On 26 June, the long-awaited Corporate Insolvency and Governance Act 2020 became law providing the UK and Northern Ireland with temporary and permanent changes to insolvency law aimed at helping businesses manage the economic implications of COVID-19 including: Permanent measures Company moratorium a breathing space against creditor action, initially for 20 business days but extendable,…
German financial services company Wirecard AG’s share price skyrocketed some 196% within the first 30 minutes of trading on Monday 29 June 2020, giving the stock a much-needed respite after last weeks massive sell-off. The troubled payments solutions provider saw its shares open the session at 1.70 a share nearly 31% higher than last Fridays…
Pramod Mittal, who spent 50 million on his daughters wedding, owes 130 million to UK firm. IN LONDON Pramod Mittal, younger brother of steel magnate Lakshmi Mittal and himself a former steel tycoon, has been declared bankrupt by the Insolvency and Companies Court in London. Pramod Mittal, who spent 50 million on his daughters wedding,…
The enactment of the new Corporate Insolvency and Governance (CIG) Actinto law on 26 June 2020 will have significant impact on the restructuring of distressed companies, and in particular those affected by the coronavirus pandemic. This will have a knock-on impact on the way DB pension schemes are funded and influence the actions trustees can…
The Act is the largest change to the UKs corporate insolvency regime in more than 20 years. It introduces new corporate restructuring tools and temporary easements to give distressed businesses the breathing space they need to get advice and seek a rescue. One of its key provisions is the introduction of the new role of…
Date published: June 29 2020 Great news from McLaren with Zak Brown saying their financial problems have been solved with an announcement coming before the week is out. Earlier this month reports emerged claiming that McLaren was looking to sell a minority stake in its Formula 1 team to raise much needed capital. Days later…
Lakshmi Mittal Aurelien Meunier / Getty Images The higher you climb, the further you have to fall, as the saying goes. Pramod Mittal, the 64-year-old brother of Lakshmi Mittal, the head of Arcelor Mittal steel, and 19th richest man in the UK, has been declared bankrupt with debts of 130 million, according to reports in…
Wabinas lawyers Ong Yu Shin and Soon Ley Theng outside the courtroom at the High Court in George Town today. GEORGE TOWN: The High Court here today allowed a judicial review of a ministers order on the federal gazette allowing companies to repay their debts in six months instead of 21 days during the movement…
Eleanor Temple, chair of R3 in Yorkshire Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, comments on Fridays publication of the Governments monthly corporate and individual insolvency statistics for May: Todays figures show corporate insolvency numbers declined between April and May of this…
A scion of one of Britains richest families who spent 50 million on his daughters wedding has been declared bankrupt with debts of more than 130 million, The Times can reveal. Pramod Mittal, 64, appears to have lost a fortune while becoming embroiled in an investigation into organised crime. His familys mansion in Mayfair, central…