This is the final part of our three-part series on revenue clawbacks. The scenario: a customer or teaming partner goes bankrupt and then they (or a trustee) demand you return money they already paid you for services or goods duly rendered. In the first entry, we discussed the definition of preferences and the policy purpose…
As the first May bank holiday weekend began, the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the Regulations) were enacted and came into effect for all companies entering administration on or after April 30, 2021. The Regulations are, in the main, a policy response to enhance independent scrutiny of so called phoenix…
By David Milliken 2 Min Read LONDON, April 15 (Reuters) – More businesses and individuals across Britain were declared insolvent last month than earlier in 2021 though levels remained mostly below those of a year ago as government support muted the impact of the coronavirus pandemic. Britains economy shrank by almost 10% last year and…
T.C. | In Spain, 2,086 companies declared insolvency between January and April this year, an increase of 71% compared to 1,217 a year earlier, according to data published in the Official State Gazette and analysed by Iberinform. The strongest growth was in April, when 552 insolvencies were declared, compared to 41 in April last year,…
A Western Australian man behind a betting scheme has been declared bankrupt with his assets frozen as investors chase up to $126 million. Chris Brown, 27, claims to have made winnings through a hedging betting model, capitalising on odds shortening before the jump. 9 News reported he regularly sent those investing in the scheme screenshots…
Gambling ‘whiz kid’ accused of owing investors $126million insists the money is ‘safe as houses’ despite being declared BANKRUPT in court Creditors claim they’re owed $126million by 27-year-old bet hedger Chris Brown He said money is safe despite being declared bankrupt, having his assets frozen Mr Brown’s business activitieswere funded by backers including schoolmates His…
Directors of companies often tender their resignation during the Corporate Insolvency Resolution Process (CIRP). Therefore, a pertinent question arises as to whether such resignation requires acceptance/approval from the Interim Resolution Professional (IRP) or the Resolution Professional (RP) or the Committee of Creditors (CoC) of the corporate debtor Furthermore, it is often contended that directors of…
The young mastermind behind a Perth betting scheme has been declared bankrupt and had his assets frozen as investors try to recoup up to $126 million. 9News found Chris Brown as he admitted he’s been lying low. In an exclusive interview, he claimed the missing money is as safe as houses. The 27-year-old said there’d…
Our memory is short and lessons from the past may not always ward off the doom. This is especially true of the VUCA environment we live in, that is Volatile, Uncertain, Complex and Ambiguous. Repeatedly we witness, overconfident and over enthused entrepreneurs erupting on the business stage with their disruptive but complex business models and…
WILMINGTON, Del. (AP) Pierre S. Pete du Pont IV, a former Delaware governor and congressman who sought the Republican presidential nomination in 1988, has died. He was 86. Du Pont, a scion of the family that established the DuPont Co., died at his home in Wilmington, Delaware, on Saturday after a long illness, his former…