The founder of one of Britains best known classic car dealerships has failed to block three lawsuits against him totalling more than 100 million. Derek Hood, 58, the founder of JD Classics, had attempted to secure a form of personal insolvency known as an individual voluntary arrangement, which could have put on hold court cases…
PHI Inc. was facing a deadline to pay back $500 million in unsecured notes. The helicopter company didnt have the money. So instead, the Louisiana-based firm declared bankruptcy late March 14, just minutes before the day the payment came due. The Louisiana-headquartered firm, which operates over 240 aircraft, is the latest helicopter company to declare…
Since its enactment in 2016, the Insolvency and Bankruptcy Code has been the crowning achievement of the NDA governments reform agenda. With the Finance Minister quoting recoveries of close to 3-lakh crore due to the IBC, there is little doubt that the IBC has helped dent the bad loan crisis in the country and has…
Liquidation involves finalising the financial affairs of an organisation, selling off the businesss assets to repay any debts, and dismantling the companys structure. Often confused with bankruptcy, liquidation is the only way to wind down operations and shut down an organisation in an orderly way. Liquidation commonly occurs if a company cant meet debt obligations…
And experts warned that these difficulties come as care homes still struggle with debts from before the credit crunch. As a result, 101 care homes were declared insolvent in 2018. Analysts from the accountancy and business advisory firm BDO LLP, which conducted the research, warned that the sector is continuing to suffer from trading difficulties…
New York, yes, Paris, maybe, but you wouldnt think the tiny Welsh town of Blaenau Ffestiniog likely to be the centre of a million-pound art investment fraud. In fact the Insolvency Service, a government agency connected to the Department for Business, Energy & Industrial Strategy, has wound up two fraudulent art investment schemes, one in…
In this guest post Peter Doyle, a former senior IMF economist, argues for the sovereign insolvency regime to be brought in line with that for banks, starting with Venezuela. Motivation The prior instalment of this sovereign insolvency blog trilogy concluded that “output foregone” is huge in highly-indebted IMF programme countries with high growth potential. That…
Jane Catherine Bernadette Goodfellow (56), from Yeovil, Somerset, has received a second ban lasting 12 years and at the same time Clare Louise Watts (51), also from Yeovil, was banned for 5 years for allowing Jane Goodfellow to run the caf and acting as a stooge director. The company at the centre of the Insolvency…
Published: 16:03 Tuesday 12 March 2019 Share this article Three men have been declared bankrupt for failing to pay 1.6m to the victims of the 1998 Real IRA Omagh bombing. The High Court ruling in Dublin is the first time in the world that anyone has been declared bankrupt for refusing to compensate victims of…
It is a common misconception that closure means failure, but directors increasingly choose to dissolve in good condition, either because the industry has changed or they simply fancy something new. The first thing to understand about company closure is the distinction between solvency and insolvency. If the company is solvent, there is much more flexibility…