Recently, the Supreme Court of India answered a crucial question of whether an entry made in the balance sheet of a company can be classed as a de-facto acknowledgment of debt as stipulated in Section 18 of the Limitation Act, 1963, thus giving a further extension concerning the timeline of application as assigned under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016. The example of IL & FS Financial Services Limited versus. Adhunik Meghalaya Steels Private Limited (2025 INSC 911) contains a representative approach to the legal principles of this case and elucidates the use of their own directions on the Supreme Court regarding the extension of limitation of period due to pandemic of COVID-19.

Facts of…

Five companies which submitted false accounts showing hundreds of millions of pounds of profits have been shut down following investigations by the Insolvency Service and Companies House.

Automarket Europe Limited, Integra Group Limited, Maxell Limited, Montana & Montana Limited, and Supermarket Plus Ltd claimed to trade as everything from supermarkets to car dealerships but no evidence was found of any true business activity.

The Insolvency Service investigations followed referrals from Companies House as part of the implementation of the Economic Crime and Corporate Transparency Act 2023, introduced to improve transparency over UK companies.

Companies House now has powers to remove false, misleading or incorrect…

From the Chief Executive Officer

The Australian Taxation Office has accused embattled pub baron Jon Adgemis of leading an extravagant lifestyle at the expense of his creditors and torn apart his proposed deal to avoid bankruptcy.

The Australian Financial Security Authority also raised major issues with Adgemis’ deal, intervening in a meeting of creditors on Friday, held by the trustees managing his affairs. It said the trustee’s investigations into his finances had been inadequate.

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The change could shave an average of $5500 off student loan balances and raise the minimum repayment income threshold.

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Financial counsellors are calling on the tax office to give small businesses and individuals more time to pay tax debts, as the level of money owed sees calls to the debt helplines hit unprecedented levels.

More than 65 per cent, or $36.6 billion, of the $55.9 billion in total debt owed to the Australian Taxation Office (ATO) is owed by small business, according to the agency, which said much of that is undisputed debt.

But the ATO’s increased use of its extraordinary powers to recoup tax debts is sending more small businesses under, and putting people into severe financial hardship.

“We’ve seen increased activity across that full spectrum of debt collection methods,” Australia’s Tax Ombudsman Ruth Owen said.