1 NEWS It comes as the Reserve Bank warns of rising building costs. (Video first published May 26, 2022) In recent months, there have been a number of stories about companies going bust and taking customer deposits with them. All Black TJ Perenara was expecting to lose up to $40,000 he paid as a deposit…
New Delhi: The regulatory framework for professionals valuing the assets of distressed companies will continue to be strengthened as a decision on whether to salvage an insolvent business or to liquidate it depends on the valuation of its assets, the ministry of corporate affairs said in its latest monthly update. The ministry said that the…
NCLAT’S JUDGMENT IN SVA FAMILY TRUST & ORS. V. UJAAS ENERGY LIMITED & ORS. The Supreme Court’s judgment in Lalit Kumar Jain v. Union of India & Ors.1 made clear that the resolution of a corporate debtor under the Insolvency and Bankruptcy Code, 2016 (IBC) does not automatically discharge the guarantors of the corporate debtor…
Sponsored feature | Frank Brumby, of HCR Law, offers expert insight Frank Brumby, partner, national chairman of restructuring & insolvency, restructuring and insolvency team, HCR Law Corporate insolvency rates are high, with just over 6,300 insolvencies for the three months to June 2023. Many of these businesses will be part of a supply chain, and…
The city centre of Birmingham. [Photo/VCG] Fears grow over fate of more councils after Birmingham files for insolvency Local governments in the United Kingdom went into panic mode on Wednesday after Birmingham City Council effectively declared itself bankrupt. Authorities warned that more councils across the UK could declare themselves in financial dire straits. Birmingham City…
The rate of insolvency appointments for local fintechs is expected to be up by around a quarter for the whole of 2023 based on the rate of failures to May this year, according to a recent BDO report. There has been an increase in the number of fintech failures in 2022, with the 2023 run…
A Melbourne model who was crowned Miss Universe Australia last week is the eldest daughter of two property developers who went bankrupt owing $100 million and has 10 companies herself that are in the sights of the nations financial regulator. Moraya Wilson is the sole director and shareholder of 10 companies, but her representatives told…
The English councils that have gone ‘bankrupt’: Birmingham becomes the latest authority to run out of cash amid warnings dozens more could follow – is your local authority at risk? The Labour-run local authority will halt almost all spending in the city Councillors blamed lower business rates, inflation, and adult social care bills By Tom…
Britain’s second-largest city effectively declares bankruptcy Link Copied! Britain’s second-biggest city effectively declared itself bankrupt, shutting down all nonessential spending after being issued with equal pay claims totaling up to 760 million ($954 million). CNN’s Anna Stewart reports. 03:02 – Source: CNN Read the full article at: https://edition.cnn.com/videos/business-money/2023/09/06/exp-birmingham-bankruptcy-stewart-090610aseg2-cnni-money.cnn
01:00 Local government bodies on Tuesday warned that more councils across the UK could declare themselves in financial dire straits, after the country’s second biggest city said it could not balance its books. Birmingham City Council in central England said it had issued a Section 114 Notice under the Local Government Finance Act 1988, effectively…