Former steel magnate Pramod Mittal. (Image: Bloomberg) In June 2020, Pramod Mittal, brother of one of the richest men in the world, Lakshmi Mittal, and himself a steel magnate, was declared bankrupt by a UK court. Since then, he has been fighting to get himself out of the legal mess, but on Friday (November 25,…
Contents: General Legislation What main legislation is applicable to insolvencies and reorganisations? The Corporations Act 2001 (Cth) (the Act) is the primary piece of federal legislation that governs the registration, administration, insolvency and reorganisation of companies incorporated in Australia. The Act prescribes, among other things, the manner to administer and regulate the winding up, liquidation,…
5 spectacular Indian failures that warns about the perils of excessive debt | Unsplash – Melinda Gimpel According to government data, in June this year, as many as 1,999 cases of corporate insolvency resolutions process were ongoing under the insolvency law. In total, the Insolvency and Bankruptcy Board of India (IBBI) have received 6,231 complaints…
The Russian entity of mobile developer Game Insight has been officially declared bankrupt. In addition to that, a criminal case has been opened against its leadership, with the company owing millions to its former employees. What is known about Game Insight Russias bankruptcy? As reported by Russian newspaper Izvestia, the Moscow Arbitration Court issued a…
In two separate orders, the Mumbai bankruptcy court dismissed Canara Bank‘s petition to admit GTL Infrastructure and GTL Ltd for corporate insolvency. The two-member bench relied on the Supreme Court‘s order of Vidarbha Industries Power for GTL Infra and the failure of lenders to adhere to the central bank’s guidelines for GTL, according to the…
Released 28 October 2022 Next release 31 January 2023 Media enquiries Steven Fifer +44 (0)30 3003 1568 Statistical enquiries David Webster (responsible statistician) [email protected] User Engagement Survey Official Statistics (smartsurvey.co.uk) Please complete this survey relating to Insolvency Service Official Statistics to let us know your views and tell us about anything else you would like…
Anthony James Killarney, 62, from Brentwood, has been given an 11-year ban for falsely claiming a 50,000 Bounce Back Loan for his property development firm. Killarney was the sole director of K11 Developments Ltd, which was incorporated in August 2015 and traded as a property development company based in Essex until it went into liquidation…
The Insolvency Service issued a Call For Evidence (CfE) in July 2022, asking a wide range of questions about personal insolvency in England and Wales: The purpose of this document is to seek evidence that will help inform the Government on whether the current personal insolvency framework is still fit for purpose and, if not,…
David Fairfull. File photo The returns to creditors from Australian startup Metigy look thin, with staff entitlements now being paid via afederal government scheme,as the corporate regulator ASIC investigates suspected insolvent trading. The now collapsed machine-led marketing platform owed an estimated $32,366,606.84,according to the liquidators in documents filed to ASIC. The liquidators are stil to…
Personal insolvency: There were 27,927 individual insolvencies in the quarter to September. Photo: Press Association Nearly 28,000 personal insolvencies were recorded in Britain over the last three months as inflationary pressures and the cost of living crisis took their toll. According to the Insolvency Service on Friday, there were 27,927 individual insolvencies in the quarter…