The introduction of corporate insolvency under Indias Insolvency and Bankruptcy Code (IBC), 2016, was a watershed moment. It transformed the debtor-creditor relationship in India. Till August 2023, 26,518 applications for the insolvency resolution of companies with defaults on debt worth 9.33 trillion were withdrawn before their admission, according to data from the Insolvency and Bankruptcy…
Society / December 7, 2023 The case against the makers of OxyContin is about a lot of thingsabove all the way wealthy people work the system to escape accountability. Ad Policy Headstones bearing information about people who died from using OxyContin line a security fence outside the Supreme Court Building on Monday, December 4, 2023.…
Liquidators will sell reality TV star Teddy Briggs’s prized Mercedes-Benz as part of their efforts to claw back more than $600,000 owed to creditors ranging from government agencies to disgruntled customers of his controversial online business. The former Love Island and Celebrity Amazing Race contestant placed his business Teddy Briggs Co into liquidation in November.…
JD Sports Dutch subsidiary Sports Unlimited Retail has been declared bankrupt. Sports Unlimited, which is a subsidiary of Iberian Sports Retail (ISRG) that JD Sports owns, has 52 stores across the Netherlands under the Sprinter, Aktiesport and Perry Spors brands. The control of the stores will now move to a bankruptcy trustee as appointed by…
Share this article Local news site RTL Nieuws claims JD Sports Dutch subsidiary owns 54 stores across its three retail brands and employs around 1,100 people. The site also suggests Sports Unlimited Retail suffered a 9m loss in 2021, but reportedly did not fear for its survival as it was financially supported by JD Sports.…
SpiceJet (SG, Delhi International) has defeated one of several efforts have it declared insolvent after its legal counsel successfully argued against the maintainability of the case. On December 4, 2023, Justices Mahendra Khandelwal and Rahul Prasad Bhatbagar of the New Delhi bench of the National Company Law Tribunal (NCLT), dismissed the petition by Willis Lease…
The pilot measure for mutual recognition and assistance of insolvency proceedings between the courts of three pilot areas in Mainland China and Hong Kong was agreed in mid-2021, which is known as the Cooperation Mechanism. Since then, liquidators in Hong Kong have had a more certain and structured route to seek, through Hong Kong Court,…
Lukasz Nowak, 43, a self-employed builder from Hounslow, West London, was sentenced to 20 months imprisonment, suspended for two years, at Lincoln Crown Court on 27 November 2023. He was also ordered to pay 12,000 compensation to the bank from which he borrowed the money. Nowak applied for a 50,000 Bounce Back Loan in October…
VIENNA, Dec 4 (Reuters) – Property tycoon Rene Benko’s Signa Holding filed for insolvency in Vienna last week, the biggest such case Austria has seen and the largest victim to date of Europe’s property crash. Benko, 46, built the complex constellation of companies headed by Signa Holding from the ground up, starting from humble origins…
council tax bill Local authorities are at risk of bankruptcy if funding from the Scottish government is not improved, council leaders have said. Cosla issued the warning in a briefing paper ahead of the Scottish budget on 19 December. The local government body said councils need nearly 14.4bn in the budget just to “stand still”.…