Listen to this article By J.J. Conway Conway Inflation, a tight labor market, high interest rates, ongoing supply chain issues and changing consumer trends have been identified as factors contributing to a significant uptick in corporate bankruptcies filed in 2023. According to a September Market Watch report, there have been more U.S. corporate bankruptcies thus…
November 21, 2023 Photo: depositphotos Amsterdam-based Qwic has become the second e-bike manufacturer to be declared bankrupt in four months. The company was listed in the insolvency register, a week after a court granted it extra time to pay its bills. Qwic did not respond to the news, but told customers in an e-mail last…
In the second quarter of fiscal year 2024 (Q2 FY24), 38 per cent of the 7,058 companies admitted under the Corporate Insolvency Resolution Process (CIRPs) belong to the manufacturing sector, followed by the real estate and construction sectors, according to a report by CareEdge. The second quarter saw a 19 per cent year-on-year increase in…
WeWork, the once-booming office workspace startup, filed for Chapter 11 bankruptcy on Nov 6., setting the stage for a reorganization of the companys obligations. Despite being buoyed by venture capital, the company suffered a series of setbacks ranging from a disastrous attempt at an initial public offering in 2019 to the COVID-19 pandemic devastating the…
We discuss the Federal Court of Australias judgment and distil insights to assist trustees in bankruptcy navigate difficult estates and deal with recalcitrant bankrupts. The Federal Court of Australia has dismissed an application by Salim Mehajer, the high profile former Deputy Mayor of Auburn City Council, NSW, to replace his trustee in bankruptcy.[1] The Courts…
Article 0 Comments McGill and Partners, the London-based boutique specialist re/insurance broker, has launched SAIFElimits, a coverage solution for corporate insolvency. The scheme is designed to be incorporated into any primary directors and officers (D&O) policy and is triggered automatically by an insolvency event. This extension allows protection to remain in place for directors and…
The recovery rate from personal guarantors under the Insolvency Bankruptcy Code (IBC), which currently stands at 5.22 per cent, is likely to rise post the Supreme Courts ruling affirming the constitutionality of the IBC provisions regarding Personal Guarantors Insolvency Resolution, said a report by CareEdge Ratings. The Supreme Court upheld the constitutionality of IBC provisions…
Kolkata: The Kolkata bench of National Company Law Tribunal (NCLT) ordered insolvency proceedings against Fort Projects (P) Ltd last week following a complaint from Emami Realty.Fort Projects is part of Fort Group, one of the leading real estate firms in the city, while Emami Realty, the creditor, is part of Emami Group. Emami Realty also…
Signs appear that directors are being pursued personally for historical company debts, says insolvency specialist Court actions filed by the ATO and the big four banks are on the rise and its not just current debts in their sights. Business and personal insolvency specialist Jirsch Sutherland says legacy debts are also in the crosshairs, which could put…
Having found myself in the unfortunate position that one of my customers has become insolvent I’ve had a look through various threads/forums on advice how to proceed following a customers insolvency and I came across the “spongebob” plan on this forum, to which I believe I am on the receiving end of. To give a…