Former Liverpool and England footballer John Barnes has paid his money that was owed to the tax authority. Barnes, 59, was facing bankruptcy back in December over an unpaid tax bill of over 200,000. The ex-Liverpool winger was the subject of a bankruptcy petition from HM Revenue & Customs (HMRC) for the seventh time but…
DetailsBusiness restructuring and advisory firm Begbies Traynor is set to reveal sales and profits ahead of targets after being boosted by a jump in corporate collapses. The Manchester-based firm said it has seen insolvency numbers continue to rise over the past year as firms feel the pressure of soaring cost inflation and reduced consumer spending.…
DetailsProposed Bill: Partial Amendment to the Corporate Restructuring Promotion Act Proposed by Rep. Kim Jong-min (Democratic Party of Korea) The Corporate Restructuring Promotion Act was initially enacted in 2001 to enable autonomous restructuring between financial creditors and companies. Due to its effectiveness in normalizing the operations of financially troubled companies and reducing damage to vulnerable…
DetailsLast year, Sri Lanka was plunged into economic crisis. As the country struggles in the aftermath of its sovereign debt default in April 2022, officials have said they are considering a debt-for-nature swap. If this happens, this would remove USD 1 billion from Sri Lankas outstanding USD 40 billion of debt. With Ecuador having earlier this month completed…
DetailsUncertainty prevails over Go Firsts resumption of flights as the National Company Law Appellate Tribunal (NCLAT) asked the lessors to approach the adjudicating court to determine the status of moratorium on seizure of aircraft. The NCLAT however upheld Go Firsts voluntary insolvency resolution proceedings. The order dated May 10, 2023 allowing insolvency is upheld, said…
DetailsLast year, Sri Lanka was plunged into economic crisis. As the country struggles in the aftermath of its sovereign debt default in April 2022, officials have said they are considering a debt-for-nature swap. If this happens, this would remove USD 1 billion from Sri Lankas outstanding USD 40 billion of debt. With Ecuador having earlier this month completed…
Details– Insolvencies top pre-pandemic levels – Firm gaining market share – Revenue and earnings ahead of forecasts Business recovery and financial advisory firm Begbies Traynor (BEG:AIM) revealed its results for the year to the end of April would beat estimates as UK corporate insolvencies exceeded pre-pandemic levels. The firms Red Flag Report for the fourth quarter…
DetailsRestructuring specialist Begbies Traynor is forecasting annual results to surpass expectations following a significant rise in companies becoming insolvent. Revenues at the AIM-listed group are now set to expand by around 11 per cent to 122million for the year ending April, while adjusted pre-tax profits are predicted to increase by about 16 per cent to…
DetailsNational Company Law Appellate Tribunal (NCLAT) on Monday upheld crisis-hit Go First airlines insolvency ordered by National Company Law Tribunal (NCLT) and directed for certain modifications to tribunal’s order. NCLAT refused to allow lessors to take back possession of aircraft and asked them to move NCLT for any remedy in Go First insolvency proceedings matter. The lessors…
DetailsA month-on-month fall in the number of corporate insolvencies in England and Wales is not an accurate reflection of the current tough trading conditions, with rising interest rates likely to be another blow for struggling businesses later this year. This is according to the Midlands branch of the UKs insolvency and restructuring trade body R3…
Details