Category Archives: Bankruptcy

IBBI amends norms related to insolvency resolution process for personal guarantors – CNBCTV18

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…

Fugitive Hong Kong politician Ted Hui bankrupt for failure to pay legal fees – South China Morning Post

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…

Personal insolvencies 'moving up the income curve': study – BNN Bloomberg

Consumer insolvencies rose sharply in 2023 as Canadians racked up credit card debt to keep up with the high cost of living, according to the results from a new study. The annual Joe Debtor study from insolvency trustee firm Hoyes, Michalos & Associates, published Monday, found that even higher-income people are now having difficulty managing…

Fraudster Ordered to Repay Abused Covid Scheme Loan – Mirage News

Salih Ozhot applied for a 50,000 Bounce Back Loan to support his business, but ended up using the money for his own personal gain His actions were described by Insolvency Service investigators as “cynical”, “sophisticated” and “pre-planned” Ozhot, who was declared bankrupt in 2021, will have to repay the loan in full A North London…

Is your business facing insolvency or impacted by customers or suppliers who are? – The Business Magazine

Here’s how law firm Blandy & Blandy Can Help. Company insolvencies in England and Wales reached their highest level since 1993 last year according to The Insolvency Service, a government agency. Figures showed 25,158 companies entered into a form of insolvency in 2023. The number of company insolvencies was the highest annual number since 1993.…

IBBI allows same resolution professional to handle insolvency of a firm and its personal guarantor – The Economic Times

The insolvency watchdog has amended regulations to allow the same insolvency professional to steer the resolution of a stressed firm as well as the bankruptcy proceedings of its personal guarantors.Budget 2024 Budget at a glance: Your 2-minute guide to become a Budget Pro The removal of the restriction on such a dual role by the…

Signa-Retail Company Lamarr Declares Bankruptcy – Vindobona – Vienna International News

The company behind the project, known as Mariahilfer Strae 1018 Immobilien GmbH, was responsible for the development and construction of this ambitious undertaking by the Signa Group, as reported by ORF. Signa Prime holds a 50% stake in the company through Prime Capital Invest GmbH, while the remaining half is owned by Thai partners of…

IBBI allows same RP for company and personal guarantor insolvency – Business Standard

Illustration: Binay Sinha The Insolvency and Bankruptcy Board of India (IBBI) has lifted the restriction to allow the same insolvency professional for the resolution process of a company as well as its personal guarantor for a better harmonisation and effective coordination of both processes.  The changes made to IBBI – Bankruptcy Process for Personal Guarantors…

NCLT orders insolvency proceedings against Vadraj Cement | Mint – Mint

Mumbai: The Mumbai bench of the insolvency tribunal has ordered the initiation of a corporate insolvency proceedings against Vadraj Cement, a group company of the insolvent ABG Shipyard, after the cement manufacturer defaulted on dues of over 87 crore to Punjab National Bank. Considering the facts and law, this bench is of the view that…

How Abengoa Group impacted the Spanish economy – Ernst & Young

EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process. Loan requests Initially, the EY-Parthenon teams…