Arcadia’s administration would be the UK’s highest-profile retail insolvency in a sector that has already lost more than 125,000 roles in the country since January. It would also mark a stratospheric fall from grace for Sir Philip, who was once dubbed “King of the High Street”. Arcadia would follow Debenhams, the struggling department-store retailer, which…
Written by Aashish Aryan , Edited by Explained Desk | New Delhi | Updated: November 2, 2020 6:52:26 pm The Supreme Court on Friday transferred to itself all the petitions challenging the Insolvency and Bankruptcy Code (IBC) provisions relating to initiation of insolvency proceedings against personal guarantors. The Supreme Court on Friday transferred to itself…
Early action is the key to businesses avoiding or surviving financial difficulties. This guidance covers: how to recognise issues when they arise, what advice to seek and who to approach. It explains the role of licensed insolvency practitioners, the six signs an organisation is in distress and the seven stages of business recovery. Most people…
Even by the brutal standards of big business and the political arena, it is a spectacular fall from grace. Lord Magan of Castletown, a former Tory party treasurer who owned one of Irelands grandest estates, has been declared bankrupt. His debts are estimated at 14 million and his marriage appears to be over. A search…
Controversial Sydney businessman Salim Mehajer is back behind bars after his bail was revoked ahead of a sentence hearing for perverting the course of justice. The 34-year-old was found guilty at a judge-alone trial in October and on Friday faced a detention application in the NSW District Court. Judge Peter Zahra refused bail for the…
SEBASTIAN SHAKESPEARE: Former Tory party treasurer Lord Magan – who lived a dazzling opulent life and was once said to be worth 200m – is declared bankrupt By Sebastian Shakespeare for the Daily Mail Published: 11:49 AEDT, 27 November 2020 | Updated: 12:03 AEDT, 27 November 2020 View comments After a successful financial career, he…
The Insolvency and Bankruptcy Boards proposal to allow companies to withdraw from the process of voluntary liquidation is pragmatic. It will facilitate revival. This also makes the case for a pre-packaged insolvency resolution all the more compelling. Pre-packs entail a debtor-initiated reorganisation plan beforehand with creditors on board instead of a financial bidding process for…
My mother, Theresa Stewart, who has died aged 90, was the Labour leader of Birmingham city council, the UKs largest local authority, from 1993 to 1999. She was the first, and is still the only, woman to hold the post. During that time, she moved the council away from spending on infrastructure and convention centres…
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 46 bankruptcies in week 47, 14 more than in week 46. In addition, 9 sole proprietorships were declared bankrupt, 1…
Supreme Court had dismissed SBI’s plea seeking resumption of insolvency proceedings against Anil Ambani New Delhi: The Supreme Court Wednesday said it will pass orders on a batch of pleas filed by Insolvency and Bankruptcy Board of India (IBBI) seeking the transfer of all petitions pending before different high courts challenging the provisions of Insolvency…