New EU regulations mean directors of financially stressed companies must have regard to the interests of creditors, writes Ian Barrett, Managing Director in KPMG’s Restructuring Team. Recently, there has been much commentary on the prospect of a large increase in company insolvency arising from the Covid-19 pandemic, along with an increasingly turbulent macroeconomic environment. The…
A Personal Insolvency Arrangement has been approved by the High Court that will allow a 47-year-old Cork man write off over 3.4m in debts for 30,000. On Monday Mr Justice Alexander Owens approved a PIA in respect of John Maloney a project manager with a development company, of Chestnut Haven, Ballyclough, Kilworth in Co. Cork.…
Insolvency Services Annual Report and Accounts 2021-22 The Insolvency Services Annual Report and Accounts 2021-22 is an important report for the agency, setting out the good progress we made during the last year. Published at the end of October and available on GOV.UK, the report sets out how we have supported our customers and instigated…
The UK Insolvency Service today published its final evaluation report on the permanent measures under the Corporate Insolvency and Governance Act 2020 namely, restructuring plans, the stand-alone moratorium and restrictions on contractual termination (ipso facto) clauses. The report based on independent research conducted by the University of Wolverhampton follows an interim report in June (see…
Image credit: Rusana Krasteva // Shutterstock.com The administrators for The Wild Beer Co. have reportedly laid off its entire workforce, with the UK craft brewer having gone insolvent after failing to secure a buyer. The Somerset brewery, which earlier this month entered administration after falling victim to adverse trading conditions, will now close its doors,…