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.
The National Company Law Tribunal (NCLT) Mumbai bench of Justice Shri V.G. Bisht and Shri Prabhat Kumar (Member Technical) has held that amounts reflected in the books of the Corporate Debtor cannot be rejected even if no formal claims are filed by the Creditors.
This Application has been filed on 03.04.2024 by Union of India Through its Secretary, Department of Telecommunication (DOT/Applicant) under Section 60(5) of Insolvency and Bankruptcy Code, 2016 in the Corporate Insolvency Resolution Process (CIRP) of Reliance Communications Limited (Corporate Debtor) for admission of its claim.
The Applicant submitted that due to involvement of various wings and absence of Standard Operating Procedure (SOP), the delay in…
Spiralling energy costs have led to a surge of energy debt in Scotland. The numbers are stark. Our most recent figures, covering the first three months of 2025, showed that more than 1,500 people turned to a CAB for advice on energy debt. There has been an alarming rise in demand for debt advice from our network. Compared to pre-Covid times, there has been a 65% increase in the number of people seeking energy debt advice from CABs.
The volume of people needing help with energy debt is worrying, and so is the amount of debt they have been forced to accumulate. The average energy debt people present to CAB is £2,500. Bear in mind that many people also have other types of debt, such as council tax debt and rent arrears….
Just in: the number of companies in England and Wales falling into insolvency dropped last month.
The InsolvencyService has reported that there were 2,043 registered company insolvencies in England and Wales in June, 8% lower than in May 2025 (2,230) and 16% lower than in June 2024, when 2,430 companies failed.
That could ease some concerns over the health of the UK economy, as companies tackle rising inflation and higher taxes.
A chart showing company insolvencies in England and Wales Photograph: The Insolvency Service
Despite the drop, monthly company insolvency numbers in the first six months of 2025 were slightly higher than the second half of 2024, but remain lower than the 30-year annual…
The National Company Law Tribunal (NCLT) Mumbai bench of Lakshmi Gurung (Member Judicial) and Hariharan Neelakanta Iyer (Member Technical) has held that once the Successful Resolution Applicant fails to comply with the terms of the Resolution Plan despite several reminders being given, the Adjudicating Authority is mandated to pass an order of liquidation under section 33(4) of the IBC.
The present application has been filed under section 33(3) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Secured Creditor of the Corporate Debtor seeking liquidation of the Corporate Debtor due to non-compliance with the conditions of the Resolution Plan by the Successful Resolution Applicant (SRA).
The Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) quashed the admission of home buyer’s admission plea, noted that the application under Section 7 of the Insolvency and Bankruptcy Code 2016 was “deemed withdrawn” under the updated Insolvency and Bankruptcy Code (IBC).
In this case, the bench had set aside the admission of a Section 7 insolvency application filed by homebuyers against M/s Gayatri Hospitality and Realcon Ltd.
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The appeal has been filed by the suspended director of the corporate debtor (CD), M/s Gayatri Hospitality and Realcon Ltd., challenging the order passed by the National Company Law Tribunal (NCLT).
SBIL Amendment has introduced a lot of important changes to company regulations, like MSME guidelines and business laws. These updates are designed to streamline the process, enhance the speed, and build transparency for both companies and professionals. Whether you are preparing for CS Executive exams or just want to stay informed about the latest in business law, we’ll break down the SIBL Amendments in the simplest way.
What are SIBL Amendments?
The SBIL Amendment is a new set of changes and updates to business, industrial, and labor policies. It aims to streamline the starting and operating a business. It also brings new rules for corporations, emerging businesses, and micro, small, and…
A gambling debt linked to Hong Kong actor Jacky Heung has been fully settled, Macau casino operator MGM China has said, adding legal proceedings have been terminated.
The casino company made the statement on Wednesday, a day after media reported that subsidiary MGM Grand Paradise had issued a writ against Heung.
The actor was sued for at least HK$1.4 million (US$178,000) over gambling debts, according to the court document.
“The matter involving Mr. Jacky Heung Cho arose from a credit guarantee he provided for a third party. Due to overdue payments not being made, MGM China subsequently initiated standard legal procedures to address the related matters,”…
Deborah Cadman left the council in March 2024 after a tumultuous three years in which the council was declared ‘bankrupt’
13:54, 18 Jul 2025Updated 16:52, 18 Jul 2025
Deborah Cadman/Birmingham City Council House(Image: Martin O’Callaghan/Birmingham Live)
The former chief executive of Birmingham City Council, Deborah Cadman, received just shy of £500,000 during the year she quit the beleaguered authority amid its chaotic bankruptcy, we can reveal today.
Belatedly-published council accounts for the year 2023-2024 revealed Ms Cadman was ‘compensated for loss of office’ to the tune of £130,194 as part of her exit package, on top of a salary of £269,750 and pension contributions of £68,961.
The accounts also showed her pay had gone up from…
