CASE LAW ALERT: UNFAIR PREFERENCE CLAIMS AND THE SET-OFF “DEFENCE” UNDER SECTION 553C (PART 1 of 2) The Section Section 553C of the Corporations Act 2001 (Cth) (the “Act”) provides for a statutory set-off between an insolvent company and a party seeking to have a debt or claim admitted in the winding up. Provided that…
The NRA declared bankruptcy; its longtime chief executive, Wayne LaPierre, has been disgraced, setting the gun-rights group back on its heels. Yet the NRA is still a powerful enough force in Washington politics to derail President Bidens effort to install a Senate-confirmed leader of the ATF (Bureau of Alcohol, Tobacco, Firearms and Explosives), once again…
Registered company insolvencies across England and Wales spiked 71% year-on-year to 1,348 in August 2021. The figure, which was slightly below August 2019s 1,366 insolvencies, consisted of 1,256 CVLs, 35 compulsory liquidations, two CVAs, and 55 administrations. Related Articles This represented a year-on-year climb of over 50% for both CVLs and compulsory liquidations, while administrations…
Andrew Left called Evergrande insolvent in 2012. Citron Research The looming debt crisis faced by China’s second largest property developer was on Andrew Left’s radar nearly 10 years ago. The famed short-seller said China’s Evergrande would be “severely challenged from a liquidity perspective” in a 2012 report. Hong Kong subsequently imposed a five-year ban on…
August 2021 saw the number of company insolvencies reach their highest level since the first UK lockdown, with businesses balancing the easing of restrictions with the end of government support. There were 1,348 registered company insolvencies in August 2021, according to figures released by the Insolvency Service 71% higher than in the same month in…
August 2021 saw the number of company insolvencies reach their highest level since the first UK lockdown, with businesses balancing the easing of restrictions with the end of government support. There were 1,348 registered company insolvencies in August 2021, according to figures released by the Insolvency Service 71% higher than in the same month in…
This is up 71% when compared to the 788 figure reported in August 2020 though it is similar to the 1,366 registered in August 2019. As for creditors voluntary liquidations (CVLs), there were 1,256 handed in August 2021 – which is the highest level seen in the series since January 2019. The number of registered…
After getting rapped for accepting Vedanta group’s bid that would give just 5 per cent of their outstanding loans, lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm. Billionaire Anil Agarwal’s Twin Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries,…
Member Article Corporate insolvencies increased by 22.9% to 1,348 in August 2021 compared to Julys figure of 1,097, and increased by 71.1% compared to August 2020s figure of 788 Personal insolvencies increased by 0.2% to 9,106 in August 2021 compared to Julys figure of 9,090, and were 42.7 % higher than August 2020s figure of…
Following the closure of his multi-level-marketing business JN Jewellery, Jesper Nielsen has come under further fire as his fraught history with Pandora comes to light. Posted September 20, 2021 | By Jeweller Staff Following Jewellers report on the abrupt closure of multi-level-marketing (MLM) jewellery business JN Jewellery, many people came forward with additional information and…