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,…
A Personal Insolvency Arrangement (PIA) has been approved by the High Court that will allow a 47-year-old Cork man write off over 3.4 million 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…
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.…
The High Court has approved a Personal Insolvency Arrangement (PIA) that will allow a property developer to write-off approximately 25 million of debt mainly owed to financial institutions. Mr Justice Alexander Owens said he was approving the PIA that will allow Tony Diskin (44) to retain his family home in Churchfields, Coosan, Athlone Co Westmeath…
The High Court has granted former High Court Taxing Master James Flynn a longer period of protection from his creditors to facilitate negotiations to resolve his debts of 3.5 million. Mr Justice Alexander Owens gave Mr Flynns personal insolvency practitioner Eugene McDarby a further 40 days to negotiate a deal with his creditors to agree…
A bankruptcy court has admitted the listed MT Educare, formerly known as Mahesh Tutorials, into the corporate insolvency resolution process (CIRP) and appointed Ashwin Bhavanji Shah as the interim resolution professional for the Mumbai-based coaching firm. The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the companys operational creditor Connect Residuary to initiate…
Croydon council has declared effective bankruptcy for the third time in two years, saying it faces an existential question after collapsing under the weight of a toxic debt burden running to more than a billion pounds. In the latest sign of the continuing financial storm raging through local government, the south London authority said it…
Axis Finance Ltd (AFL) has requested Raj Kamal Saraogi, the resolution professional overseeing personal insolvency proceeding against Subhash Chandra, to intervene and stop the amalgamation scheme between Zee Entertainment, Culver Max Entertainment (Sony) and Bangla Entertainment, a subsidiary of Sony. In a communication to Saraogi, AFL, the non-banking financial arm of Axis Bank, said Chandra’s…
The bankruptcy court has admitted VHM Industries to undergo the corporate insolvency resolution process (CIRP) and appointed Sunil Kumar Agarwal as the interim resolution professional (RP) for the Mumbai-based textile manufacturer. The decision of the Mumbai bench of the National Company Law Tribunal (NCLT) came on a petition filed by the State Bank of India.…