GCUKs administration process is not due to end until at least March 7, 2022, and is likely to be extended. On the basis that the GCUK administrators do not indicate an earlier date of insolvency in relation to GCUK, we consider that the company became insolvent on or around 2 March 2021, which coincided with…
The number of corporate insolvency cases admitted in tribunals stayed low at 164 in the three months ended 30 June despite the governments decision to lift the one-year moratorium on creditor action against defaulters in March. This is expected to offer relief to the government, which decided to lift the suspension on 25 March amid…
Resolution Professionals (RPs) managing the operations of distressed companies undergoing corporate insolvency proceedings will now be required to assess and report whether the company has completed any transactions to siphon off funds prior to insolvency proceedings. Under the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016…
The Boardman Review has criticised the current lobbying transparency rules 3 min read2 hr A new report has criticised David Cameron over his role in the lobbying scandal and concluded Lex Greensill had “privileged” access to ministers. The review, commissioned by the Prime Minister, also found that businessman Lex Greensill had been given access to…
Thursday, 22 July 2021, 11:32 amPress Release: BWA Insolvency The economic effects of the COVID-19 pandemic have seen an increase in demand for insolvency services. We believe this demand will only increase over the next few years. While New Zealand hasnt seen the anticipated business failure that was predicted in early 2020, this is largely…
Two former bankrupt brothers convicted of appalling animal cruelty face having their aged care accreditation revoked over the failure of their aged care business in Victoria to return deposits to families of former residents. The Aged Care Quality and Safety Commission has ordered Chronos Care, which owns aged care homes in Alphington, 7km north-east of…
Member Article Corporate insolvencies increased by 19% to 1,207 in June 2021 compared to Mays figure of 1,014, and rose 62.9% compared to June 2020s figure of 741. Personal insolvencies rose by 15.8% to 9,836 in June 2021 compared to Mays figure of 8,497, and were 18.8% higher than June 2020s figure of 8,282. Eleanor…
A landmark personal bankruptcy ruling by a court in the southern Chinese city of Shenzhen could pave the way for the nationwide rollout of a legal system that would allow individuals and private businesspeople who can’t repay their loans to undergo debt workouts or be declared bankrupt. The Shenzhen Intermediate People’s Court approved a bankruptcy…
Insolvency regulator IBBI has taken another significant step to enhance transparency and accountability in corporate insolvency proceedings, making it mandatory for the resolution professional (RP) to submit the details of his opinion and determination of avoidance transactions undertaken by a company facing insolvency process. A separate form has now been prescribed by the Insolvency and…
Now youve got your head around winding-up petitions and their impact on contractors, lets look at another area that limited company contractors might not exactly rush to explore, partly because for some it may have a stigma, and partly because its a bit mysterious, especially to those others whove never entered it before — bankruptcy,…