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Coin is entering a new phase. The Italian department store company has received approval from the Court of Venice that will allow it to carry out a capital increase of more than €30 million, Milano Finanza reported. Despite the fact that the new shareholders were already closed since the end of April, the company still needed the judicial green light to implement the renewed restructuring plan.

In the near future, the company will thus implement an increase valued at more than €30 million, of which €10 million will be subscribed by the Italian Government, through Invitalia, the national agency for investment attraction and business development, owned by the Ministry of Enterprise and Made in Italy. This investment…

The tabling of the Bill to amend the Insolvency and Bankruptcy Code (IBC) in the upcoming monsoon session of Parliament now looks uncertain, given that “there has been no consultations with stakeholders till date on the draft Bill,” according to an official source. The ministry of corporate affairs has not yet prepared the final Bill, the source added.

Sources had earlier indicated that the Bill would be pushed for consideration and passage in the monsoon session.  

The key aspect of the amendments includes changes in the crucial section 31(4) of the IBC that mandates the approval of the Competition Commission of India (CCI) before the committee of creditors approves a resolution plan involving “combinations”. This…

With the government last month announcing that the Parliamentary Joint Committee on Corporations and Financial Services would begin an inquiry into corporate insolvency in Australia, iNO sought the views of stakeholders and interested experts on the Inquiry’s Terms of Reference.

“At a higher level of policy, I think the inquiry is an opportunity to revisit some fundamental questions about if, why and how we expect company directors to be accountable for excessive risk-taking/leverage and the prevalence of egregiously deficient balance sheets which mean that unsecured creditors usually receive no dividends from liquidations. In short, I think the corporate rescue narrative, important though it is, has crowded out a much-needed…

The troubled joint venture between Stellantis and China’s Guangzhou Automobile Group, GAC Fiat Chrysler Automobiles, has officially been declared bankrupt, the company confirmed on Tuesday.

In a social media post, the joint venture shared images of a bankruptcy ruling issued by a court in Hunan province, formally marking the end of the business, which has struggled for years amid declining sales and intensifying competition in the Chinese automotive market.

The GAC Fiat Chrysler JV, originally formed to give Fiat Chrysler (now part of Stellantis) a stronger foothold in the world’s largest car market, faced persistent challenges. Despite efforts to revive its performance through new model launches and restructuring…

Stuart Edward Hutchinson, 38, and Lauren Hutchinson, 34, were directors of Adlington Electrical Limited (AEL), based in Chorley.

Both were found to have allowed the company to trade to the detriment of HM Revenue & Custom (HMRC), despite having significant income during that time.

According to the Insolvency Service, they failed to submit VAT returns and ensure payments for PAYE, National Insurance Contributions, and Construction Industry Scheme deductions were made.

As a result, HMRC submitted claims totalling more than £304,000, including charges and interest.

Between May 2020 and December 2023, AEL banked more than £1.65 million, yet only £19,089 was paid to HMRC, while £520,045 was paid to the…