Newcastle Crown Court was told that Lee Davis, of Blyth, Northumberland, was declared bankrupt in April 2016 following a petition by the tax authorities having failed to pay taxes he owed. A month before bankruptcy, however, Davis received more than 33,000 in inheritance from his fathers estate. He then transferred half of the funds to…
Supermarket tycoon Rami Levy was set to become the new owner of Israir after his proposal to buy the airline was approved Tuesday by bondholders. Levy made the proposal through BGI Investments, which he controls along with food mogul Shalom Haim. The offer received initial backing earlier this month from the trustee overseeing the sale…
13:46 29/12/2020 MOSCOW, December 29 (RAPSI) The Moscow Commercial Court has again extended the procedure of sale of assets of Vneshprombank former co-owner Georgy Bedzhamov, charged with large-scale embezzlement for 6 months, according to court records. Previously, the bankruptcy proceedings were extended in July. Bedzhamov was declared bankrupt in July 2018. In 2016, Bedzhamov was…
Writing a commentary on a law that is still growing at a pace faster than the fortunes of e-commerce businesses is, painful and challenging. The sheer volume of judgments from the Constitutional Courts and the National Company Law Appellate Tribunal and National Company Law Tribunals constitute the judicial side of the scheme of things under…
12:16 28/12/2020 MOSCOW, December 28 (RAPSI) The Supreme Court of Russia has refused to overturn a ruling declaring board chairman of New Stream oil and gas company and former co-owner of troubled Antipinsky refinery Dmitry Mazurov charged with 4 billion-ruble embezzlement (about $55 million at the current exchange rate) insolvent, according to court records. In…
Temporary debt protections put in place in March will be wound back on 1 January, but a permanent increase in the bankruptcy threshold will apply. Before the pandemic, the minimum threshold to trigger a bankruptcy was $5,000: It was raised to $20,000 in March, and will be wound back to a new threshold of $10,000…
“I talked to Treasury or Frydenberg’s office a few times and I strongly encouraged them to remove the trading while insolvent laws. “I know that there are a number of directors of quite large companies in Australia that would have put their companies into administration because of those rules and only because of those rules.”…
PENNSYLVANIA To say that 2020 was a brutal year for brick-and-mortar retailers and restaurants across America is an enormous understatement. Owing to the worst domestic public health crisis in a century, corporate bankruptcies in those industries increased significantly from 17 in 2019 to 30 this year. When the coronavirus outbreak began out in March, stores…
The former director of a major building firm which collapsed with debts of about $31 million has avoided bankruptcy with creditors to receive between 0.4 and seven cents in the dollar. Former RGD Group Pty Ltd and RGD Constructions Pty Ltd director Ron Grabbe entered into a Personal Insolvency Agreement with creditors of his estate…
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 31 bankruptcies in week 51, 3 fewer than in week 50. In addition, 16 sole proprietorships were declared bankrupt, 8…