Illustration: Binay Sinha The Insolvency and Bankruptcy Board of India (IBBI) has lifted the restriction to allow the same insolvency professional for the resolution process of a company as well as its personal guarantor for a better harmonisation and effective coordination of both processes. The changes made to IBBI – Bankruptcy Process for Personal Guarantors…
Mumbai: The Mumbai bench of the insolvency tribunal has ordered the initiation of a corporate insolvency proceedings against Vadraj Cement, a group company of the insolvent ABG Shipyard, after the cement manufacturer defaulted on dues of over 87 crore to Punjab National Bank. Considering the facts and law, this bench is of the view that…
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…
The West Australian exclusive The WA insolvency firm that has taken an unusual deviation by buying failed seafood company Catalano is backing itself to take on and run other companies pulled back from the brink. Having started out restructuring or temporarily running businesses on behalf of creditors, Avior Consulting is now calling the shots in…
ElectricBrands states that it has filed an application for insolvency under self-administration with the Darmstadt Local Court and is seeking to reorganise the company by taking this step. The court ordered provisional self-administration on 29 January 2024. The aim is to completely reorganise the company, according to a company press release. In addition, The affiliated…
TURNKEY a leading provider of software solutions to the insolvency industry, is thrilled to announce the appointment of Craig McDonnell as the Director of Personal Insolvency and Creditor Services. With approx. 90% of the Corporate Insolvency case management market in the UK, Craig joins the team, and brings with him a wealth of experience and…
Simon Edel, UK Turnaround and Restructuring Strategy Partner at EY-Parthenon: Company insolvencies in 2023 reached their highest annual total in 30 years reflecting the difficult business environment that companies have faced over the last 12 months. The final quarter of 2023 also saw the highest quarterly number ofCreditors Voluntary Liquidations (CVLs)since this data started to…
The Liverpool-based businessman behind the ailing Signature Living empire has been handed a 12-month bankruptcy order along with his wife. Lawrence and Katie Kenwright, the husband-and-wife duo behind a host of well-known hotels across the region, were declared bankrupt by the insolvency service on Tuesday. The 12-month bankruptcy orders follow a difficult few years for the…
Liverpool property developers and hotel bosses Lawrence and Katie Kenwright have been declared bankrupt. The husband and wife team behind the Signature Living brand, which opened a host of well-known hotels, apartment blocks and wedding venues in Liverpool and Merseyside, received the order at Liverpool County Court on January 30, according to the government’s individual…
Member Article R3 responds to the 2023 annual insolvency statistics There were 25,158 seasonally adjusted corporate insolvencies in 2023. This was an increase of 13.7% from 2022s figure of 22,123, an increase of 78.9% on 2021s figure of 14,059, and an increase of 46.6% on pre-pandemic figures in 2019 (17,163). There were 103,454 seasonally adjusted…