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 debt, originally extended by Piramal Capital and Housing Finance Ltd, was assigned to Omkara Asset Reconstruction in December 2022.
The tribunal’s ruling comes after a prolonged legal battle, where Gstaad Hotels, owner of the JW Marriott Bengaluru, contested both the validity of the debt assignment and the alleged default. However, after fresh hearings, the NCLT concluded that the default was substantial and backed by contractual…
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On 2 May 2025, the Supreme Court delivered a far-reaching Judgement in the matter of Kalyani Transco v Bhushan Power and Steel Ltd. The Court was hearing appeals by a bunch of operational creditors who had challenged the Corporate Insolvency and Resolution Process (CIRP) of Bhushan Power and Steel Limited (BPSL). In 2019, the National Company Law Tribunal (NCLT) had approved JSW Steel’s acquisition of BPSL as part of the proceedings under the Insolvency and Bankruptcy Code (IBC), for ₹19,700 crore. The acquisition was formally completed in March 2021.
By directing the liquidation of BPSL, the Court reversed one of the most elaborate resolution processes in India’s insolvency history. The Judgement has caused quite a stir in…
Six thousand Australians who invested hundreds of millions of dollars of their super funds with First Guardian, which collapsed earlier this year, have been told by the fund’s liquidator the case will take at least a year to resolve and there may be insufficient funds to pay them back.
Liquidators from FTI Consulting, Ross Blakeley and Paul Harlond, have released their preliminary report into the collapsed fund saying that they “intend to undertake further investigations”, including “determining whether any breaches of the Corporations Act or other laws have occurred by any party, including the company’s directors”.
Thorne spoke out about his addiction to gambling after the Daily Mirror revealed that he is almost £1 million in debt.
The BBC presenter fought back tears as he appeared on ITV daily show This Morning alongside his wife Jill and talked of how he attempted suicide as his addiction took a hold of his life.
“It happened over two years,” Willie told This Morning’s presenters.
“I borrowed money off 35 people and owe almost £1 million.”
“Eight or nine months ago I really lost control. I put too much money on and I kept borrowing money to try and get it back.
“Snooker players have a lot of free time. I think the biggest wrong thing with this country is that you get credit.
“I would ring up an ask for £1,000 to put on a horse,” he added.
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Insolvency statistics for May show a rise from April but are down from a year ago, when the Bank of Canada had yet to start lowering interest rates. The 12,395 insolvencies in May was up 2.3 per cent from April, while down 2.
Insolvency statistics for May show a rise from April but are down from a year ago, when the Bank of Canada had yet to start lowering interest rates.
The 12,395 insolvencies in May was up 2.3 per cent from April, while down 2.6 per cent from May last year, according to data released Tuesday by the Office of the Superintendent of Bankruptcy.
Consumer insolvencies make up the bulk of filings at 12,004, including 2,631 bankruptcies and 9,373 proposals, while business insolvencies in May amounted to 391,…
On 22 September 2022, HMRC initiated a new voluntary process for insolvency practitioners to help HMRC to manage the tax impacts of directors’ loan accounts.
The process was published by the insolvency regulators and is also set out at Dear IP chapter 8.46 found on the R3 website.
Under the process, insolvency practitioners were invited to send copies of their final reports in corporate insolvency cases to a new mailbox.
HMRC would use the reports to identify tax compliance risks which may, among other potential compliance responses, lead to a letter from HMRC to any director with an unpaid loan account.
These letters prompted the directors to comply with their personal tax obligations in relation to that loan.
“We anticipate continuing growth in the new financial year, driven by the increase in scale of our teams, including the recruitment of senior fee earners, together with the visibility of fees on current instructions, larger and higher value cases, and supportive market conditions.
TPX (The Podcast Exchange), the Toronto-based podcast advertising reseller and branded content producer, has sent a letter to creditors notifying them that the company plans to file a Notice of Intention (NOI) under the Bankruptcy and Insolvency Act.
The NOI buys the company time to develop a proposal to its creditors as it works to stabilize the business, giving it an initial 30-day stay of proceedings as it works to ensure suppliers are paid so it can continue operating.
Founded in 2017 by Jean-Marie Heimrath (who retired as founding CEO in 2021) and Jeff Ulster (who is still listed on the company website as a strategic consultant), TPX was a pioneer in the Canadian podcast advertising space, most recently signing a deal with BBC…
