An Italian subsidiary of the Melite retail group has entered into voluntary administration in a bid to restructure debts incurred after the COVID-19 lockdown in Italy hit hard its 26 retail fashion stores. Melite Italia is the sub-lessee of 21 out of 26 stores owned by Melite Properties Srl. Melite Properties is now seeking new…
Troubled businesses looking to access the new simplified debt restructuring process should be wary of a potential cash-flow squeeze, says an insolvency partner. Since 1 January, business with liabilities of less than $1 million and are up to date with their tax lodgements and employee entitlements have been able to access a simplified debt restructuring…
Nicola Bentley (39), from Oxted, Surrey, was the sole director of Stephensons (National Window Cleaning) Ltd and has now been disqualified from being a company director for 7 years. Her ban is effective from 31 December 2020. The company was incorporated in January 2017 and provided window cleaning services, predominantly for bookmakers. The window cleaners…
Huseyin Gozel (41), from Norwich, was appointed director of Mardin & Maras Limited in June 2014. The company had been incorporated two years earlier in May 2012 and traded as Caesars Pizza & Kebab on Dereham Road. In September 2019, however, Mardin & Maras entered liquidation as it could not pay its debts and Huseyin…
A faster than expected economic recovery from last year’s recession means the number of businesses going under will be less severe than predicted. Job ads surged in December to pre-pandemic levels and bank loan repayment holidays fell for a fifth straight month in November as businesses and home borrowers resumed making payments, new data on…
Stationery chain Paperchase is on the brink of administration after most of its stores were forced to close over the Christmas period. The firm has filed a notice to appoint administrators, a move that will give it breathing space from its creditors while it works out a rescue plan. The company has 127 stores and…
The lenders of debt-ridden Videocon Industries and 12 other group companies will meet on Tuesday under the insolvency resolution process (IRP). The 20th meeting of the consolidated committee of creditors (CoC) of Videocon Industries Ltd and other 12 Videocon group companies, having a consolidated corporate insolvency resolution process, is scheduled to be held on Tuesday,…
Brothers Carlos Enrique De La Cruz Vidal (51), from South East London, and Fernando De La Cruz Vidal (52), from Granada in Spain, are now banned from acting as directors or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company. Carlos 6-year ban became…
From December 1, 2016 till the end of September last year, total 4,008 CIRPs (Corporate Insolvency Resolution Processes) have commenced under the IBC. The ground seems to be ready to experiment new options for resolution of stress and the market is anticipating a hybrid framework between a court-supervised insolvency framework and an out-of-court restructuring schemes,…
Biopac India Corporation announced that the National Company Law Tribunal (NCLT), Ahmedabad Bench has passed an order on 04 December 2020 for liquidation of the Company under Section 33 of the Insolvency and Bankruptcy Code, 2016. In view of the above, the company has request to stop trading of the company’s shares on BSE. Powered…