In a bid to strengthen the resolution process pertaining to personal guarantors, the Insolvency and Bankruptcy Board of India has mandated resolution professionals to provide a copy of its report containing recommendations to both creditors and debtors. Under the Insolvency and Bankruptcy Code, a resolution professional is required to submit a report before the adjudicating…
The company deceived consumers into signing up to a subscription charging them almost 30 a month Paragrim Ltd tricked consumers into signing up to the Mediacraze.net website Consumers were charged a monthly direct debit without their permission and which they were unable to easily unsubscribe from Insolvency Service investigations found no evidence the website provided…
Glass tableware manufacturer Ritzenhoff has filed for insolvency under self-administration due to economic challenges. The company is well-known for its colourful designs on drinking glasses that can be found in many German households. The company said the move was part of a strategy for the long-term stabilisation of the company amid ongoing business operations. It…
Against this backdrop, the regulator has directed that in case of a FSP, the liquidator concerned should declare the category under which the particular FSP has been notified by the central government Liquidators need to ensure that financial service providers have the requisite permission from their respective regulator before commencing voluntary liquidation process under the…
Go First has received a 60-day extension from the National Company Law Tribunal for its to corporate insolvency resolution process as three parties have expressed interest in taking over the grounded budget carrier. The resolution professional representing Go First informed the NCLT about the interest from potential buyers. Previously, on Nov. 6, an extension of…
By Stephen Johnson, Economics Reporter For Daily Mail Australia Published: 14:57 AEDT, 13 February 2024 | Updated: 15:09 AEDT, 13 February 2024 An award-winning luxury apartment builder has gone into liquidation as higher interest rates cripple the home construction sector. Task… Read the full article at: https://www.dailymail.co.uk/news/article-13076607/Taskers-Living-Development-Company-plunges-liquidation-Perth-apartment-builder-folds.html
A vessel formerly owned by Carlos Rafael aka the Codfather that was later relaunched by the now-bankrupt and defunct Blue Harvest Fisheries has been declared a total loss after a recent fire. The fire department in Fairhaven, Massachusetts, U.S.A. said the F/V Carrabassett is a total loss after welding aboard the vessel caused a large…
The Simon Lee Gallery, once a beacon of contemporary art, faces an unceremonious end as it grapples with insolvency. The winding up process, initiated by the gallery’s creditors, paints a stark picture of financial difficulties exacerbated by the Covid-19 pandemic and failed attempts to settle with HMRC. Advertisment A Gilded Past, A Troubled Present Established…
The Body Shop is set to appoint administrators for its UK operation in a move which could result in job losses and shop closures. The cosmetics retailers owner Aurelius is allegedly lining up restructuring expert FRP Advisory to manage an insolvency process, according to Sky News. The administrators are likely to consider shutting some of…
In today’s uncertain economic landscape, business leaders and entrepreneurs face unprecedented challenges that threaten their companies’ very existence. The legal construction of “Safe Harbour” emerges as a potential lifeline for companies teetering on the brink of financial instability by providing protection to Directors who are trading whilst insolvent to enable them to achieve a better…