A corporate debtors journey from admission to resolution comprises various compliances and procedures in India, as prescribed in the Insolvency and Bankruptcy Code, 2016 (IBC) and regulations. One of the key steps is implementation of a resolution plan, which requires approvals from relevant regulators under applicable law. Veena SivaramakrishnanPartnerShardul AmarchandMangaldas & Co An amendment in…
[co-author: Hadar Eilon] The Insolvency and Financial Rehabilitation Law came into effect in 2019. The new law added a new cause of action for imposing personal liability on a director or CEO of a corporation in insolvency in respect of damages caused to the corporation and to its creditors, insofar as such directors and officers…
A German local court has opened a regular insolvency proceeding against communications technology company Gigaset AG, Europes market leader for wireless phones, raising questions as to how or whether the struggling company will be restructured. The Mnster Local Court (Amtsgericht Mnster) in North Rhine-Westphalia opened ordinary insolvency proceedings against Gigaset AG, German news outlets reported…
Abdulla Al-Humaidi, a key backer of the troubled London Resort, a proposed theme park in Kent, UK, was declared bankrupt at a recent High Court hearing. The Kuwaiti businessman resigned from the London Resort board last year but previously served as director of London Resort Company Holdings (LRCH). Located on the Swanscombe Peninsula in Kent,…
There have been further problems for the troubled London Resort, the principal backer of which was last week declared bankrupt. Kuwaiti Abdulla Al-Humaidi is a leading contributor to the proposed 2.5bn London Resort close to Dartford in Kent. The project has been constantly stalled for several years, with one disaster after another, yet at one…
Insolvency experts are reportedly gloomy about what 2024 will bring big companies. These firms will face continued high borrowing costs and reduced consumer spending, with tech companies among those facing financial upheaval, the Press Association reported Sunday (Dec. 31), citing interviews with industry experts. The report cited figures from the U.K.-based Insolvency Service which showed the total of…
More big firms are likely to go bust next year amid the double whammy of high borrowing costs and pressure on consumer budgets, according to insolvency experts. Administrators and restructuring specialists also warned the PA news agency that high-growth companies such as tech firms could be among those facing financial turbulence. It comes after another…
More big firms are likely to go bust next year amid the double whammy of high borrowing costs and pressure on consumer budgets, according to insolvency experts. Administrators and restructuring specialists also warned the PA news agency that high-growth companies such as tech firms could be among those facing financial turbulence. It comes after another…
This article was co-authored with Queenie Mok. In our earlier Legal Update, we outlined the findings of the Parliamentary Joint Committee on Corporations and Financial Services Final Report on Corporate Insolvency in Australia. Recommendation 3 of the Report was a comprehensive review to consider and make recommendations on the options to enhance public interest…
This article was co-authored with Queenie Mok. In our earlier Legal Update, we outlined the findings of the Parliamentary Joint Committee on Corporations and Financial Services Final Report on Corporate Insolvency in Australia. Recommendation 3 of the Report was a comprehensive review to consider and make recommendations on the options to enhance public interest…