Liverpool directors closed their company after moving Bounce Back Loan money into family bank accounts A couple were sentenced at Liverpool Crown Court on 7 December, following an Insolvency Service investigation which found they had abused a 30,000 Bounce Back Loan, and then closed down their company in an attempt to avoid paying back the…
The system for managing corporate insolvency varies in fundamental ways between countries, with important effects on economic outcomes. Chapter 11 of the U.S. Bankruptcy Code forms the legal basis of the successful American regime, which can handle distress in a formal process without liquidating assets, closing businesses, and with limited job losses. Many countries aim…
From 1 January 2021, Australias insolvency framework for small businesses changed. The purpose of the change was to assist small businesses, with debts under AUD $1 million, to survive specifically, by providing these businesses with simpler, more flexible restructuring options outside the existing one size fits all voluntary administration and scheme of arrangement processes available…
The board of London-listed energy services company Petrofac has selected Moelis & Company and Teneo as advisors to its major restructuring overhaul. Petrofac, a company that offers services related with oil and other energy infrastructure, recently announced that it is exploring the sale of non-core assets in order to address a reduction in cash flow.…
More than 43 million student loan borrowers rang in 2023 full of hope that their debt balances would drop by either $10,000 or $20,000 under President Joe Bidens forgiveness plan. But that promised relief never materialized after the Supreme Court struck down Bidens plan in June, leaving borrowers in limbo until student loan payments resumed in…
New Delhi: B2B e-commerce platform Udaan has laid off 100-120 employees, people aware of the developments told ETRetail. The layoffs come post-consolidation of Udaans two business verticals essentials and discretionary. In September, the e-commerce major announced organisational changes in an attempt to drive efficiency by merging and consolidating its essentials business with the discretionary business.…
Homegrown budget airline SpiceJet, along with two more entities, Africa-focused Safrik Investments and Sharjah-based aviation company Sky One, have reportedly expressed interest in acquiring beleaguered carrier Go First. Their interest comes weeks after the deadline for making proposals passed and lenders started considering Go Firsts liquidation. According to a report in The Economic Times, the…