WeWork, the once-booming office workspace startup, filed for Chapter 11 bankruptcy on Nov 6., setting the stage for a reorganization of the companys obligations. Despite being buoyed by venture capital, the company suffered a series of setbacks ranging from a disastrous attempt at an initial public offering in 2019 to the COVID-19 pandemic devastating the…
We discuss the Federal Court of Australias judgment and distil insights to assist trustees in bankruptcy navigate difficult estates and deal with recalcitrant bankrupts. The Federal Court of Australia has dismissed an application by Salim Mehajer, the high profile former Deputy Mayor of Auburn City Council, NSW, to replace his trustee in bankruptcy.[1] The Courts…
Article 0 Comments McGill and Partners, the London-based boutique specialist re/insurance broker, has launched SAIFElimits, a coverage solution for corporate insolvency. The scheme is designed to be incorporated into any primary directors and officers (D&O) policy and is triggered automatically by an insolvency event. This extension allows protection to remain in place for directors and…
The recovery rate from personal guarantors under the Insolvency Bankruptcy Code (IBC), which currently stands at 5.22 per cent, is likely to rise post the Supreme Courts ruling affirming the constitutionality of the IBC provisions regarding Personal Guarantors Insolvency Resolution, said a report by CareEdge Ratings. The Supreme Court upheld the constitutionality of IBC provisions…
Kolkata: The Kolkata bench of National Company Law Tribunal (NCLT) ordered insolvency proceedings against Fort Projects (P) Ltd last week following a complaint from Emami Realty.Fort Projects is part of Fort Group, one of the leading real estate firms in the city, while Emami Realty, the creditor, is part of Emami Group. Emami Realty also…
Signs appear that directors are being pursued personally for historical company debts, says insolvency specialist Court actions filed by the ATO and the big four banks are on the rise and its not just current debts in their sights. Business and personal insolvency specialist Jirsch Sutherland says legacy debts are also in the crosshairs, which could put…
Having found myself in the unfortunate position that one of my customers has become insolvent I’ve had a look through various threads/forums on advice how to proceed following a customers insolvency and I came across the “spongebob” plan on this forum, to which I believe I am on the receiving end of. To give a…
An incoming wave of business failures will have many in the business community sweating, but not the liquidators, who carve a living picking up the pieces and who see more work but also the potential for patchier returns. A few recent reports have pointed to an uptick in liquidations. A recent update from BWA said…
The number of company insolvencies during October was 2,315 a figure which was 18% higher than in the same month 2022 (1,954 in October 2022). Latest figures released this morning by the government’s Insolvency Service show that the rise was higher than levels seen while government support measures were in place in response to the…
The English Premier League has deducted 10 standings points from Everton over a breach of league rules regarding profitability and sustainability. The deduction puts the Liverpool club at four points on the season, plunging it into 19th place in the 20-team league. In a statement released Friday, the Premier League said an independent commission found…