The initiation of insolvency proceedings against Jet Airways by a Dutch court has prompted the government to strengthen Indias cross-border insolvency norms. The insolvency law committee, which monitors the implementation of the Insolvency and Bankruptcy Code (IBC) and suggests changes, will meet on June 12 to deliberate upon the amendments to deal with cross-border insolvency,…
The investment firm at the centre of British Steels collapse is considering buying a troubled steelworks in Poland, according to people briefed on the matter. Greybull Capital, which was criticised after the UKs second-largest producer of the metal fell into insolvency under its ownership, has been in talks over a potential acquisition of the ISD…
Following the news last month that renowned Australian vocal ensemble The Song Company had been placed in voluntary administration, The Song Companys Chair Michael Tidball and Artistic Director Antony Pitts have announced that the company has been able to recommence trading in advance of the second creditors meeting scheduled for June 18. The Song Company…
Absolute Resource Management Limited was incorporated on 30 November 2007 and began trading in 2009 under the sole directorship of Carol Perry. The Bedford-based company provided IT consultancy services to businesses. By August 2016, however, Absolute Resource Management was unable to pay its debts and appointed a liquidator to commence voluntary liquidation proceedings. The liquidators…
If you have any experience with debt problems, it is likely you have seen the term IVA crop up. An IVA (individual voluntary arrangement) is a formal and legally binding agreement between you and your creditors to repay your debt over a period of time. Once an IVA is in place, it stops creditors who…
Bongard, a German family-owned producer of equipment for the cable industry, wants to buy the production lines of the Romanian power and fiber optic cable producer Romcab, which went into insolvency in 2017, Profit.ro reported. Bongard has submitted an offer for the assets. Romcab turned to the LXM investment fund to analyze the companys situation…
GOLD tycoon James Stunt was branded “appalling” by a judge as he was declared bankrupt despite promising to sell off some multimillion pound artworks. A court heard the 37-year-old playboy, who once bragged about having 200 luxury cars, was unable to pay off his massive debts totalling millions of pounds. 4 James Stunt has been…
Sir Philip Greens Arcadia Group could take up to two weeks to win over landlords who spurned a planned rescue restructure and stave off the collapse of the business, which employs 18,000 people. The group, which agreed a week-long adjournment of a vote on its rescue plan on Wednesday, is allowed to delay for up…
Ian Wardle (70), of Bolton, was the CEO and de facto director of the Lifeline Project, a registered charity employing 1,300 employees across 90 sites throughout the country. Incorporated in 1984, the charity provided drug and alcohol rehabilitation services to over 80,000 people across England and Scotland, including a number of prisoners. The charity, however,…
Dutch cryptocurrency exchange Blockport declared bankrupt, goes into stealth mode Blockport, an Amsterdam-based cryptocurrency exchange, has been declared bankrupt shortly after its security token offering (STO) failed to hit the soft cap of 1 million (around $1.13 million), The Next Web reported citing the companys bankruptcy records. The records show that exchange operator Blockport BV…