Chinas embattled investment conglomerate Zhongzhi Enterprise Group Co. Ltd. has filed for bankruptcy liquidation, shortly after it disclosed a financial shortfall of up to $36.5 billion. A court in Beijing said Friday it has accepted Zhongzhis application for bankruptcy liquidation, in which the company stated that its assets are insufficient to cover all liabilities and…
Sydney-based Wayward Brewing Co. and its co-owned distribution business Local Drinks Collective have entered into voluntary administration, seeking financial restructuring to cope with adverse economic conditions facing the craft beer industry. Local Drinks Collective is jointly operated with Batch Brewing Co, although Batch is not involved in the administration process. DBA Reconstruction & Advisory has…
In the wake of the pandemic, many businesses have faced unprecedented challenges. The U.S. Bureau of Labor Statistics revealed that 56% of establishments experienced decreased demand, while 19% had to close due to government mandates. These daunting statistics reflect a harsh reality where entrepreneurs have had to make the difficult decision to liquidate their businesses.…
Credit: Nagahisa_Design – stock.adobe.com PwC has warned that nearly 30,000 businesses across the UK are set to fail next year, marking the highest corporate insolvency levels since 2004. The Big Four firm predicts a 15% surge in insolvencies over the next 12 months, with small businesses, particularly in catering and hotels, facing the greatest risk.…
The Supreme Court has held statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution Process (CIRP) proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). Further, Regulation 29 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations), which provides for mutual dealing and set off,…
The National Company Law Tribunal, which was seen as one of the major reforms to tackle bad loan recovery, has turned five amid serious concerns about the efficiency of its process and its outcomes. The Corporate Insolvency Resolution Process determines whether a defaulter can repay or not, by evaluating assets and liabilities. If a corporate…
Corporate insolvencies reached their highest level last year since 2018, with the hospitality and construction sectors both seeing a 62 per cent rise, according to an analysis by professional services company Deloitte. Some 663 corporate insolvencies were recorded in 2023, according to statistics compiled and published by Deloitte Ireland, with this number up 25 per…
Over 660 corporate insolvencies were recorded in Ireland in 2023, according to the latest Insolvency & Restructuring Statistics compiled by Deloitte Ireland, a 25% increase on the previous year. There were 33 SCARP (Small Company Administrative Rescue Process) appointments in 2023, some of which saved around 211 jobs. Of the 33 SCARP appointments, five were…
Sydney-based Wayward Brewing Co. and its co-owned distribution business Local Drinks Collective have entered into voluntary administration, seeking financial restructuring to cope with adverse economic conditions facing the craft beer industry. Local Drinks Collective is jointly operated with Batch Brewing Co, although Batch is not involved in the administration process. DBA Reconstruction & Advisory has…
This article was co-authored with Queenie Mok. In our earlier Legal Update, we outlined the findings of the Parliamentary Joint Committee on Corporations and Financial Services Final Report on Corporate Insolvency in Australia. Recommendation 3 of the Report was a comprehensive review to consider and make recommendations on the options to enhance public interest…