For the first time in six years, financial creditors beat operational creditors in invoking insolvency proceedings under the bankruptcy law in the last fiscal year. The data compiled by the Insolvency and Bankruptcy Board of India (IBBI) showed that 650 cases of corporate insolvency resolution process (CIRP) were initiated by financial creditors in FY23, against…
The company behind the annual Manchester Food And Drink Festival has entered into liquidation due to a “triple whammy” of challenges. The event, which has been held in the city for the past 25 years, attracted chefs including Gordon Ramsay, Jamie Oliver, Tom Kerridge and Michel Roux. Manchester Food and Drink Festival Limited (MFDF) was…
Pratt & Whitney on Thursday said that the cash-strapped Go Airlines (India) did not have rights over engines supplied by the American aerospace company. The development comes amidst the ongoing legal tussle between Go First and Pratt & Whitney over the supply of engines. During a Delaware court hearing, Pratt and Whitney reportedly said that the engine maker does…
Digital advice firm Advice Intelligence has entered voluntary administration but insists it will continue to operate its platform and support clients as it pursues further funding arrangements. In a statement, the digital advice provider said this was due to a decision from investor Regal Funds Management chief investment officer Philip King opting to withdraw future…
Member Article ‘One Step Forward, One Step Back’ For North East Firms As Insolvency Figures Stay High North East business owners could be taking one-step forward, one-step back through the rest of the year as the full impact of recent economic shockwaves work their way through the system. Thats the view of the North East…
In an email to ifa on Thursday, Advice Intelligence confirmed it has entered voluntary administration following the decision from its investor, Regal Funds Management, opting to withdraw future funding. This decision, the firm confirmed, is founded upon a landscape of high-interest rates, economic uncertainty, and the overall tightness of capital markets. CEO Jacqui Henderson explained…
WYLIE & Bisset, Accountants and Business Advisers, has said that profitable businesses that suffered financially during the coronavirus pandemic are now being squeezed by a cost-of-living crisis which has led to a high level of Scottish insolvency activity. The number of insolvency-related activities in Scotland has reached its highest level this year, according to new research…
The Insolvency Service Published 24 May 2023 Crown copyright 2023 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identified any…
The Insolvency Service Published 24 May 2023 Crown copyright 2023 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identified any…
Among all the sectors, the real estate sector has the lowest percentage of resolution of insolvency cases, with paltry 4% of the real estate cases getting resolved. The complex nature of the real estate business, which involves developers, bankers and customers among others, make successful resolution of cases extremely difficult. Needless to say, the process…