UK-headquartered Allseas Global Project Logistics was declared insolvent at the end of 2022. Industry analyst Alphaliner reports that the division owes GBP34 million (USD41.3 million) to creditors, as well as GBP12 million (USD14.6 million) to other parts of the Allseas Group. According to the UKs official public record, the Gazette, Steven John Parker and Joanne…
The Allahabad High Court recently upheld a demand notice issued by Uttar Pradesh Electricity Department to recover 9 crore electricity dues from defaulter company which was declared insolvent under the provisions of the Insolvency and Bankruptcy Code, 2016, and the resolution plan approved by the National Company Law Tribunal (NCLT) [Narendra Singh Panwar v Pashchimanchal…
What is Cryptocurrency? Cryptocurrency (Crypto) is a virtual currency or a digital asset that was originally designed to work as a medium of exchange, much like the Australian dollar. Do I need to declare Crypto to my Bankruptcy Trustee? Yes. Like any other asset, a Bankrupt must disclose ownership or interest in Crypto to the…
A power struggle over power has ended up in the court. Strange as it seems, the power play is between Kumul Consolidated Holdings Limited owned PNG Power Limited and Kumul Petroleum Holdings Limited owned NiuPower Limited, over outstanding power usage payments owed to NiuPower Ltd as per a Power Purchase Agreement signed in 2019. Last…
If you are interested in politics, you are probably aware that Sri Lanka, a South Asian country, recently declared bankruptcy and its economy has collapsed. The entire country is out of food, gas, and oil; roughly 22% of Sri Lankans are now in emergency need of food and other living resources; and approximately 22 million…
Disgraced cryptomogul Sam Bankman-Fried claimed FTX US is “fully solvent and always has been” after he was arrested on fraud charges. While FTX US should be “able to return all customers funds,” FTX International remains mired by insolvency, but “no funds were stolen,” Bankman-Fried insisted in a blog post in which he vowed to dedicate…
Sam Bankman-Fried ordered the co-founder of his cryptocurrency exchange FTX to create a secret backdoor that allowed his hedge fund Alameda Research to borrow $65 billion of clients money without their permission, according to testimony over the firms implosion. Gary Wang was told to create a secret line of credit using customer funds from FTX…
An artist with Royal, political and sports celebrity connections has been caught abusing a BounceBack Loan. The Insolvency Service says the case is a warning that there are consequences following disqualification which is a lengthy exclusion from trading with the benefit of limited liability. The Insolvency Service has reported that artist Darren Baker has abused…
Financially troubled Danish crew transfer vessel operator World Marine Offshore (WMO) has been declared bankrupt. According to the State Gazette, the Court in Esbjerg took the company under bankruptcy proceedings earlier this week following a petition on January 6. John Sommer Schmidt of the law firm Gorrissen Federspiel, who is the trustee of the estate,…
Thursday, January 12, 2023 INTRODUCTION With the passage of almost six years since the introduction of the Insolvency and Bankruptcy Code, 2016 (IBC/Code), the Code has achieved substantial progress towards providing a robust insolvency resolution mechanism in the country. At the same time, we have also witnessed significant challenges in the effective implementation of the…