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There is also a UK insolvency law which applies across the United Kingdom, since bankruptcy refers only to insolvency of individuals and partnerships. Other procedures, for example administration and liquidation, apply to insolvent companies. However, the term 'bankruptcy' is often used when referring to insolvent companies in the general media.
News 24 is a 24-hour Hindi news television channel owned by B.A.G. Films and Media Limited. It has been launched in 2007 and it is free-to-air channel in India . News 24 changed its logo with a new design.
Creditors take a decision at a creditors' meeting called to consider the IVA proposal. The return to creditors is often higher than they would receive in bankruptcy. A vote is taken – by value. 75% in value of those creditors who vote at the meeting by person or by proxy must agree in order for the arrangement to be approved.
An application to the court for an administration order may be made by the company, the directors, a creditor or any combination of them. The Enterprise Act 2002 amended the Insolvency Act 1986 to provide an out-of-court process to appoint an administrator to the holder of a floating charge or the company or its directors.
Nottingham City Council issued a section 114 notice on 29 November 2023, saying it was on track for a £23 million overspend for the 2023-24 financial year. [85] In a statement, the council said that the budget gap was down to social care cost, rising homelessness and the impact of inflation. [ 86 ]
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a current pending debtor's bankruptcy petition in relation to the debtor but the debtor has not been referred to the DRO procedure by the court as a more suitable method of debt relief; a current pending creditor's bankruptcy petition against the debtor but the debtor has not obtained the creditor's permission for entry into the DRO process.