Introduction The Supreme Court of Canada (SCC) has granted leave to appeal the decisions of Ernst & Young Inc. v. Aquino (Aquino) and Golden Oaks Enterprises Inc. v. Scott (Golden Oaks), which both address the corporate attribution doctrine in the insolvency context. Generally, the corporate attribution doctrine imputes the actions, intent and/or knowledge of a…
Businesses are being “battered from all sides”, said Garry Lee, the chair of R3’s Southern and Thames Valley region, following the publication of last month’s personal and corporate insolvency statistics for England and Wales. Figures from the Insolvency Service showed that corporate insolvencies increased by 17.6% in October this year to 2,315 compared to September’s…
ASIC has disqualified a former Magnolia Capita Group director from managing corporations for a period of 5 years and banned him for a period of 10 years from providing financial services and engaging in credit activities. Mitchell Atkins of Erina, New South Wales was a director of the Magnolia Capital Group of companies which collapsed…
RIGA – At the beginning of November 2023, tax debts in Latvia totaled EUR 863.343 million, which is 0.8 percent more from October, but a 1.5 percent decrease from the beginning of the year, according to the information released by the State Revenue Service (VID). This total includes current and suspended debts as well as…
A Nova Scotia home heating fuel company that filed for bankruptcy last week has accused an accounting firm of negligence, saying it was hit with a “crippling shortfall” of nearly $10 million after being led to believe it was making money. Maritime Fuels Ltd. declared bankruptcy last week, leaving in the lurch an unknown number…
Ever since the UKs ancient insolvency regime was modernised back in 1986, its inner workings (and even some of its advisers) have operated behind a protective veil of semi-secrecy, with a frustrating lack of public information available to those who need its services, including PSCs seeking fixes to financial problems, writes Nick Hood of Opus…
The trucks that typically deliver fuel across Halifax are sitting idle behind the Maritime Fuels building in Dartmouth, N.S. The Nova Scotia-based company filed for bankruptcy protection last week. There are thousands of Nova Scotias that have paid for what they thought was going to be their heat source for the winter and now theyre…
Listen to this article By J.J. Conway Conway Inflation, a tight labor market, high interest rates, ongoing supply chain issues and changing consumer trends have been identified as factors contributing to a significant uptick in corporate bankruptcies filed in 2023. According to a September Market Watch report, there have been more U.S. corporate bankruptcies thus…
November 21, 2023 Photo: depositphotos Amsterdam-based Qwic has become the second e-bike manufacturer to be declared bankrupt in four months. The company was listed in the insolvency register, a week after a court granted it extra time to pay its bills. Qwic did not respond to the news, but told customers in an e-mail last…
In the second quarter of fiscal year 2024 (Q2 FY24), 38 per cent of the 7,058 companies admitted under the Corporate Insolvency Resolution Process (CIRPs) belong to the manufacturing sector, followed by the real estate and construction sectors, according to a report by CareEdge. The second quarter saw a 19 per cent year-on-year increase in…