Bankrupt Toys R Us has received court approval to move forward with its plans to shutter about 180 stores, under both the Toys R Us and Babies R Us banners, across the U.S. The liquidation sales at those locations are beginning as soon as Wednesday, the company said. Discounts on items will be as much…
Romanian insolvencies stand twice higher than the East-Central Europe (ECE) average, according to the data presented this Wednesday by Coface representatives. 2017 brought 8,256 new insolvency procedures, an year-on-year growth by 3 percent. Despite the minimum from the last 15 years, Romania still has an average level of 2.4 percent of insolvent companies out of…
Insolvency resolution professionals will now be required to assess the fair value and liquidation value of the entity undergoing insolvency proceedings, with the latest set of amendments to the regulations. The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms pertaining to insolvency resolution process for corporate persons. Under the revised framework, the…
People walk past a branch of the Royal Bank of Scotland in London Thomson Reuters By Emma Rumney and Lawrence White LONDON (Reuters) – Royal Bank of Scotland on Tuesday denied a British lawmaker’s allegation that its executives misled a parliamentary committee over the extent to which the bank mistreated small businesses during and after…
The Insolvency and Bankruptcy Board of India (IBBI) on February 6, 2018 amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Here are the amendments made to the IBBI Regulations: Appointment of two registered valuers: The Resolution Professional has to appoint two registered valuers to determine the fair…
Hogan Lovells is representing Scottish Re in the implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (Cayman) Ltd. (SALIC), and SALICs U.S. subsidiary, Scottish Holdings, Inc. (SHI). Scottish Re Group Limited has commenced implementation of a sale and restructuring plan for its Cayman Islands subsidiary,…
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 yesterday. According to the Amendments, a. The Resolution Professional shall appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor. After the receipt of…
Flexing newfound muscle they gained in a 2016 bankruptcy law, lenders in India are about to embark on a huge selloff of assets owned by companies that cant repay their debts. The assets — owned by steel, power, shipbuilding and construction companies — have been drawing interest from potential buyers including ArcelorMittal, the worlds biggest…
Among other woes, the 67-year-old credit union had issued bad loans to 191 members to the tune of $1.8 million. The Central Bank of Belize has liquidated the credit union; 1,100 shareholders affected. BELIZE CITY, Mon. Feb. 5, 2018 Last April, the Central Bank of Belize announced that it would be liquidating the…
Last updated: 07 February 2018 More people are turning to financial counsellors Large credit debt and rising electricity bills are to blame Experts warn against short-term credit Rising cost-of-living expenses and large credit debts have resulted in more Australians turning to financial counsellors for help. The national debt helpline was inundated with 170,000 calls in…