More than £1m in business rates could be written off by a council after a string of firms ceased trading or went into liquidation. Finance chiefs in North Tyneside say the debt will have to be taken off their books as the businesses involved have failed and no avenues are left to recover the cash.…
1 December, 2016 Ever since the Insolvency and Bankruptcy Code, 2016 (IBC) was passed by Parliament, the Ministry of Corporate Affairs (MCA) has been notifying portions of the IBC selectively as and when supporting infrastructure was created. Set out below are some of the major provisions of the IBC, the related Central Government Rules and…
With the phasing out of the SICA, the Government is all set to usher in the new Insolvency & Bankruptcy Code (Code). Several parts of the Code are gradually being notified in a phased manner, and the insolvency resolution process is now in place. In November, the rules relating to Insolvency Professionals (IPs) and Insolvency…
Restructuring & Insolvency 2017: Analysis The collaboration between Whos Who Legal and Global Restructuring Review has again generated extensive research into restructuring and insolvency legal markets around the world. All told, we list 570 lawyers this year from 47 jurisdictions. Thought Leaders Europe Rita Gismondi Gianni Origoni Grippo Cappelli & Partners, Rome…
Legal News & Analysis – Asia Pacific – Singapore – Insolvency & Restructuring 30 November, 2016 The insolvency scene in Singapore look set to change with the likely enactment of the Companies (Amendment) Bill 2017 (the Bill). Would the Bill have made any difference to the management of Hanjin Shipping Co Ltd’s (“Hanjin”) insolvency in…
In the 1930s Wally McAleese started a company with trucks parked outside his River St home that eventually became an ASX-listed logistics company worth $635.2 million – so how did it end up in voluntary administration less than three years later? When former Mackay based transport firm McAleese Limited listed on the Australian Securities Exchange…
In the 1930s Wally McAleese started a company with trucks parked outside his River St home that eventually became an ASX-listed logistics company worth $635.2 million – so how did it end up in voluntary administration less than three years later? When former Mackay based transport firm McAleese Limited listed on the Australian Securities Exchange…
NEW YORK–(BUSINESS WIRE)–BlackRock Advisors, LLC announced today that the Board of Trustees of BlackRock Defined Opportunity Credit Trust (NYSE:BHL) (the Trust) approved the adoption of a Plan of Liquidation and the termination of the Trust on or before August 31, 2017, consistent with the Trusts investment objectives. The Trusts investment objectives and policies are not…
The liquidation of the firms assets means the company will now be dissolved and the money will be used to pay back BHSs creditors. As previously reported by Drapers, unsecured creditors to SHB Realisations, formerly BHS Limited, could receive between 2p and 8p in the pound. Non-preferential creditors are owed £48.5m and BHS administrator Duff…
BHS has been placed into liquidation following pressure from the Pension Protection Fund, which had argued that shutting down the retailer offered the best option for funding the retirement of former employees. The PPF, a government-backed lifeboat for troubled pension schemes, is the companys biggest creditor and had rowed with BHSs joint administrator, Duff &…