The number of people going financially insolvent after being unable to pay their debts across England and Wales fell by 5% in the first three months of this year. ome 29,140 personal insolvencies were recorded between January and March, the Insolvency Service said. It said the number of insolvencies was 5% lower than in the…
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against construction firm Ahluwalia Contracts India Ltd for defaulting on payments to an operational creditor. The New Delhi-based NCLT bench allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd against Ahluwalia Contracts, claiming default of Rs 14.10 crore, and appointed an interim resolution…
Introduction Filing for insolvency is not optional Debt restructuring followed by liquidation as an alternative Points of attention and key differences between insolvencies and liquidations Comment Introduction On 16 January 2021 the Supreme Court reconfirmed that a liquidated company is deemed to survive passively for five years further to the publication of the closure of…
Introduction Pension plans Financial leases Instalment sales with reservation of title Right to obtain a tax refund Witholdings in guarantee Introduction Article 192 of the Consolidated Text of the Bankruptcy Law (TRLC) introduces the concept of the ‘active mass’ of a bankruptcy, which constitutes all of the assets and rights integrated into the bankrupt’s assets…
Special Report Grant Suneson May 7, 2021 9:00 am Last Updated: May 7, 2021 12:19 pm Numerous American companies struggled to stay afloat throughout the COVID-19 pandemic, which reshaped daily life and rendered some types of businesses unable to function. Economists at the Federal Reserve estimated that 200,000 more businesses closed in 2020 as compared…
Robert Thomas Cree appeared at Newcastle Crown Court where he was jailed for 4 years and 10 months for two counts of fraudulent trading and one count of perverting the course of justice. The court heard that Robert Cree (41), from Newcastle Upon Tyne, ran a number of debt recovery companies: Monument Management Limited, Falcon…
A hair and beauty salon operator in dispute with her landlord over rent arrears has asked the High Court for orders temporarily allowing her back into her workplace. Sinead Connolly has operated the Sin E Hair and Beauty Salon from Unit 2 at the Charlesland Shopping Centre in Greystones, Co Wicklow, for over a decade.…
The government has filed a bankruptcy notice against Najib as a debtor for failing to pay income tax amounting to RM1.69 billion. KUALA LUMPUR: Former prime minister Najib Razak has yet to be declared bankrupt over his failure to pay RM1.69 billion in additional income tax arrears to the Inland Revenue Board (IRB), according to…
Member Article Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds , responds to the Q1 2021 England & Wales corporate and individual insolvency statistics, which were published this morning by the Insolvency Service. Corporate There were 2,384 seasonally adjusted corporate insolvencies in Q1…
Australian Treasurer Josh Frydenberg arrives to speak to the media during a press conference at Parliament House in Canberra. Source: AAP/Lukas Coch. Insolvency practitioners have welcomed a federal government commitment to consult on further reforms for the industry, but say more piecemeal changes to Australias insolvency regimes could create even more complexity for business owners.…