Corporate insolvencies fell slightly in July compared to June. But July was also the third consecutive month in which year-on-year corporate insolvency levels have risen, according to insolvency and restructuring trade body R3 in Wales. R3 said that the month on-month fall in corporate insolvencies was a result of a drop in Compulsory Liquidations, Creditors’…
The National Company Law Tribunal (NCLT), was formulated under the Insolvency and Bankruptcy Code, 2016 (IBC) to deal with insolvency and liquidation matters of corporate entities. Experience has shown that litigants tend to approach the NCLT for redressal of all grievances against companies undergoing insolvency resolution or liquidation. However, does the NCLT really have such…
Aditya Khaitan, a promoter of McLeod Russel India, the countrys largest bulk tea producer, has filed an appeal in the appellate tribunal against a National Company Law Tribunal (NCLT) order initiating insolvency proceedings in the company. On August 6, the New Delhi Bench of the NCLT passed an order admitting an application by Techno Electric…
Slovak investor Pavol Krupa has been found guilty by the federal court in the US state of South Carolina of mounting a campaign to slanderCzech billionaire Zdenek Bakala, and of trying to extorta ransomof $23mn for stopping these activities, according to HlidaciPes.org. Bakala filed a criminal complaint against Krupa to the US federal court in…
These stars have blessed our ears with iconic music over the years, but the fame and fortune sometimes proved to be too much. From Westlife’s Shane Filan to Blue’s Lee Ryan, many of them earned millions with their hits only to declare themselves bankrupt years later. Not all of them stayed bankrupt, as some managed…
Money / Business jacoblund / Getty Images/iStockphoto The difference between bankruptcy and insolvency can be confusing. However, its important to understand the distinction, especially if you own or run a company. Keep reading to take a look at insolvency and explore how it differs from bankruptcy. What Is Insolvency? Insolvency refers to an individual or…
Member Article Corporate insolvencies fell by 9.3% to 1,094 in July 2021 compared to Junes figure of 1,206, and increased by 13.4% compared to July 2020s figure of 741 Personal insolvencies fell by 7.8% to 9,079 in July 2021 compared to Junes figure of 9,848, and were 23.8% higher than July 2020s figure of 7,335.…
The Insolvency and Bankruptcy Code, 2016 (IBC) is a noble law because it relieves stress, be it of a company, a limited liability partnership, a proprietorship or partnership firm or an individual. However, the discussion here is limited to companies as provisions of the IBC relating to individuals, except in relation to personal guarantors to…
Retail business owners and directors are being urged to seek help immediately if theyre struggling to pay their tax because of pandemic-driven cash flow issues. Speaking up now could ensure retail owners have more options to save their business or restructure, according to national business rescue and insolvency firm, Jirsch Sutherland. Inconsistent cash flow has…
At the end of July, a one-time Indian alcohol tycoon named Vijay Mallya was declared bankrupt by a British court. This ruling will allow a consortium of 17 Indian banks to go after Vijay’s global assets and could potentially mean Vijay will be extradited back to his home country in the very near future. Vijay…