UK Insolvency Service News and Legal Updates
IBBI issues RERA compliance rules for corporate debtors with real estate projects
Access to project records, approved plans and statutory approvals remains a key operational challenge in the insolvency resolution process for corporate debtors with real estate projects. To ...
IBBI issues revised Form CA to simplify the claims filing process for real estate allottees
To improve homebuyer participation and claims verification in real estate insolvency cases, IBBI has introduced a revised version of Form CA. The change also supports the collection of ...
First Guardian recovery prospects remain limited as liquidators recoup small fraction of losses
First Guardian investors face mounting uncertainty over recoveries from the collapsed investment scheme, with liquidators still unable to say how much money, if any, will be returned. The ...
Royal Lofts & Extensions wound up after UK probe into unfinished building work
Regulators have shut a London loft and extension contractor in the public interest after complaints that customer projects were left incomplete and some paid-for goods were not supplied. The case ...
Insolvency Service pursues recovery after Tyneside pizza boss jailed over Covid loan fraud
A North Tyneside takeaway operator has been jailed after fraudulently obtaining three taxpayer-backed Covid loans worth £150,000 for a single business during the pandemic. Authorities say much of ...
UK pre-pack buybacks linked to higher repeat insolvency risk, study finds
Concerns over so-called phoenix deals are intensifying as new research points to weaker outcomes when insolvent businesses are bought back by former owners or directors. The analysis of more than ...
Liberty Steel Newport enters liquidation, raising risks for Welsh plant
Creditors have moved to wind down Liberty Steel Newport, putting the future of a 50-year-old Welsh steelworks under fresh pressure. The insolvency adds to the strain across Sanjeev Gupta's steel ...
Birmingham court orders repayment in Covid support fraud case
UK authorities are extending enforcement against pandemic support fraud through asset recovery orders tied to earlier criminal convictions. A Birmingham accountant now has three months to repay ...
NCLT approves Orkus Private Limited's resolution plan
The resolution plan submitted for Orkus Private Limited under the insolvency resolution process has received final approval from the tribunal. The Committee of Creditors had already approved the ...
Wok & Go franchise boss receives new 10-year director ban after court conviction
UK authorities are tightening sanctions against company directors who breach disqualification orders, with a Wok & Go franchise operator now facing a fresh long-term ban and a suspended prison ...
NCLT approves Orkus Private Limited's resolution plan
The New Delhi Bench of the National Company Law Tribunal has approved the resolution plan for Orkus Private Limited under the corporate insolvency resolution process. The plan was approved after ...
Insolvency Service seeks claims for debt relief order fee refunds before year-end
Refunds remain available for people who paid for a debt relief order application but did not complete the process after the U.K. scrapped the fee in 2024. The Insolvency Service says about ...
Funnyfuzzy UK shutdown exposes £6.3 million in unexplained transactions
A UK online pet supplies retailer has been shut down after investigators found evidence of millions of pounds in customer payments despite the company filing dormant accounts. The action follows ...
NCLT approves Drona Impex's resolution plan for Nirbhay Rasayan
A new ownership and payment structure is set to be implemented for Nirbhay Rasayan Private Limited under the insolvency resolution process. The National Company Law Tribunal approved the ...
Advaita Trading's resolution plan for Zicom Electronic Security Systems approved by NCLT Mumbai
The insolvency resolution process of Zicom Electronic Security Systems Limited, which operates in India's electronic security solutions sector, has now reached a decisive stage. The National ...
UK insolvency authorities secure fraud jailing and 15-year director ban for repeat offender
A repeat fraud case tied to abuse of company structures and false identities has led to a prison sentence in the UK after losses to businesses and individuals topped £200,000. The case spans ...
India's insolvency board extends deadline for filing PGIRP forms
The deadline for mandatory electronic filing of forms to monitor insolvency resolution cases involving personal guarantors to corporate debtors has now been extended until 31 December 2026. With ...
UK authorities wind up seven linked companies after false filing probe
A High Court order in Manchester closes seven companies after investigators identify common patterns across businesses that had appeared unrelated. The case spans entities in London, Lancashire, ...
Amendments to liquidation process rules in India: new deadline for updating the stakeholder list
A regulatory change has been introduced to the process for updating stakeholder information under India's insolvency liquidation framework. Under the new amendment, a liquidator may amend an entry ...
UK directors face enforcement as Insolvency Service secures first identity verification convictions
UK company directors are under new compliance pressure after the first prosecutions for failing to meet Companies House identity verification rules. The convictions highlight how the Economic ...
UK government considers acquiring Speciality Steel UK after sale efforts falter
The UK is weighing deeper state intervention in its steel sector as efforts to secure a private buyer for insolvent Speciality Steel UK lose momentum. The company, which operates six sites in ...
