Pramote Polyamate John Bell, director and founder of Clarke Bell, reflects on the impact that reduced government support will have on struggling businesses over the months ahead and shares some advice on how companies can best navigate these financial challenges The next few weeks and months are going to be financially challenging as we tackle…
DetailsCompanies on the brink of insolvency are increasingly appointing independent directors to their boards as they prepare for a bankruptcy filing, but their neutrality is disputed by creditors, lawyers and academics. The companies label these directors as disinterested experts who act to maximize value for creditors by investigating the reasons for the bankruptcy, dealings between…
DetailsThe city of Huntsville, as well as other north Alabama government entities, have fully recovered incentives used to lure Remington Arms to open a gun manufacturing facility in the Rocket City. Huntsville officials made the announcement Friday in a statement, saying that $12.5 million in incentives to Remington has been regained through the sale of…
DetailsCross-border business restructurings play a central role in multinational enterprises. They often entail the relocation of functions from one tax jurisdiction to another and the shift of business profits between these countries, often to the detriment of the former tax jurisdiction. In 2008, the German legislature adopted business restructuring (i.e. OECD Guidelines Chapter IX) transfer…
DetailsAt the end of June 2021, 43 million borrowers or about 14% of all adults in the U.S. owed approximately US$1.59 trillion in outstanding federal student loans. Although in many cases the media has focused on borrowers with extremely large balances such as the orthodontist who owes over $1 million in student loans the average…
DetailsOn 22 July 2021, Swencn AB (a subsidiary of Nordecon AS) filed an application with the Nacka District Court in Stockholm, Sweden, to initiate restructuring proceedings. Through the restructuring procedure, the company wants to overcome the difficulties in paying bills, restructure creditors’ claims and improve Swencn AB’s liquidity. The purpose of the restructuring is to…
DetailsCelebrity Esports has gone into liquidation, months after securing partnership deals with the likes of Grenade, Primark and NOW, among others. The company, founded by Leo Skagerlind, was launched in March 2020 and looked to appeal to a wider audience with esports by using celebrities to take part in tournaments. In January 2021, Celebrity Esports…
DetailsThursday, July 22, 2021 Even prior to the global impact of COVID-19, commercial bankruptcy filings were already on the rise. As stay-at-home orders caused many businesses to close or significantly curtail operations in 2020, financial struggles in the commercial sector mounted. Government assistance through the passage of different stimulus programs such as the Coronavirus Aid,…
DetailsFrom now on, RPs will also be expected to look into borrowing agreements that companies have entered into to find out if there have been any extortionate credit transactions There is no doubt the corporate insolvency resolution process (CIRP) hasnt quite lived up to expectations. Although the Insolvency and Bankruptcy Code is an excellent piece…
DetailsA Government-commissioned probe into the Greensill scandal has found that the lobbying system largely worked well, prompting accusations of a whitewash. The long-awaited 141-page report by Nigel Boardman was commissioned by Boris Johnson amid a lobbying controversy which had former prime minister David Cameron at its heart. The inquiry was launched in April after it…
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