The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a 2020 innovation in UK insolvency law, as described in our earlier alert. At first instance, the…
Insolvency consultancy firm Interpath Limited has taken full custody of the Hector decentralized autonomous organization (Hector DAO) treasury as of February 21. The company, also known as “Interpath Advisory,” has likewise taken control of the HectorDAO social media channels, which it intends to use to communicate with investors going forward, according to announcements on the…
The claim The Coalition has accused the government of laying waste to the manufacturing industry, citing an increase in the number of company insolvencies on Labor’s watch. In a January 16 opinion piece published in The Australian, Deputy Opposition Leader Sussan Ley blamed Prime Minister Anthony Albanese’s “lack of an economic plan, failed industrial policies and distracted…
Bankruptcy in the Australian vernacular refers to personal insolvency, it does not extend to corporates or other legal entities. Australias personal insolvency laws have not been subject to a comprehensive review since the Harmer Report in 1988, the Australian COVID-19 moratoriums have now come to an end, and many Australians are currently experiencing financial stress…
LDRS By Greig Watson BBC News, Nottingham The government has appointed commissioners to help run Nottingham City Council after the authority declared itself effectively bankrupt. The Labour-run authority issued a section 114 notice on 29 November, amid an in-year budget gap of 23m. Changes at the council have been overseen by a government-appointed board following…
In short: The Federal Court has ruled Seafarms’ $2 billion prawn project on a NT cattle station is insolvent, pending an appeal. The project entered voluntary administration in February 2023. What’s next? The ABC understands Project Sea Dragon will appeal the decision. Renewed plans to build one of the world’s largest prawn farms on a remote Northern…
On Wednesday, February 21, it was announced that The Office star Ewen MacIntosh had died following a long health battle. Since the news of his death, the 50-year-olds last social media post has emerged. Ewen, who was well-known for playing Keith in the British sitcom, had reposted a tweet on his account in April 2022.…
One-hundred-and-four years old Bridge And Roof Company, a miniratna company under the Ministry of Heavy Industries, has escaped insolvency proceedings after the Appellate Tribunal set aside NCLT Kolkata Benchs order admitting the CIRP against the central public sector enterprise. The National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribunals order after…
Over one-third of the corporate insolvency resolution processes that were withdrawn after admission resulted in full settlement with the creditor who filed the insolvency application, the latest data by the Insolvency and Bankruptcy Board of India (IBBI) shows. A total of 1,035 applications have been withdrawn under the Insolvency and Bankruptcy Code (IBC) process after…
Creditors have realised Rs 3.21 trillion under the resolution plans till December 31 last year Over 27,500 applications for resolution process against corporate debtors have been withdrawn before their admission, with regulator IBBI emphasising that the credible threat of the insolvency law that ownership of debtors might change has changed the behaviour of debtors. These…