The Insolvency and Bankruptcy Code (IBC) is broke. It must be fixed, both to increase recovery and to redeploy the assets locked up in failed firms. While 4,540 insolvency cases have been admitted for Corporate Insolvency Resolution Process (Cirp), significant recovery has materialised only in a handful of cases, such as Essar Steel and Bhushan…
A stark divide has emerged between the more developed world and the less developed world in the economic recovery from the Covid-19 pandemic. Wealthier nations have secured most of the global vaccine supply and have had the capacity to deliver massive economic stimulus packages. In poorer nations, vaccination rates remain dismally low, and the impact…
Chapter 11 bankruptcy protection is supposed to allow companies to shed debt and get a fresh start. Ideally, creditors recover most of what theyre owed as the restructured firm begins turning a profit. Yet, more companies are liquidated than rebuilt, giving up the second chance at success that the law aims to encourage. In the…
Entains board has secured a first lien term loan, valued at $1.12bn, to refinance the companys long-term corporate debt holdings. The FTSE100 gambling group will use the proceeds of its new loan to refinance its outstanding loan debt, which currently stands at $774m and was due to mature from 29 March 2024. The transaction sees…
Nixon Hire returned to profit last year following the completion of a group restructuring which led to the closure of six depots. The industrial equipment company, formed 52 years ago and headquartered in Newcastle, initially operated as a plant hire company with room to service no more than three machines at a time. The company…
The City regulator has clamped down on debt firms after finding some were potentially pushing vulnerable customers towards insolvency in order to earn higher fees. The Financial Conduct Authority said some firms appeared to have manipulated peoples income and spending and encouraged them to seek individual voluntary arrangements (IVAs), which can ultimately lead to bankruptcy.…
South West businesses are being urged to take early action if their finances are under strain after new Government figures showed corporate insolvencies have hit their third highest monthly total since the start of the pandemic. Statistics reveal 1,207 companies registered as insolvent in June 2021 across England and Wales – a 63% rise in…
A landmark personal bankruptcy ruling by a court in southern Chinese city of Shenzhen could pave the way for the nationwide rollout of a legal system that would allow individuals and private businesspeople who cant repay their loans to undergo debt workouts or be declared bankrupt. The Shenzhen Intermediate Peoples Court approved a bankruptcy restructuring…
MOSCOW, Russia, July 20, 2021 /PRNewswire/ — In this fast-changing digital era, digital transformation has become a natural strategic choice for publishers around the globe to cope with various challenges and revolutions. Underlying the deepening transformation, publishers need to continuously upgrade the digital platforms to meet the diversified business demands. As one of the most…
Auditors have raised significant doubt over Garuda Indonesias ability to continue as a going concern, after the beleaguered flag carrier plunged to a record full-year loss. In a report accompanying the carriers financial results, KAP Tanudiredja, Wibisana, Rintis & Rekan, a member firm of accounting giant PwC, assigned a disclaimer of opinion given when auditor…