The number of insolvent businesses in England and Wales has risen by over a third to hit a three-year high, with company directors choosing increasingly to shut down their companies voluntarily. This is according to the Midlands branch of insolvency and restructuring body R3 and follows statistics published this week [18/4/23] by the Insolvency Service…
London CNN More companies around the world defaulted on their debts in the first three months of this year than in any quarter since late 2020, when businesses were still hamstrung by restrictions to stop the spread of Covid. In a report Tuesday, credit rating agency Moodys said 33 of the corporations it rates…
Apr 18, 2023 3.34pm Building industry failures for the nine months of the financial year to date have hit their highest level in seven years and are on track to break a decade-long record, industry figures say. Construction industry insolvencies over the three quarters to March were 1601, new figures from corporate regulator ASIC published…
If you are a creditor who is owed money by a company that has gone into voluntary administration, you will receive reports and notifications of meetings from the voluntary administrators. Chamberlains can advise you on your rights and what to do in this situation. In this case update, we look at one issue that may…
Friday evening flipping between a couple different codes of football and the article Callide C co-owner Intergen goes into voluntary administration by Mark Ludlow popped up in my feed: Well worth a read. Not really a surprise, given developments over the past two years: 1) Callide C4 has been offline for fast-approaching 2 years (since…
Lenders of debt-ridden Future Retail Ltd (FRL) has sought an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company. The resolution professional of FRL has filed an application before the Mumbai bench of the National Company Law Tribunal (NCLT) “seeking exclusion of a period of 90 days from CIRP…
In this weeks TGIF, we consider the Federal Courts recent decision in Fotios (Bankrupt) v Helios Corporation Pty Ltd (No 3) [2023] FCA 251, and earlier decisions in the same proceedings, clarifying the current Australian position as to priorities between creditors of successive trustees. Key takeaways The insolvency of personal and corporate trustees continues to raise difficult…
Updated Mar 29, 2023 10.16am, first published at Mar 24, 2023 9.21pm The co-owners of the Callide C coal-fired power station in Central Queensland, have gone into voluntary administration. Amid ongoing uncertainty over the power station – which has been beset by delays following an explosion at its C4 unit in May 2021 – Deloitte…
POP Canberra will remain open for the time being and continue to trade. Photo: POP Canberra, Facebook. One of Canberras most colourful start-up stores has entered voluntary administration. POP Canberra, located at 27 Lonsdale Street in Braddon, only opened during the COVID lockdown in 2020; however, it has strong ties to the city as a…
Dharampal Satyapal Group, owner of brands such as Rajnigandha, Pulse and Catch, that also operates in the hospitality sector with hotels in Jaipur, Guwahati, Nainital and Jim Corbett; and Kolkata based real estate player Salarpuria Group have submitted resolution plans for Viceroy Bangalore Hotels Private Limited that owns Marriotts five-star Renaissance Bengaluru Race Course hotel.…