The Insolvency and Bankruptcy Code, 2016 was enacted to resolve the stress of companies. Some, however, argue that because the corporate insolvency resolution process (CIRP) rescues only about 25 per cent of companies and leads to liquidation for the rest, the code is not delivering on its mandate. These numbers do tell a story, but…
The Personal Insolvency Act can be used by farmers to restructure debt and retain the family home and land. But many farmers are not aware of these mechanisms available to them, that were established by the Personal Insolvency Act 2012. Its a game-changer, says personal insolvency practitioner (PIP) Gary Digney, who addressed the recent Irish…
In the centre of Florence, near the Uffizi gallery and Cathedral of Santa Maria in Fiore, Pasquale Naccari has serious doubts about whether the seafood and pizza restaurant his family has run for more than 50 years can survive much longer. We are in a desperate situation, said Mr Naccari. My bank account balance is…
SUDBURY Laurentian University filed for creditor protection on February 1, citing years of operational deficits alongside decreasing enrolment and increased expenses due to the pandemic. As a result of recurring operational deficits in the millions of dollars, Laurentians factum says, LU is experiencing a liquidity crisis and is insolvent. Court documents indicate that the university…
2008 and 2020 arent the only times Australias economy has teetered. It was in the drink in the 1930s too. After the Wall Street stock market crash in New York in 1929, the world was plunged into The Great Depression. Black Tuesday hit Australia hard, with the collapse of international commodity prices, including wheat and…
Perini Navi declared bankrupt Last week, the Court of Lucca (Tuscany) rejected the plan to debt restructuring presented by the Perini Navi shipyard, declaring the company bankrupt. Founded in 1983 by Fabio Perini, the superyachts builder, known especially for the Maltese Falcon, has a cumulative debt close to 100 M. The bankruptcy comes despite british…
Despite the doom and gloom of the pandemic year of 2020, the Corporate and Personal Insolvency statistics for England and Wales appear to be a surprise. It is only when you unpack the reality of the figures that perhaps the true extent of the problem that companies and individuals in the UK are going to…
The Simplified Insolvency Programme (SIP) has been instituted to facilitate the restructuring or liquidation of micro and small companies (MSCs). The SIP was ushered in by the Insolvency, Restructuring and Dissolution (Amendment) Act 2020 (IRDA Amendment Act), with the relevant provisions recently commencing on 29 January 2021. It modifies the Insolvency, Restructuring and Dissolution Act…
BTN News Tuesday, 02 February 2021 The China-basedand formerly all-powerful HNA Group has been declared bankrupt. The diversified group controlled 14 airlines, had a global fleet of 900 aircraft and held shares in firms in a multitude of travel, tourism, logistics, finance and property verticals that made it one of the most prolific investors in…
Member Article Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, comments on the 2020 corporate and personal insolvency statistics for England and Wales: Corporate insolvencies There were 12,557 underlying corporate insolvencies in 2020 a fall of 27.1% from 2019s figure of 17,224. Underlying…