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DISTRICT COURT OBLIGED TAX SERVICE TO PAY FOR THE BANKRUPTCY OF COMPANY

The district court considered the case on the complaint of a bankruptcy trustee, who could not get payment for his services in bankruptcy proceedings. The debtor did not have enough funds for this, and the tax authority was the applicant in the case. The anti-crisis manager demanded payment for services from ...

Eco-friendly carsharing Facedrive announced bankruptcy threat

On September 6, the Facedrive founder Imran Khan announced that the company was heading for bankruptcy. The former president of the Toronto-based company did so after another ex-CEO, Sayan Navaratnam, filed a lawsuit against him in Ontario at the end of 2020. Navaratnam accuses Khan of financial fraud, as he sold a significant amount of the ...

UPS AND DOWNS OF ITALIAN FOOTBALL: 5 LANDMARK BANKRUPTCY CASES

... Italian football with the high-profile bankruptcies. Sports clubs that could have played in Serie A yesterday suddenly find themselves in Serie D due to the accumulated debt and financial problems. ‘Chievo’ Football club One of the last cases was the bankruptcy of the Chievo club from Verona. The sports club with 92-year history, which played in Serie A for almost two decades (2001-2019), filed for bankruptcy at the end of July 2021. However, Chievo's loss of professional status does not seem out ...

Supreme Court of Russia clarified the features of termination of pledge in bankruptcy

Economic Board of the supreme court of Russia considered the case on the complaint of a bankruptcy trustee of the debtor, who expressed disagreement with the position of the lower courts. The question concerned the pledged property, which the trustee intended to sell at the auction, and the debtor indicated the presence of the burden in ...

Philippine Airlines files for bankruptcy protection in US

... a later date, and some of the orders may be canceled. The company's appeal to a foreign court, as explained in the PAL management, is due to the fact that a significant part of the company's creditors are US residents and the use of the appropriate bankruptcy procedures will be more convenient. The restructuring plan assumes that expenses will be reduced by $ 2 billion, and along with the borrowed capital of the Tang family, it is expected to receive new investments of $ 150 million. Experts note ...

PURDUE PHARMA OPIOID PRODUCER MANAGED TO FILE FOR BANKRUPTCY

Purdue Pharma succeeded in securing legal defenses by approving the bankruptcy plan in court. The other day, having considered the company's program of overcoming the crisis, the judge Robert Drane approved the manufacturer's decision. He called the obtained result ‘bitter’. According to him, the company must pay $ ...

THE OWNER OF JESSICA SIMPSON BRAND DECLARES BANKRUPTCY

Sequential Brands Group, a North American fashion brand, has filed a lawsuit in Delaware to protect itself from bankruptcy. The reason was the coronavirus pandemic, which led to a fundamental change in consumer habits, a decline in retail and a reorientation to internet marketing. All the mentioned factors negatively affected the state of the garment industry. ...

Black Star Wear brand’s seller is driven to bankruptcy by tax authorities

Fashion Industry company, the former licensee of the Black Star brand, may become insolvent upon a tax claim. The bankruptcy petition of the company was filed with the arbitration court (case № А40-184160 / 2021). The amount of the claims of the Federal Tax Service has not yet been specified, and the application itself has not yet been considered by the court. ...

BANKRUPTCY OF A CAPTAIN: THE COURT HAS CLARIFIED WHAT TO DO IF THE SHIP ‘HAS SUNK’ AND THE CAPTAIN IS GUILTY

In the framework of the case of bankruptcy of the ship's captain, the courts considered the issue of releasing him from further performance of obligations. The captain was released by the first two instances, but obliged to pay the debt for compensation for damage of the ship that had ...

TAX AUTHORITIES DEMAND BANKRUPTCY OF KALININGRAD SUBDIVISION OF ‘ASSOCIATION OF LAWYERS OF RUSSIA’.

The Arbitration Court will consider the claim of the Tax Service on the insolvency of the Kaliningrad branch of the ‘Association of Lawyers of Russia’. The amount of monetary claims exceeded 600 thousand rubles. The application was filed at the end of last week, but hasn’t been accepted for hearings yet. The organization was established in 2005 - Vladimir Putin himself was present at the Constituent Congress. Then the National Leader stated that, in his opinion, the professionals’ desire for unification...

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