The government is debating whether to lower the approval threshold for resolution plans under the Insolvency and Bankruptcy Code (IBC) in a move aimed at preventing too many insolvent companies from going into liquidation. More than 75% of creditors currently have to agree to a resolution plan, implying that just over 26% can reject it…
Serial conman Peter Foster, currently on remand in a NSW prison, awaiting trial over unrelated fraud charges involving a betting scam, has been declared bankrupt because he failed to pay court costs over a scam weight loss program known as SensaSlim. The Federal Court declared Foster bankrupt last week on an application from the Australian…
By Colin Mann January 29, 2018 Belgian company I-MOVIX, which specialised in cameras for capturing extreme slow motion for sports broadcast, is to cease operations, having been declared bankrupt. In a Statement, the company said: We are very thankful and grateful to our amazing team of young talents, passionate and dedicated engineers, technicians, sales guys,…
Electrovaya Inc. says its Litarion subsidiary in Germany has begun insolvency proceedings as a result of a cash shortage that arose after its automotive customers took longer than expected to place large battery orders. Mississauga, Ont.,-based Electrovaya says it doesn’t expect Litarion’s insolvency will affect the parent company’s ability to fulfil current and future customer…
Borrowing & debt Personal debt rises to £1.6tn as record number of households turn to bankruptcy deals At least 70% of UKs population are broke, says a study. Photograph: Adam Gault/Getty Images The number of people who went brankrupt in 2017 soared to the highest level since the aftermath of the financial crisis, according to…
TORONTO Electrovaya Inc. says its Litarion subsidiary in Germany has begun insolvency proceedings as a result of a cash shortage that arose after its automotive customers took longer than expected to place large battery orders. Mississauga, Ont.,-based Electrovaya says it doesnt expect Litarions insolvency will affect the parent companys ability to fulfil current and future…
TORONTO Electrovaya Inc. says its Litarion subsidiary in Germany has begun insolvency proceedings as a result of a cash shortage that arose after its automotive customers took longer than expected to place large battery orders. Mississauga, Ont.,-based Electrovaya says it doesn’t expect Litarion’s insolvency will affect the parent company’s ability to fulfil current and future customer orders…
Experts have warned that the retail industry is on high alert following the release of 2017 insolvency figures, which revealed rising liquidation rates. According to The Insolvency Service, 17,243 companies entered insolvency in 2017, rising 4.2 per cent year-on-year. This was driven by an 8.3 per cent rise in creditors voluntary liquidations (CLVs) in which…
The number of people becoming financially insolvent reached a three-year high across England and Wales during 2017, official figures show. Some 99,196 personal insolvencies were recorded, marking a 9.4% rise on 2016 and the highest annual total since 2014, when there were 99,223 cases. It marked the second year in a row that the numbers have…
Electrovayas German subsidiary, Litarion GmbH, has commenced a voluntary structured insolvency process. The process is expected to result in the appointment of a provisional receiver/liquidator of Litarion and its property by the German court, a press release reads. As previously reported by the company, Li-Tec Battery GmbH, the owner of the premises occupied by Litarion,…