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The Fairness Group The Government Debt Management Function (GDMF) Functional Centre provides strategic leadership and sets the cross-government policy and
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The Insolvency Service’s new investigation and enforcement strategy will see the agency play a leading role in tackling economic crime and improving corporate standards
Over the next five years, the agency will prosecute a wider range of offences, increase enforcement against companies acting against the public interest, and recover proceeds of crime
The Insolvency Service will play a leading role helping the UK remain a safe and fair place to do business for all
The Insolvency Service has announced ambitious and transformational plans to play a more prominent role in the fight against economic crime and be recognised as the UK’s leading authority in enforcing corporate and insolvency standards.
Maverick Gaming filed for Chapter 11 bankruptcy after a failed legal challenge to tribal sports betting and high fixed costs from rapid expansion, listing up to $500 million in liabilities.
Jul 16, 2025 • 07:38 ET
• 3 min read
Photo By – Imagn Images.
Maverick Gaming filed for Chapter 11 bankruptcy protection on July 14, citing unsustainable debt levels resulting from its aggressive growth efforts and recent unfavorable legal rulings. The Washington-based…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that GST dues arising from the Himachal Pradesh Goods and Services Tax Act (HPGST) and Central Goods and Services Tax (CGST) cannot be given precedence over other dues under the Insolvency Proceedings. Therefore, based on such dues, the government authority cannot seek the status of a secured Operational Creditor.
The present appeal has been filed against an order passed by National Company Law Tribunal (NCLT) by which it dismissed an application seeking to recall the order of the approval of the Resolution Plan.
The Government Debt Management Function (GDMF) Functional Centre provides strategic leadership and sets the cross-government policy and strategy for managing debt owed to government. The GDMF comprises around 7,000 public servants that work across over 20 ministerial departments and Arms Length Bodies to resolve and recover debt. In 2016, the GDMF Functional Centre established the Fairness Group, bringing together central and local government, the debt advice sector, and the debt collection industry.
The Fairness Group is responsible for examining fairness in government debt management and making evidence-based recommendations for change. Fairness means identifying and supporting vulnerable people while protecting…
Since the turn of the millennium, Austria has waived debts amounting to around €3.4 billion owed to other countries. This information is based on a recent parliamentary response from the Ministry of Finance, which has drawn particular criticism from the Freedom Party of Austria (FPÖ).
Loch Lomond Seaplanes cancelled all its flights and issued a message on its website in April to confirm it had ceased trading.
A pop-up message on the website, which is still available, states: “Please be advised that Loch Lomond Seaplanes has ceased trading. If you have tickets or a flight booked then someone will be in touchThe company was founded in 2003/ in the near future.”
The company was founded in 2003 by David West, who offered regular flights between Loch Lomond and the Isle of Skye.
American Airlines is proof that failure isn’t final. First founded almost a hundred years ago, in 1926 as American Airways, the company that we know today as American Airlines was created as a merger of more than 80 small air carriers in 1930. The airline revolutionized commercial aviation with early innovations like operating the iconic Douglas DC-3 and building the world’s first airport lounge. Over its 90-year history, American weathered industry turbulence, including two Chapter 11 bankruptcies, but ultimately, as a phoenix, transformed adversity into altitude. Through a strategic combination of aggressive restructuring, bold mergers, fleet modernization, and smart hub placement, American Airlines has not only survived but…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that the conduct of the litigant cannot be considered bona fide when an appeal, re-filed after rectification of defects, challenges a new order different from the one challenged in the original appeal. Therefore, the benefit under Section 14 of the Limitation Act cannot be granted to exclude the time spent in prosecuting the earlier proceedings.
The Appellant has filed this Interlocutory Application seeking condonation of a 117 day delay in filing the Appeal against an order passed by the National Company Law Tribunal (NCLT).
