The number of applications for insolvency and restructuring of companies has reduced in the first half of the year, pointing to reduced financial hardship by firms in an improved economy. Kenyas economy in the three months to March reversed seven straight back-to-back quarterly growth declines to post a 5.3 per cent gross domestic product growth…
The Association for Business Restructuring & Turnaround launches this week with the goal of accrediting specialists in company turnaround and setting professional standards. ABRT founder Eddie Griffith said the body would aim to address problems identified by the parliamentary insolvency inquiry and had sprung out of conversations between like-minded specialists. We came up with the…
Sep 2, 2023 Attorney-General Mark Dreyfus says bankruptcy laws should serve debtors, while protecting creditors. -AAP Image The time allowed for a debtor to respond to a bankruptcy notice could be raised under reforms being considered by the federal government. Attorney-General Mark Dreyfus is seeking to overhaul the Bankruptcy Act, releasing a discussion paper outlining…
Get emails about this page Applies to England and Wales Summary The Rules include a requirement to carry out a review of the secondary legislation and publish a report setting out the conclusions of that review. This call for evidence ran from 10am on 11 March 2021 to 11:59pm on 30 June 2021 Call for…
Insolvency firms face being formally regulated for the first time under reforms to be announced next week that will nevertheless fall short of a pledge to establish a new watchdog. Sky News has learnt that the Insolvency Service, which is part of the Department for Business and Trade, will unveil plans that will mean firms…
When the crypto exchange FTX declared bankruptcy in November 2022, investors with money in their FTX accounts found themselves unable to withdraw it. Those investors now have a chance to get some of their funds back, but they’ll need to file a bankruptcy claim in the next few weeks. At its peak, FTX had more…
England’ second largest city Birmingham‘s city council on 5 September, declared itself bankrupt, putting a pause on all spending except essential ones. The Birmingham city council issued a 114 notice last Tuesday, thereby joining a string of local authorities, which include Woking, Croydon, and Thurrock, that have announced it did not have the resources to…
Birmingham City Council has said it does not have the money to pay the bill Birmingham, the second-biggest city in Britain, declared itself bankrupt on Tuesday, sending shockwaves through the city’s governance. The Labour-run administration representing the UK’s second-largest city issued a 114 notice, putting a stop to all but essential spending and becoming the latest in…
Alternative investment manager Ares SSG Capital Management has filed an application with the Bengaluru bankruptcy tribunal to admit Coffee Day Enterprises for corporate insolvency over its 228-crore bond default, people aware of the development told ET. The global fund filed the application through IDBI Trusteeship. Coffee Day Enterprises (CDEL) informed the exchange about the insolvency…
By Alice Cullinane & Keri Trigg BBC News, West Midlands The leader of Shropshire Council said the authority considered issuing a notice to declare bankruptcy, but decided against it. Inflation and increased demand for services meant the council’s reserves were “practically gone”. They raised the issue in a cabinet meeting in the same week that…