Bankruptcy in the Australian vernacular refers to personal insolvency, it does not extend to corporates or other legal entities. Australias personal insolvency laws have not been subject to a comprehensive review since the Harmer Report in 1988, the Australian COVID-19 moratoriums have now come to an end, and many Australians are currently experiencing financial stress…
LDRS By Greig Watson BBC News, Nottingham The government has appointed commissioners to help run Nottingham City Council after the authority declared itself effectively bankrupt. The Labour-run authority issued a section 114 notice on 29 November, amid an in-year budget gap of 23m. Changes at the council have been overseen by a government-appointed board following…
In short: The Federal Court has ruled Seafarms’ $2 billion prawn project on a NT cattle station is insolvent, pending an appeal. The project entered voluntary administration in February 2023. What’s next? The ABC understands Project Sea Dragon will appeal the decision. Renewed plans to build one of the world’s largest prawn farms on a remote Northern…
On Wednesday, February 21, it was announced that The Office star Ewen MacIntosh had died following a long health battle. Since the news of his death, the 50-year-olds last social media post has emerged. Ewen, who was well-known for playing Keith in the British sitcom, had reposted a tweet on his account in April 2022.…
One-hundred-and-four years old Bridge And Roof Company, a miniratna company under the Ministry of Heavy Industries, has escaped insolvency proceedings after the Appellate Tribunal set aside NCLT Kolkata Benchs order admitting the CIRP against the central public sector enterprise. The National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribunals order after…
Over one-third of the corporate insolvency resolution processes that were withdrawn after admission resulted in full settlement with the creditor who filed the insolvency application, the latest data by the Insolvency and Bankruptcy Board of India (IBBI) shows. A total of 1,035 applications have been withdrawn under the Insolvency and Bankruptcy Code (IBC) process after…
Creditors have realised Rs 3.21 trillion under the resolution plans till December 31 last year Over 27,500 applications for resolution process against corporate debtors have been withdrawn before their admission, with regulator IBBI emphasising that the credible threat of the insolvency law that ownership of debtors might change has changed the behaviour of debtors. These…
Feb 20, 2024 5.00am Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? A growing number of larger technology companies are scrambling to restructure their operations to avoid insolvency, as stubbornly high labour costs and a tough capital-raising environment mean directors are…
An expert committee appointed by the Insolvency and Bankruptcy Board of India (IBBI) has recommended the introduction of a voluntary mediation framework as a dispute resolution mechanism under the Insolvency and Bankruptcy Code (IBC) for faster out-of-court settlement of disputes between lenders and defaulting borrowers. The committee observed that mediation could provide a cost-effective way…
If a company is unable to pay its debts, it is deemed insolvent. Whether it is due to a cash flow crisis or a loss of a business contract, data shows insolvencies are on the rise. Why insolvencies are at an all-time high Corporate insolvencies in England and Wales have reached their highest level in…