When a black swan event happens, such as the 2008 financial crash or the COVID-19 pandemic, vulnerabilities and inadequacies of insolvency systems become evident. This is due to the impact of high levels of indebtedness, large volumes of non-performing loans (NPLs), and default risks. During these events, judicial insolvency procedures tend to be time-consuming and…
New Delhi: The board of directors of FSN E-commerce Ventures, in a board meeting on Tuesday, has considered undertaking group businesses restructuring initiatives to achieve various strategic objectives, the company said in a regulatory filing. According to the filing, the key objective of these initiatives is to bring operational synergies by streamlining business operations and…
The Insolvency and Bankruptcy Board of India (IBBI) has amended norms about the insolvency resolution process for personal guarantors and the voluntary liquidation process. Changes have been made to the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors regulations and the Bankruptcy Process for Personal Guarantors to Corporate Debtors regulations. Restrictions have been removed…
News Brazilian telecoms operator Oi plans to divest its stake in neutral fiber company V.tal, as well as its fiber broadband customer base, in a new push to cut debt and improve financial sustainability. The two items are at the core of a new version of Ois judicial reorganization filed Tuesday with the Rio de Janeiro…
(Bloomberg) — DocuSign Inc. is cutting about 6% of its workforce as part of a restructuring effort after talks to sell itself appear to have stalled. Most Read from Bloomberg The move will mostly affect staff in sales and marketing, the company said in a statement on Tuesday. DocuSign had 7,336 employees at the end…
Fugitive former lawmaker Ted Hui Chi-fung has been declared bankrupt for failure to pay the legal costs of proceedings and criminal offences he was involved in before he fled Hong Kong in 2020. High Court Master Kent Yee Kai-siu issued the bankruptcy order against Hui on Tuesday. Hui, who failed to pay the fees for…
The Insolvency and Bankruptcy Board of India has removed the restriction preventing the same insolvency professional from participating in both the resolution process for a company and for its individual guarantor. This will reduce the risk of misrepresentation and concealment of information, as the same RP would be involved in both processes, according to Alay…
The corporate regulator has given the red card to convicted soccer shirt swindler Mark Donnellys Pommy pension investment company amid clams that clients funds were intentionally and systematically misappropriated. In a successful application to have Mr Donnellys Brite Advisors Pty Ltd put into liquidation, the Australian Securities and Investments Commission claimed this alleged abuse of…
Corporate insolvencies were up almost 14 per cent in 2023 a trend which is likely to continue through the coming months unless the economic picture improves, according to trade body R3. New data from the governments Insolvency Service has shown 25,158 seasonally adjusted corporate insolvencies last year. Promisingly though, personal insolvencies for 2023 were down…
A Vancouver real estate lawyer who admitted to misappropriating more than $8 million from client trust funds to feed his gambling addiction has been banned from practising law for seven years. Russell Sean McDonough signed a consent agreement with the Law Society of B.C. last week, admitting to professional misconduct in 34 instances of misappropriation…