The commercial office leasing business WeWork declared bankruptcy this week. It reported $19 billion in debts against $15 billion in assets. Prolific investors like Softbank Group Corp. and the Vision Fund are set to incur substantial additional losses on the venture. The filing also disclosed a $432 million loan from SoftBank to co-founder Adam Neumann,…
Reporter: Court Reporter 09 Nov 2023 11:04 AM Email: [email protected] The High Court has approved a Personal Insolvency Arrangement (PIA) that will see a property in Mountrath put on the market to help clear a mulit-million debt. The High Court decision allows the write-off of over 3m of debt a Dublin man owes to financial…
In a significant judgment, the Supreme Court on Thursday (November 9) upheld the constitutionality of the provisions of the Insolvency and Bankruptcy Code (IBC) relating to Personal Guarantors’ Insolvency Resolution, which were introduced through the amendments made in 2019. The Court held that these provisions (Section 95 to 100 IBC) cannot be held as unconstitutional…
Arrowood Indemnity, the runoff entity for Royal Indemnity and Royal Globe (Royal), was declared insolvent by the Delaware commissioner of insurance on November 6, 2023. This action was taken through the filing of a complaint for entry of a liquidation and injunction order with a bar date. The commissioner has suggested a bar date of…
The Western Australia Court of Appeal has provided clarity concerning questions of insolvency practitioner independence following pre-administration services and whether those pre-administration services can disentitle insolvency practitioners to remuneration. ASIC appealed the first instance decision of Justice Martin in the Western Australian Supreme Court, Australian Securities and Investments Commission v Jones [2023] WASCA 130. This…
The Supreme Court today (07.11.2023) commenced its hearings in a batch of petitions challenging the constitutionality of various provisions of the Insolvency and Bankruptcy Code (IBC) relating to Personal Guarantors Insolvency Resolution Process. The central contention raised by the petitioners challenging Sections 95(1), 96(1), 97(5), 99(1), 99(2), 99(4), 99(5), 99(6), and 100 of the Code…
It has emerged that Ukreximbank has asked the Commercial Court of Kyiv to declare Ukraine International Airlines bankrupt. The continued war in the country against Russia has caused a shutdown of their airspace, which has resulted in commercial operations being suspended for around 18 months up to now. Without further ado, lets get into it…
Nov 8, 2023 5.50pm A builder and kitchen renovations company servicing Melbournes leafy inner-eastern suburbs have added to the growing list of construction insolvencies hitting boutique companies servicing wealthy clients. Builder Warwick Constructions went into administration in late October, followed four days later by fellow Hawthorn East-based renovations business Ultimate Kitchens & Bathrooms, when director…
ASIC has disqualified Mohamed Aly Ismail Khalaf of Condell Park, NSW, from managing corporations for five years due to his involvement in the failure of three companies. Between 29 July 2013 and 16 September 2019, Mr Khalaf was an officer of three companies that entered liquidation: Qld Protection Security Pty Ltd (ACN 165 047 110);…
On Tuesday, the Committee on Budgets approved Belgiums request for support from the European Globalisation Adjustment Fund for Displaced Workers (EGF). MEPs acknowledged that the COVID-19 pandemic and the Russian war of aggression against Ukraine have reduced economic competitiveness and have a negative impact on economic growth in Belgium. In recent years, Makro Cash &…