NEW HAVEN Every few months this year, the US government appears on the verge of shutting down. It happened in May, when congressional Republicans initially refused to raise the debt ceiling, and in September, when Congress managed to avert a last-minute shutdown by passing a stopgap bill to keep the federal government open until November…
Member Article R3 responds to Q3 2023 insolvency statistics There were 6,208 seasonally adjusted corporate insolvencies in Q3 2023, a fall of 1.8% compared to Q2 2023s figures of 6,319 and a 10.2% increase compared to Q3 2022 (5,635). Q3 2023s figures were also 54.8% higher than Q3 2021s figure of 4,010 and 41.3% higher…
A government move to protect homebuyers in bankrupt real estate projects is yet to take concrete shape given the way developers structure their projects, two people aware of the matter said. The so-called reverse bankruptcy framework was first proposed by the ministry of company affairs in a discussion paper in January. It would apply the…
Pictured (leftright): Damian McParland, Jason Byrne, Caroline Prunty and Jan Cunningham Northern Ireland firm Millar McCall Wylie has appointed Jason Byrne as director with a focus on growing its insolvency services. A highly-specialised solicitor with years of experience in dealing with corporate and personal insolvency in Northern Ireland, Mr Byrne joins from a national firm…
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday admitted a plea seeking insolvency process against Compuage Infocomm. Plus Plus Unified Engagement, one of the financial creditors to the company, moved Section 7 application under the Insolvency and Bankruptcy Code to initiate insolvency proceedings against the company. Section 7 petition was…
Member Article R3 responds to Q3 2023 insolvency statistics There were 6,208 seasonally adjusted corporate insolvencies in Q3 2023, a fall of 1.8% compared to Q2 2023s figures of 6,319 and a 10.2% increase compared to Q3 2022 (5,635). Q3 2023s figures were also 54.8% higher than Q3 2021s figure of 4,010 and 41.3% higher…
People walk past a shop with closing down signs in the window in Chester, Britain, Nov 17, 2022. REUTERS/Phil Noble/File photo LONDON The number of companies in England and Wales declared insolvent during the three months to the end of September remained close to levels seen after the 2008 financial crisis and was down only…
Friday, 3 November 2023, 9:30 amPress Release: BWA A leading insolvency firm warns that a potential second wave of business failures is on the way, with consumer-facing sectors in the firing line. BWA Insolvency managing director Bryan Williams says the continuing pressures of reduced consumer spending and slowing global economies are impacting NZ businesses, as…
On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the “Law”) enters into force. This long-awaited reform implements Directive 2019/1023 to introduce a modern restructuring regime, with out-of-court and court supervised mechanisms to protect companies in distress. The Law is expected to…
Lloyds Banking Group declared the holding company of the Telegraph Media Group to be hopelessly insolvent as it claimed the offers made had fallen well short of the headline debt. As a result of the default, it appointed receivers over B.UK Limited, a Bermuda company, and has appointed Goldman Sachs, the investment bank, to sell…