The Iowa Superintendent of Banking has closed a Sac City bank the first bank closing in Iowa since 2011. Citizens Bank in Sac City opened in 1929. According to a news release issued Friday night by the Iowa Banking Division, the bank was declared insolvent after bank examiners identified significant loan losses that previously had…
On 19 July 2023, the parliament of the Grand Duchy of Luxembourg (Luxembourg) passed bill no. 6539A into law (the New Insolvency Law), marking a significant milestone in the movement to modernise and enhance the competitiveness of Luxembourgs insolvency framework. The bill has been under discussion for a number of years and aims to curtail…
Eleanor Temple, chair of the UKs insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds There were 6,208 seasonally adjusted corporate insolvencies in Q3 2023, a fall of 1.8% compared to Q2 2023s figures of 6,319 and a 10.2% increase compared to Q3 2022 (5,635). Q3 2023s figures…
NEW HAVEN Every few months this year, the US government appears on the verge of shutting down. It happened in May, when congressional Republicans initially refused to raise the debt ceiling, and in September, when Congress managed to avert a last-minute shutdown by passing a stopgap bill to keep the federal government open until November…
Member Article R3 responds to Q3 2023 insolvency statistics There were 6,208 seasonally adjusted corporate insolvencies in Q3 2023, a fall of 1.8% compared to Q2 2023s figures of 6,319 and a 10.2% increase compared to Q3 2022 (5,635). Q3 2023s figures were also 54.8% higher than Q3 2021s figure of 4,010 and 41.3% higher…
A government move to protect homebuyers in bankrupt real estate projects is yet to take concrete shape given the way developers structure their projects, two people aware of the matter said. The so-called reverse bankruptcy framework was first proposed by the ministry of company affairs in a discussion paper in January. It would apply the…
Pictured (leftright): Damian McParland, Jason Byrne, Caroline Prunty and Jan Cunningham Northern Ireland firm Millar McCall Wylie has appointed Jason Byrne as director with a focus on growing its insolvency services. A highly-specialised solicitor with years of experience in dealing with corporate and personal insolvency in Northern Ireland, Mr Byrne joins from a national firm…
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday admitted a plea seeking insolvency process against Compuage Infocomm. Plus Plus Unified Engagement, one of the financial creditors to the company, moved Section 7 application under the Insolvency and Bankruptcy Code to initiate insolvency proceedings against the company. Section 7 petition was…
Member Article R3 responds to Q3 2023 insolvency statistics There were 6,208 seasonally adjusted corporate insolvencies in Q3 2023, a fall of 1.8% compared to Q2 2023s figures of 6,319 and a 10.2% increase compared to Q3 2022 (5,635). Q3 2023s figures were also 54.8% higher than Q3 2021s figure of 4,010 and 41.3% higher…
People walk past a shop with closing down signs in the window in Chester, Britain, Nov 17, 2022. REUTERS/Phil Noble/File photo LONDON The number of companies in England and Wales declared insolvent during the three months to the end of September remained close to levels seen after the 2008 financial crisis and was down only…