A month-on-month surge of over 50% in the number of corporate insolvencies in England and Wales highlights the toll that three years of economic turmoil is taking on local businesses, the Midlands branch of UK insolvency and restructuring trade body R3 says. The latest figures from the Insolvency Service show that corporate insolvencies jumped by…
Our team of skilled corporate restructuring lawyers has a broad range of experience across the full spectrum of corporate advisory related matters, with specific recent experience in the retail sector in connection with company voluntary arrangements. Having acted on more retail CVAs than any other law firm over the past 12-18 months, Shoosmiths is now…
EXCLUSIVE: Award-winning pool company goes under costing dozens of furious clients hefty deposits of up to $32,000 – after the owner sent a bizarre email complaining of death threats Pools R Us in liquidation Up to 80 clients paid deposits for pools Owners claimed they’d received death threats in unusual email By Eliza Mcphee For…
Changes and improvements is being done in the Insolvency and Bankruptcy Code (IBC), 2016, according to the Institute of Chartered Accountants of India, and an IBC 2.0 is anticipated to be released soon. “IBC 2.0 will largely deal with the suggestions mentioned in the discussion paper that has come out from the Ministry of Corporate…
The government has started interministerial discussions on the upcoming Insolvency and Bankruptcy (IBC) amendment Bill, which proposes an overhaul of the law, senior officials told Business Standard. The Bill proposes a separate framework for real estate insolvency with certain exemptions. The draft Bill has also inserted an enabling clause to allow the government to increase…
A Melbourne-based pool construction company has gone into liquidation, leaving dozens of people with unfinished swimming pools across Victoria. A caller first revealed to 3AW radio that Pools R Us had collapsed, leaving him with a giant hole in his ground at his property. The business phone line has been disconnected, leaving customers stranded as…
Due to rising costs and pandemic-induced lack of demand, many real estate companies have gone bankrupt. As of June 2022, of the 2,000-odd cases under corporate insolvency resolution process (CIRP), a staggering 436 cases were from the real estate sector. The resolution of insolvency in the real estate sector presents unique difficulties due to the…
New Delhi: The National Company Law Tribunal on Friday adjourned the insolvency pleas filed by aircraft lessor Wilmington SP Trust Services against SpiceJet. and listed it for July 17. The senior counsel appearing for SpiceJet argued that Aircastle (Ireland) and Wilmington SP Trust Services were the same entity and so this was the third petition…
New Delhi: The National Company Law Tribunal on Friday adjourned the insolvency pleas filed by aircraft lessor Wilmington SP Trust Services against SpiceJet. and listed it for July 17.The senior counsel appearing for SpiceJet argued that Aircastle (Ireland) and Wilmington SP Trust Services were the same entity and so this was the third petition filed…
The number of company insolvencies has risen by 51% in a month to reach a four-year high as companies battled rising costs and interest rates, according to the latest government figures. The figures show that there were 2,552 corporate insolvencies in England and Wales in May. The figure was also 40% higher than in May last…