In most situations it is the company which contracts for, procures, and facilitates the provision of D&O insurance for its directors and officers, but in the case of a corporate insolvency the company cannot fulfil this function. SAIFElimits addresses a number of significant consequences of this change, optimising coverage and liability protection and preserving limits…
Future Retail, once the crown jewel of Kishore Biyani-led Future Group, is now heading for liquidation as its lenders could not get any reasonable buyer of the debt-ridden firm. Also read: Future Retail RP files plea with NCLT for avoidance transactions worth over 1,000 crore As the Committee of Creditors (CoC) rejected the sole resolution…
The company behind the global Miss Universe competition has filed for bankruptcy just a week out from its international beauty pageant. Overnight, Thailand-based JKN Global Group submitted a petition for business rehabilitation into a Thai court. Thats the nations equivalent of declaring bankruptcy and securing the protections that come with it, including urgently restructuring the…
NEW DELHI: The Supreme Court on Thursday upheld the constitutional validity of various provisions of Insolvency and Bankruptcy Code (IBC), including Section 95, which allows creditors to initiate insolvency proceedings against personal guarantors.A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Mishra rejected a plea against the provisions of…
Paul Sanger: I am Paul Sanger for the Finance News Network, and today I’m talking with Joe Hayes, manager, director of Wexted Advisors. Wexted Advisors is an independent and specialized restructuring advisory firm that assists clients facing or exposed to business challenges, or confronting complex transactions or situations. Joe is also an ex-partner of KPMG and…
Introduction The New Law applies to all traders (commerants), craftsmen, commercial companies (including socits en commandite spciale) and civil companies, with certain specific exceptions relating to investment firms, insurance and reinsurance companies, undertaking for collective investments, specialized investment funds, venture capital investment companies, pension funds and RAIF. The main objective of the New Law is…
The commercial office leasing business WeWork declared bankruptcy this week. It reported $19 billion in debts against $15 billion in assets. Prolific investors like SoftBank Group Corp. and the Vision Fund are set to incur substantial additional losses on the venture. The filing also disclosed a $432 million loan from SoftBank to co-founder Adam Neumann,…
The commercial office leasing business WeWork declared bankruptcy this week. It reported $19 billion in debts against $15 billion in assets. Prolific investors like Softbank Group Corp. and the Vision Fund are set to incur substantial additional losses on the venture. The filing also disclosed a $432 million loan from SoftBank to co-founder Adam Neumann,…
Reporter: Court Reporter 09 Nov 2023 11:04 AM Email: [email protected] The High Court has approved a Personal Insolvency Arrangement (PIA) that will see a property in Mountrath put on the market to help clear a mulit-million debt. The High Court decision allows the write-off of over 3m of debt a Dublin man owes to financial…
In a significant judgment, the Supreme Court on Thursday (November 9) upheld the constitutionality of the provisions of the Insolvency and Bankruptcy Code (IBC) relating to Personal Guarantors’ Insolvency Resolution, which were introduced through the amendments made in 2019. The Court held that these provisions (Section 95 to 100 IBC) cannot be held as unconstitutional…