Feb 20, 2024 5.00am Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? A growing number of larger technology companies are scrambling to restructure their operations to avoid insolvency, as stubbornly high labour costs and a tough capital-raising environment mean directors are…
An expert committee appointed by the Insolvency and Bankruptcy Board of India (IBBI) has recommended the introduction of a voluntary mediation framework as a dispute resolution mechanism under the Insolvency and Bankruptcy Code (IBC) for faster out-of-court settlement of disputes between lenders and defaulting borrowers. The committee observed that mediation could provide a cost-effective way…
If a company is unable to pay its debts, it is deemed insolvent. Whether it is due to a cash flow crisis or a loss of a business contract, data shows insolvencies are on the rise. Why insolvencies are at an all-time high Corporate insolvencies in England and Wales have reached their highest level in…
More than nine months after Go First filed for bankruptcy in May 2023, its rival SpiceJets CEO Ajay Singh and EaseMyTrip co-founder Nishant Pittis Busy Bee Airways have submitted a bid for the bankrupt airline. Their bid, which is reportedly of Rs 600 crore, is competing against a little-known Sharjah-based company named Sky One,whose bid…
ByVandana Ramnani Feb 18, 2024 09:55 AM IST Share Via Copy Link Earlier, homebuyers who had been allotted flats before the realty firm became insolvent, were left with no remedy except for being entitled to a refund In a relief to homebuyers who had been given possession of their homes but were left in a…
Aurelius, the German restructuring specialist which bought The Body Shop last year and has now put it into administration, had previously broken up two other UK retailers. Staff at the ethical cosmetics group fear it will be next, with more than 2,200 jobs and 200 stores at risk. Aurelius, a specialist in distressed companies, has…
EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process. Loan requests Initially, the EY-Parthenon teams…
Member Article R3 responds to January 2024 insolvency figures Corporate insolvencies decreased by 11.8% in January 2024 to a total of 1,769 compared to December 2023’s total of 2,005, and increased by 5% compared to January 2023’s figure of 1,685. Corporate insolvencies increased by 12.9% from January 2022’s total of 1,567 and by 2.5% when…
The first monthly insolvency statistics have been released for 2024, focusing on January. Here we provide a detailed overview. Company Insolvencies January 2024 saw 1,769 registered company insolvencies through England and Wales. This is an increase of 5% when compared to the amount registered in the same month of 2023. Compared to December 2023 figures…
Good morning, and welcome to our rolling coverage of business, the financial markets and the economy. With Britain now in a technical recession, economic data will be closely scrutinised for signs that the downturn could be ending. And the latest retail sales figures, just released, show that retail sales across Great Britain grew at the…