posted by Jason Kilborn The list of countries with new personal insolvency laws continues to grow. Bloomberg noted today that the President of Kazakhstan had signed a new law setting out several procedures for relieving the debts of non-entrepreneur individuals (sole proprietors remain relegated to the existing law on rehabilitation and bankruptcy). The text of…
Muhammad Arif, 57, from Uxbridge, has been made subject to 10 years of bankruptcy restrictions for claiming a 50,000 Bounce Back Loan to which he was not entitled. Arif had run a wholesale clothing business in west London, trading as Ayesha Boutique, from April 2012 until his bankruptcy in December 2021. In June 2020, he…
Major Queensland building company LDC has become the latest in the field to enter voluntary administration, with creditors owed more than $7 million. The home builder went into liquidation on Friday. The construction industry has been rocked by a number of company collapses in recent months, with a skills shortage, high materiel costs and a…
The direct economic impact of business failure will be significantly higher in 2023 compared to 2022 levels, PwC is predicting in its Q1 2023 Insolvency Barometer. PwC research estimates that there was 1.8bn of debt owing from businesses that failed in 2022 with the average debt per SME (excluding the larger companies) being c.2m. On…
Bed Bath & Beyond (NASDAQ:BBBY) stock is soaring 29% in early trading and trending on social media, even though the retail chain is widely expected to be headed for bankruptcy. Some retail investors may be trying to turn BBBY stock into the next name that rallies for a while after going belly up. On Thursday,…
The founder of Bonjour, a local cosmetics wholesale retailer, was declared bankrupt on Monday, with a subsidiary company of the corporation wound up. Wilson Ip Chun-heng, the 66-year-old founder of Bonjour Holding Limited, was announced bankrupt by the High Court today after he failed to present in court. The court heard that Ip owed more…