The public can now help modify the regulations already put in place by the insolvency regulator Insolvency and Bankruptcy Code of India (IBBI) during the last five years since the enactment of the Insolvency and Bankruptcy Code (IBC). The regulator has now resorted to crowdsourcing of ideas to understand the important issues in the extant…
Image courtesy of the Rochester Rhinos First, let me say I know PSP is a Philly-centric soccer blog. But I hope youll indulge me today because, earlier this week, some news dropped that I could not let pass without comment. Specifically, this: Exclusive: Jamie Vardy has bought US soccer team @RochesterRhinos Striker to be co-owner…
On Tuesday, the National Company Law Tribunal (NCLT) questioned the extensive haircut that lenders have agreed to take in the insolvency resolution of Videocon group companies. Billionaire Anil Agarwals Twin Star Technologies has proposed to pay 2,962 crore against admitted claims of 64,838 crore, implying a 95.85% loss to all Videocon creditors. The tribunal noted…
1. Data Sources Company Insolvency data for England & Wales, Scotland and Northern Ireland are sourced from Companies House, except for compulsory liquidation data for England & Wales and Northern Ireland. Compulsory liquidation data for England & Wales are sourced from the Insolvency Service case information system (ISCIS). Compulsory liquidation data for Northern Ireland are…
The swift spread of coronavirus needed an equally rapid response from government, but with business coming back to life its time for the economy to stand on its own again, says the Insolvency Services Paul Bannister. The sudden beginning of the pandemic and the imposition of the first lockdown brought about an economic scenario we’ve…
Ontarios government watchdog on Wednesday announced it will investigate cuts to French-language programs at Laurentian University. The investigation comes after Ontarios ombudsman received 60 complaints about the transparency and fairness of the process by which the programs were shelved after the northern Ontario university sought creditor protection and declared itself insolvent in February. The university…
11:00 16/06/2021 MOSCOW, June 16 (RAPSI) The Moscow Commercial Court has dismissed without prejudice a bankruptcy application filed by Russias troubled Antipinsky refinery against New Stream oil and gas company chaired by the former co-owner of the refinery, according to court records. The applicant has not met obligatory requirements of the current bankruptcy law and…
Datuk Seri Najib Razak. – Bernama filepic KUALA LUMPUR: Datuk Seri Najib Razak is not a bankrupt despite a court ruling that dismissed his application for a stay on a summary judgment where he is ordered to pay RM1.69bil in tax arrears owed to the Inland Revenue Board (LHDN). Lawyer Mohamed Haniff Khatri Abdulla said…
NEW DELHI: Creditors of debt-ridden Videocon Industries Ltd will be taking nearly 96 per cent haircut on their loans and the bidder is “paying almost nothing” for the company, NCLT has observed while approving Anil Agarwal’s Twin Star Technologies’ Rs 2,962.02 crore-bid under the insolvency resolution process.Videocon Industries and its 12 group companies had a…
Member Article May 2021 insolvency statistics, R3 response Corporate insolvencies increased by 8.8% to 1,011 in May 2021 compared to Aprils figure of 929, and increased by 6.9% compared to May 2020s figure of 946. Personal insolvencies fell by 14% to 8,482 in May 2021 compared to Aprils figure of 9,864, and were 38.7% lower…