The Insolvency Law Committee (committee), in its third report, recommended that section 32A be inserted into the Insolvency and Bankruptcy Code, 2016 (code). This granted immunity to the corporate debtor and its property from any action under penal laws following a successful corporate insolvency resolution process (CIRP). This section attempts to balance the codes goal…
Reference is made to earlier information provided regarding Prosafe SEs (Prosafe or the Company) ongoing financial process with its lenders. Prosafe is pleased to announce that it has received support from lenders of Prosafe SE and Prosafe Rigs Pte. Ltd. on a comprehensive and material restructuring of the financial indebtedness of the group (the Transaction).…
HONG KONG — With billions of dollars in aviation and other assets in play, creditors of China’s bankrupt HNA Group gathered online and in person for their first official meeting on Friday. The group’s restructuring likely has months or even years to go, with the meeting representing a key step forward in a process that…
Grant Evan Donley of Sydney, NSW has been disqualified from managing companies for two years for his role in the failure of three companies and trading while insolvent. The three construction companies specialised in interior fit-outs. They include: Conceptual Interiors NSW Pty Ltd A.C.N 165 311 795 (Conceptual Interiors NSW); Conceptual Interiors Group Pty Limited…