Nottingham City Council has declared itself effectively bankrupt, saying it cannot follow through on its legal requirement to balance this years budget. The local authority issued a section 114 notice on Wednesday, halting all new spending immediately excluding in the event of protecting vulnerable people and funding statutory services. The announcement follows reports of financial…
selfridges london Selfridges shareholder Signa has filed for insolvency just weeks after the business was plunged into financial turmoil. Rene Benkos retail and property empire was toppled by a cash crunch on Wednesday after a Vienna court declared the business insolvent. The development will raise questions over Signas minority shareholding in Selfridges after it recently…
Croydon Council has declared bankruptcy for the third time in two years. Photo by Dan Kitwood/Getty Images. This article was originally published on 19 December. It has been republished following the news today (29 November 2023) that Nottingham council has issued a Section 114 notice, effectively declaring itself bankrupt. Today Nottingham City Council declared bankruptcy,…
Nottingham City Council has declared itself effectively bankrupt after issuing a section 114 notice. The Labour-run local authority confirmed the announcement on Wednesday, saying its chief financial officer had decided it “isn’t able to deliver a balanced budget for this year, which is a legal requirement”. As a result of the section 114 notice, all…
In a landmark judgment on November 9, the Supreme Court disposed of a batch of 384 petitions (Dilip B Jiwrajka vs Union of India & Others), affirming the constitutionality of provisions in the Insolvency and Bankruptcy Code (IBC) related to the insolvency resolution of personal guarantors to corporate debtors (PGCDs). This decision should expedite the…
Member Article Christmas Trading Concerns After Sharp Month-On-Month Increase In Corporate Insolvencies Its impossible to say whether the Christmas trading period will provide a badly needed boost for struggling North East firms or whether itll be the final blow for their finances. Thats the view of the North East chair of insolvency and restructuring trade…
Selfridges shareholder Signa has filed for insolvency just weeks after the business was plunged into financial turmoil. Rene Benkos retail and property empire was toppled by a cash crunch on Wednesday after a Vienna court declared the business insolvent. The development will raise questions over Signas minority shareholding in Selfridges after it recently gave up…
In a recent episode of “The Rich Dad Radio Show,” financial educator and author Robert Kiyosaki expressed grave concerns about the United States financial health. “America is now bankrupt,” he said. “And the question I want to answer today is how [come] America, at one time reportedly the richest country in the world, is now…
In this State of the Economy podcast, businessLines KR Srivats, Senior Deputy Editor, discusses the recent landmark Supreme Court judgement on personal guarantors insolvency in India with Dhananjay Kumar, Partner, Cyril Amarchand & Mangaldas, a leading law firm. By upholding the constitutional validity of Insolvency and Bankruptcy Code (IBC) provisions related to personal guarantors insolvency…
By Ben Zigterman (November 28, 2023, 6:55 PM EST) — Joint trustees in England for the bankruptcy estate of Henry Gabay, a co-founder of the defunct global asset manager Duet Group, filed a Chapter 15 bankruptcy petition on Monday in New York seeking recognition of Gabay’s personal insolvency in the United Kingdom…. Read the full…