Arrowood Indemnity, the runoff entity for Royal Indemnity and Royal Globe (Royal), was declared insolvent by the Delaware commissioner of insurance on November 6, 2023. This action was taken through the filing of a complaint for entry of a liquidation and injunction order with a bar date. The commissioner has suggested a bar date of…
The Western Australia Court of Appeal has provided clarity concerning questions of insolvency practitioner independence following pre-administration services and whether those pre-administration services can disentitle insolvency practitioners to remuneration. ASIC appealed the first instance decision of Justice Martin in the Western Australian Supreme Court, Australian Securities and Investments Commission v Jones [2023] WASCA 130. This…
The Supreme Court today (07.11.2023) commenced its hearings in a batch of petitions challenging the constitutionality of various provisions of the Insolvency and Bankruptcy Code (IBC) relating to Personal Guarantors Insolvency Resolution Process. The central contention raised by the petitioners challenging Sections 95(1), 96(1), 97(5), 99(1), 99(2), 99(4), 99(5), 99(6), and 100 of the Code…
It has emerged that Ukreximbank has asked the Commercial Court of Kyiv to declare Ukraine International Airlines bankrupt. The continued war in the country against Russia has caused a shutdown of their airspace, which has resulted in commercial operations being suspended for around 18 months up to now. Without further ado, lets get into it…
Nov 8, 2023 5.50pm A builder and kitchen renovations company servicing Melbournes leafy inner-eastern suburbs have added to the growing list of construction insolvencies hitting boutique companies servicing wealthy clients. Builder Warwick Constructions went into administration in late October, followed four days later by fellow Hawthorn East-based renovations business Ultimate Kitchens & Bathrooms, when director…
ASIC has disqualified Mohamed Aly Ismail Khalaf of Condell Park, NSW, from managing corporations for five years due to his involvement in the failure of three companies. Between 29 July 2013 and 16 September 2019, Mr Khalaf was an officer of three companies that entered liquidation: Qld Protection Security Pty Ltd (ACN 165 047 110);…
On Tuesday, the Committee on Budgets approved Belgiums request for support from the European Globalisation Adjustment Fund for Displaced Workers (EGF). MEPs acknowledged that the COVID-19 pandemic and the Russian war of aggression against Ukraine have reduced economic competitiveness and have a negative impact on economic growth in Belgium. In recent years, Makro Cash &…
It finally happened. After years of speculation, handwringing, and infusions of capital, coworking pioneer WeWork has entered bankruptcy, the culmination of one of the biggest destructions of value in real estate history. The question now is: what’s next? For WeWork itself, the bankruptcy process is likely to be messy and complicated it will look to shed unprofitable locations…
A 31-part Twitter thread by Genesis creditor Vijay Boyapati alleges Digital Currency Group (DCG) and its CEO Barry Silbert perpetrated fraud to hide massive Genesis losses stemming from Three Arrows Capitals (3AC) implosion. Boyapati argues DCG provided a bogus $1.1 billion promissory note to paper over Genesis insolvency, misleading creditors and buying time. The scheme…
The High Court has approved a Personal Insolvency Arrangement that allows a company director to write off over 3 million of debt owed to financial institutions for a payment of just over 8,000. Mr Justice Alexander Owens approved the PIA in respect of 60-year-old Patrick Reilly, who under the terms of the agreement will put…