A newly-released report from R3, the insolvency and restructuring trade body, shows that the profession rescued 7,200 businesses and saved 297,000 jobs in 2019. The profession advised around 60,000 businesses in 2019 about insolvency and restructuring-related issues. Four out of 10 (39%) businesses advised by R3 members were still operating after their insolvency procedure concluded,…
Fracsand from a processing plant in Chippewa Falls, Wisc. Steve Karnowski/ AP Photo A frac sand mining company that declared bankruptcy last year is liquidating one of four Wisconsin mines. Prior to the filing, Texas-based Hi-Crush Proppants was one of the state’s biggest producers of sand used in hydraulic fracturing for oil and natural gas.…
The administrator of Dewan Housing Finance Corp. has questioned the curious timing of Mumbai National Company Law Tribunals May 19 direction to the creditors committee. The order of the NCLT has the effect of disrupting the strict timelines under the insolvency code. The CoC is being compelled to vote on promoter Kapil Wadhawans settlement proposal…
Neil Maloney (45), from Oswaldtwistle, Lancashire, was sentenced to 21 months, suspended for 2 years, for fraud offences after taking more than 26,000 in credit from a car parts distributor. Neil Maloney was made bankrupt in December 2015 and his discharge from bankruptcy was suspended indefinitely. Between May and July 2017, the defendant obtained more…
Six months after it transferred all the cases related to personal insolvency to itself, the Supreme Court has ruled that creditors can proceed against promoters of defaulting companies to recover debt if such promoters have given personal guarantees to secure funds. The top court has also said that lenders can also proceed against the promoters…
The Italian great is looking for a new challenge after confirming his exit from Juventus Former Portuguese champions Belenenses have made a contract offer to Gianluigi Buffon that includes sweets, a museum pass and free lodging. Buffon said earlier this week that he is evaluating his options after confirming his departure from Juventus. If there…
Former Portuguese champions Belenenses have made a contract offer to Gianluigi Buffon that includes sweets, a museum pass and free lodging. Buffon said earlier this week that he is evaluating his options after confirming his departure from Juventus. If there is someone even crazier than me who contacts me and imagines something even more marvellous,…
Supreme Court on Friday upheld provisions of the Insolvency and Bankruptcy Code (IBC) allowing lenders to pursue insolvency proceedings against promoter guarantors of companies facing Corporate Insolvency Resolution Process. Abench of Justices L Nageswara Rao and Ravindra Bhat delivered the judgement.The ruling would allow banks to file personal bankruptcies against guarantors, even when the insolvency…
Thursday, May 20, 2021 On 12 May 2021, the UK Government introduced the snappily titled Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill. As the title of the bill suggests, it seeks to amend the applicability of the directors disqualification regime to directors of dissolved companies. A summary of the current regime is summarised inthisnote…
Published 20 May 2021 Borrowers falling into home mortgage arrears due to an unforeseeable loss of income will gain court protection under new legislation which has cleared the Oireachtas. The Personal Insolvency (Amendment) Bill 2020, which will now be signed into law, gives insolvent homeowners the right to seek review by a court if their…