Member Article The North East chair of insolvency and restructuring trade body R3 has welcomed the introduction of the new breathing space scheme which gives people with money worries a period of time free from creditor pressure in which to start tackling their money problems. Alexandra Withers was speaking after the governments Debt Respite Scheme,…
DetailsA controversial Sydney property developer who was the first to fall foul of NSWs laws to stamp out illegal sunset clawbacks has gone bust leaving the buyers of its latest apartments, already three years behind schedule, devastated in its wake. Developer-builder Parker Logans apartment complex The Acre, that it began building in blue-chip Bellevue Hills…
DetailsThe Insolvency Service is set to gain new powers for cracking down on directors who dissolve companies to avoid repaying government support monies. Under new legislation, the Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a deterrent against the misuse of…
DetailsTHE insolvency and restructuring profession rescued 297,000 jobs and returned 1.82bn to creditors in insolvency cases in 2019. That is the equivalent of around 800 jobs and 5m a day, according to a new report from R3, the insolvency and restructuring trade body. The report, The value of the profession: how insolvency and restructuring supports…
DetailsStikeman Elliott’s restructuring lawyers have prepared this one-page guide to financial restructuring alternatives for Canadian businesses to help advise them when bankruptcy seems like the only available option. Our professionals work with businesses to outline solutions available for a successful financial restructuring, which include new cash infusions (private placement, rights offering, new senior debt or…
DetailsThe French government will lend Sudan $1.5 billion to help the African nation pay off its massive debt to the International Monetary Fund as it emerges from decades of authoritarian rule, Finance Minister Bruno Le Maire said Monday. “President Macron will confirm later today that France will provide the $1.5 billion bridge loan to clear…
DetailsIts been six months since the day Erins husband stopped talking to her. She laughs when she mentions the seven days of the silent treatment, a distinctly Midwestern shrug that makes its way along Iowa phone lines. The laugh seems intended to reframe her tribulations and make them feel manageable, but it was the very…
DetailsState-owned NBCC and Suraksha group, which are in the race to acquire debt-laden Jaypee Infratech Ltd (JIL), will submit their revised bids by Tuesday. According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency…
DetailsTHE insolvency and restructuring profession rescued 297,000 jobs and returned 1.82bn to creditors in insolvency cases in 2019 the equivalent of around 800 jobs and 5m a day, according to a new report from R3, the insolvency and restructuring trade body. The report, The value of the profession: how insolvency and restructuring supports the UK…
DetailsKevin James Musson (64) and his son Ryan Kevin Musson (39), both of Cumbria, worked as roofers for Cumbria Roofing North West Ltd. The company was incorporated in June 2009 but went into creditors voluntary liquidation 8 years later in May 2017, triggering an investigation by the Insolvency Service. The investigation discovered that while Ryan…
Details