The judge’s tone was brisk and business-like at aZoom courtroom hearing Tuesday to lay out a path for current,former and retired Laurentian employeesclaiming compensation from insolvent Laurentian University. The new policy provides a formula forthe claims process, but doesn’t mandate a payout percentage of the claim. The institution declared itself insolvent Feb. 1, with its…
Debated almost ad infinitum, Brexit has been a hot potato since the UK chose to leave the European Union (EU) in 2016. Its departure has far-reaching implications for many spheres of activity cross-border restructurings and insolvencies among them. The restructuring and insolvency market is going through a period of substantial change, says Emilie Delacave, an…
The corporate bankruptcy & insolvency litigation landscape has experienced a turbulent period over the past year and a half, largely a consequence of the extreme circumstances created by the COVID-19 pandemic. Against this backdrop, many businesses have sought arrangements and restructuring plans in an attempt to avoid corporate bankruptcy. However, as government COVID-19-related stimulus is…
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The High Court has wound up seven companies run from an office in Mayfair, London, after an Insolvency Service investigation found that their marketing of high-risk mini-bonds, used to fund property development projects, was misleading and the directors continued to take investors money even after the companies were insolvent. The principal directors of all the…
SINGAPORE (THE BUSINESS TIMES) – Following a financial analysis, Singapore Press Holdings’ (SPH) appointed independent financial adviser has advised the company’s directors to recommend that shareholders vote in favour of the proposed restructuring of its media business. The independent financial adviser, Evercore Asia (Singapore), said in a letter to the board of directors that the…
Crdito y Caucin | According to Iberinforms monitoring of insolvency proceedings published in the BOE, in the first seven months of 2021 the Spanish economy recorded a 69% increase in corporate insolvencies, 3,838 proceedings compared to 2,270 in the first seven months of 2020. Data for the month of July (657 proceedings) show growth of…
Clients of Karvy Private Wealth have challenged certain sections under the Insolvency and Bankruptcy Code (IBC) on the grounds that these do not provide restitution to financial creditors in cases where the corporate debtor has raised money through a fraudulent investment scheme. The Delhi High Court had issued notices to the Centre, Karvy Stock Broking…
It is like scrapping the bottom of the barrel for the country’s largest bank, the State Bank of India (SBI), when it comes to liquidation of defaulting companies under the five-year-old Insolvency and Bankruptcy Code (IBC). The state-owned bank has managed to get a paltry 5 per cent of the outstanding loan amount. Sources suggest…
Credit: Dreamstime A subsidiary of OSS Group is in voluntary liquidation after the Employment Relations Authority (ERA) awarded $76,700 to its former sales and marketing manager. HR Processing 2008, formerly called OSS Limited, was put into liquidation earlier this month after the ERA awarded the sum to Brett Arthur, who was employed by OSS Limited…