In a bid to make the corporate insolvency resolution process more efficient and time bound, the Insolvency and Bankruptcy Board of India (IBBI) has proposed fresh changes such as holding monthly meetings of the Committee of Creditors and structuring the resolution plan to provide complete information and changes in the valuation methodology. In a discussion…
Bloomberg reports that business restructuring, specifically global mergers and acquisitions (M&A) activity, hit $5.9 trillion in 2021, crushing the previous record of $4.2 trillion set in 2015. Grant Thornton (GT) LLP has since estimated that global M&A activity slowed in 2022 to $3.7 trillion. Most analysts are predicting that we could see a return to…
High rates of insolvencies look set to continue as the latest quarterly insolvency statistics have been published for England and Wales. Whilst the statistics show a 2% dip from the second quarter of 2023, the number of insolvencies remains 10% higher than in 2022 and shows a return to pre-pandemic levels for compulsory liquidations and…
The National Company Law Tribunal (NCLT), Kochi Bench, comprising of Justice T Krishna Valli (Retd.) (Judicial Member) and Shri. Shyam Babu Gautam (Technical Member) dismissed a stay application and has held that the moratorium under sections 96 and 101 of the Insolvency and Bankruptcy Code (IBC) cannot be meant to prohibit the right to action…
THE CHAIR of a regional arm of financial trade association R3 says more businesses are turning to insolvencies than at this time last year after new figures emerge. It comes after the Insolvency Service published personal and corporate insolvency statistics for England and Wales were published in September. Figures show that corporate (business) insolvencies where…
LONDON, Oct 31 (Reuters) – The number of companies in England and Wales declared insolvent during the three months to the end of September remained close to levels seen after the 2008 financial crisis and was down only slightly from the previous quarter’s 14-year high. The Insolvency Service, a government agency, said the number of…
A perfect storm of economic issues has led to the highest Q3 corporate insolvency figures in more than two decades, with a combination of rising costs, director fatigue and increased creditor pressure meaning more firms are now turning to a corporate insolvency process to resolve their financial issues. This is according to the Midlands branch…
THE CHAIR of a regional arm of financial trade association R3 says more businesses are turning to insolvencies than at this time last year after new figures emerge. It comes after the Insolvency Service published personal and corporate insolvency statistics for England and Wales were published in September. Figures show that corporate (business) insolvencies where…
William ODwyer, the former managing director of companies in the Ralan Group, has pleaded guilty to six offences contrary to section 192E of the Crimes Act 1900 (NSW) following an ASIC investigation. Between about 17 April 2015 and 6 June 2018, Mr ODwyer, by deception, dishonestly obtained for companies in the Ralan Group the ability…
Reuters. Tata Steel Ltd, under CEO and MD T V Narendran and CFO Koushik Chatterjee, posted a consolidated loss of Rs 6,511 crore ($871 million) in Q2FY24, primarily due to restructuring charges in its UK operations and decreased sales. This represents a 7% decline in revenue compared to the same period last year. Despite these…