The National Company Law Appellate Tribunal (NCLAT) on Tuesday came down hard on companies such as Liberty House Group, which successfully bid for debt-ridden firms under the corporate insolvency resolution process but later withdrew from it citing one reason or the other. “We would decide what action should be taken against such…
There has been continued strong growth in personal insolvency arrangements, up 31% in 2018 compared to the previous year. Personal insolvency arrangements are designed to return debtors to solvency while keeping them in their home in over 95% of cases. According to the latest statistical report by Insolvency Service of Ireland, the number of arrangements…
From the onset of the Insolvency and Bankruptcy Code, there has been evolving jurisprudence on the position of guarantors, in the event of a default where a guarantee has been provided. Moratorium Against Guarantors In the initial period of implementation of the IBC, there was a huge debate as to whether guarantors would be entitled…
Tuesday, January 22, 2019 In the December quarter 2018, bankruptcies fell to their lowest level since March 1995, according to the latest personal insolvency statistics released by the Australian Financial Security Authority (AFSA). There were 3,788 bankruptcies in the December quarter of 2018, a 6% fall compared to the December quarter of 2017. This fall…
A new poll says the number of Canadians who are $200 or less away from financial insolvency at month-end has jumped to 46 per cent, up from 40 per cent in the previous quarter, as interest rates rise. A survey conducted for insolvency firm MNP Ltd. in December also found that 31 per cent of…
Soon after the SBI put on sale its loan exposure in bankrupt Essar Steel, the government on Monday held a meeting to review the progress in the 12 biggest default cases and urged the bankers to take up issues of delay with the higher authorities. “Bankers have been suggested to take up issues related…
GERMANY: RailRunner Europe GmbH has filed for insolvency, with the bankruptcy court of Hamburg appointing Dr Susanne Riedemann of specialist law firm Prof Dr Pannen Rechtsanwlte as preliminary insolvency administrator on January 18. The RailRunner Europe management said they intend to reorganise and restructure the company. The European subsidiary of US holding company RailRunner…
MNP Consumer Debt Index Canadians more worried about debt, interest rates and personal finances compared to September. MNP Ltd. Number of Canadians who say they dont make enough to cover their bills and debt obligations increased by 7 points to 31% Number of Canadians within $200 of insolvency increased by 6 points to 46% Number…
My management team and I have left no stone unturned in an effort to avoid this, Mr Fuller said in his statement. Loading I am enormously regretful and sad that it has got to this point. Even as late as yesterday [ January 16] it looked like there was an option for avoiding this action…
The National Company Law Appellate Tribunal (NCLAT) has said that the National Company Law Tribunal (NCLT) should not hear any third party, other than the applicant who has taken a company to the NCLT and the company which is the corporate debtor itself, at the time of the admission of a case. We…