Steinhoff’s legal team says the main proceedings cannot start until all the applications, including an appeal to the Supreme Court of Appeal, have been heard. Edrea du Toit The first day of a court hearing into whether retailer Steinhoff is insolvent was taken up with new intervention bids, arguments to postpone the matter, and applications…
The High Court has approved a personal insolvency arrangement (PIA) that will allow a 52-year-old man write off approximately 1.38 million in debt owed to a financial fund. Under the terms of the arrangement, Alan Jenkins, who had debts of approximately 2.5 million, will see that sum reduced to zero after he agreed to surrender…
Tuesday, September 14, 2021 The UK governmenthas announcedthat temporary restrictions on creditor action introduced in the Corporate Insolvency and Governance Act 2020 are to be phased out. These temporary restrictions were put in place to protect businesses in financial distress, as a result of the coronavirus (COVID-19) pandemic, from being forced into insolvency. The current…
A used car salesman banned for nine years after failing to pass on 750,000 to customers from the sale of 47 vehicles. Steven Edwin Prosser (60), from Broxbourne, Hertfordshire, was appointed a director of Sell Your Car With Us in May 2016. The company sold used cars and traded from premises on Hare Street in…
The gender gap in computing is getting worse. According to the national nonprofit Girls Who Code, in 1995, 37 percent of computer scientists were women. Today, its only 24 percent. And, the biggest drop off of girls in computer science is between the ages of 13 and 17. But, a brand new event, called the…
TheMustard Seed has declared bankruptcy and announced it is closing its doors. In an email to members sent Monday and obtained by CBC, the boardsaysits unsecured debts exceedits assetsby “well over $300,000.” “On declaration of bankruptcy the volunteer board had to resign,” the email said. “All the staff have lost their jobs. This is an…
Company law tribunals must therefore remain mindful that inordinate delays cause commercial uncertainty, degradation in the value of the corporate debtor and makes the insolvency process inefficient and expensive. By Utkarsh Anand, Hindustan Times, New Delhi UPDATED ON SEP 14, 2021 04:27 AM IST The Supreme Court on Monday said judicial delay was the main…
NEW DELHI : The Supreme Court on Monday said judicial delay” was the main reason for the failure of the insolvency regime in India prior to the 2016 Insolvency and Bankruptcy Code (IBC), as it urged company law tribunals to strictly adhere” to the timelines under the new law and clear pending resolution plans. A…
Sep 13 2021, 7:18 PMSep 13 2021, 7:59 PMSeptember 13 2021, 7:18 PMSeptember 13 2021, 7:59 PM The Mumbai bench of National Company Law Tribunal has admitted a personal insolvency petition against Venugopal Dhoot, erstwhile promoter and personal guarantor of Videocon Industries Ltd., filed by its financial creditor State Bank of India.While the oral order…
Figures show the rate of New Brunswick adults coping with serious financial problems is the highest in Canada for the fourth year in arow, adding a wrinkle to the introduction of credit scores as a factor in setting auto insurance rates in the province. Over the last several months, the New Brunswick Insurance Board has…