A company can run usual operations or as a going concern even if it is in the process of being wound up in an administered sale, said a recent order by a bankruptcy appeals court, boosting recovery prospects for lenders that want to maximise value on soured loans. The principal bench in New Delhi comprising…
Wednesday, August 25, 2021 The recent case ofRe A Company [2021] EWHC 2289 (Ch)outlines how the coronavirus test for winding up petitions will be applied by the Courts. Taking a similar approach, to the cases ofNewman v Templar Corp Ltd [2020] EWHC 3740 (Ch) andRe PGH Investments Ltd v Ewing [2021] EWHC 533 (Ch),both as…
LONDON: Fugitive Indian businessman Vijay Mallya has filed papers in the UK high court seeking permission to appeal against his bankruptcy order.Mallya (65) was declared bankrupt by the insolvency and companies court (ICC) of the high court on July 26 this year. His name is now listed in the individual insolvency register.A spokesman for the…
Advertisement A Sunderland scaffolder is in trouble after it was found he applied for a government-backed 50,000 Bounce Back Loan he wasnt entitled to. The 34-year-old scaffolder was trading as LTH Scaffolding until December 2019 he started working with a separate company. But this did not stop him from applying for a government-backed Bounce Back…
This comes after a year with lower numbersof businesses entering external administrationthan usual.Australian Securities and Investments Commission (ASIC) recently reportedthat 2020-21,4235companies entered external administration. Thiswas after7362 in 2019-20, and8105in 2018-19. Thenew ABS data saw a12 per cent exit rateof businesses2020-21, downslightlyfrom12.5 per cent the year before.Dr Pamela Hanrahan, Professor of Commercial Law and Regulation at…
Laurentian University says it needs more time todevelop a plan toexit restructuring and is asking a judge to approve an extension of its loan agreement, and a stay of proceedings against creditors,until January 31, 2022. Robert Hach says in an affidavit filed with the motion on the court monitor’s websitethat Laurentian has negotiated a fee…
Lee Thomas Hobson (34), from Sunderland, was a scaffolder and traded as LTH Scaffolding. In December 2019, however, he stopped trading as LTH Scaffolding and began employment with a separate company. But this did not stop him from applying for a government-backed Bounce Back Loan of 50,000 in the name of LTH Scaffolding which he…
Narayan Rane Mumbai: The state industry department has announced a special amnesty scheme for industrial units that have shut down and cannot be revived. The new scheme will be applicable for the period of the new industrial policy 2019.The scheme, which is an attempt to restart the unit, is for industries that have availed of…
The developers behind Kingdoms of Amalur are only getting a tiny amount of what theyre owed. Rhode Island developers 38 Studios went bankrupt after making just one game: Kingdoms of Amalur: Reckoning. The game was an action RPG set in a high fantasy world from the minds of R. A. Salvatore and Todd McFarlane, and…
Corporate insolvencies continue to rise year-on-year according to insolvency and restructuring trade body R3 in the South West. Although the figures show a slight fall between June and July 2021, it was the third consecutive month in which year-on-year corporate insolvency levels have risen. R3 said the month-on-month fall in corporate insolvencies was a result…