Xinja surprised shareholders and customers when it announced in mid-December it would close all bank accounts and terminate its banking license. The neobank had promised to shake-up the banking industry and blamed COVID-19 and a tough capital raising environment for the decision. However, The Age and Herald revealed the bank had pinned all hopes on…
India has recently extended the suspension of insolvency proceedings by another three months until March 25, as corporates are struggling to cope with the pandemic. While the measure is bound to lighten their burden, policymakers will need to plan to prevent the resolution process’s snarl-up. On March 24, 2020, the minimum threshold for default under…
Xinja surprised shareholders and customers when it announced in mid-December it would close all bank accounts and terminate its banking license. The neobank had promised to shake-up the banking industry and blamed COVID-19 and a tough capital raising environment for the decision. However, The Age and Herald revealed the bank had pinned all hopes on…
The nation’s number two carrier collapsed into administration in April last year after the COVID-19 pandemic and associated border closures led to steep falls in domestic and international travel. The VAIH shell company also went voluntary administration but was revived shortly after US-headquartered Bain took control of Virgin in November following a fierce bidding war…
NEW DELHI : Unviable companies liquidated under the Insolvency and Bankruptcy Code (IBC) far outnumbered those rescued since the new bankruptcy framework came into force four years ago, indicating the challenges facing the economy. Official data showed that almost in every quarter since January 2017, the number of businesses that were ordered to be liquidated…
The nation’s number two carrier collapsed into administration in April last year after the COVID-19 pandemic and associated border closures led to steep falls in domestic and international travel. The VAIH shell company also went voluntary administration but was revived shortly after US-headquartered Bain took control of Virgin in November following a fierce bidding war…
Creativity and innovation are at the top of the priority list for Surfstitch this year, as the fashion retailer is set to develop a new range of initiatives, including its new third-party logistics service, a new app and product categories. The e-commerce retailer went into voluntary administration in 2017 and was eventually acquired by Alceon…
Introduction Petitioner Insolvency Just and equitable Consequences of presentation of a petition Grand Court’s discretion Introduction A Cayman Islands company may be wound up either voluntarily according to its articles of association or compulsorily by the Grand Court. This article provides an overview of the compulsory process. In certain circumstances, the Grand Court may recognise…
The government is likely to amend the Insolvency and Bankruptcy Code (IBC) to introduce pre-packs as a resolution mechanism, according to a government official aware of the developments. A pre-pack is an agreement for a distressed companys debt resolution between secured creditors and investors instead of a public bidding process, as under the Corporate Insolvency…
Capital markets regulator Sebi on Friday provided certain exemptions to alternative investment funds (AIFs) with regard to an investment committee framework. The exemption in AIF rule is conditional upon a capital commitment of at least Rs 70 crore from each investor accompanied by a suitable waiver, Sebi said in a notification. So far, manager was…