company owes $30m – including millions to shareholder’s family Stuff
