Berlin, Feb 17 (IANS): The number of insolvencies in Germany rose 26.2 per cent year-on-year in January amid a weak economy, preliminary figures published by the Federal Statistical Office (Destatis) show on Friday. Double-digit year-on-year growth rates have thus been observed consistently since June 2023. In the first 11 months of last year, the number…
RegulatorIBBI has amended corporate insolvency resolution process norms, including making it compulsory to have separate accounts for each real estate project undergoing resolution and enabling the creditors’ committee to constitute a monitoring panel to oversee implementation of the resolution plan. “With an aim to increase transparency and reduce disputes over valuation-related issues, the amendment provide…
A winding-up petition is one of the most critical pieces in a creditors armoury where a debt remains unpaid. However, in these challenging times, the government clearly wants to provide a temporary shield to companies who are unable to pay their debts due to COVID-19. Although the announcement by the UK Government on 23 April…
A promotional shot for the Nique fashion brand. Source: Facebook/ Nique Australian fashion label Nique has entered voluntary administration, becoming the latest high-street brand to falter in a tumultuous economic environment. The 26-year-old label, best known for its minimal black and white designs and earth-tone apparel, on Wednesday appointed Justin Howlett of SMB Advisory as…
On 25 June 2020, the Corporate Insolvency and Governance Bill (the Bill) received Royal Assent and on 26 June 2020 CIGA came into force. The restructuring team in Mayer Browns London office have previously commented on the different elements of the Bill in a series of blog posts and podcasts. CIGA was swiftly followed by…
All 17 Polish state-owned radio stations have officially been placed in the court registry as undergoing liquidation, said the culture ministry. The development marks the end of part of the struggle of the new government to regain control over state media companies, which has been embroiled in controversy over the legality of the means used…
Amid a difficult post-Covid operating environment, two more breweries, Hawkers Beer and Big Shed Brewing, have entered voluntary administration and are pursuing financial restructuring. Hawkers Beer has appointed DBA Reconstruction & Advisory as administrator to facilitate a financial restructuring of the business. Drewery operations will be continuing as usual and there will be no impact…
An award-winning apartment developer is being wound up following the completion of the North Fremantle projects it was set up for. During a meeting of members on Monday, it was resolved that Perth-based Taskers Living Development Company would appoint David Hurt as liquidator, a notice published by the Australian Securities and Investments Commission revealed. Taskers…
Abu Dhabi Global Market (ADGM) is set to host the 2nd Annual Financial Restructuring Mena Conference from February 19 to 20, 2024, to discuss strategies for addressing corporate insolvencies in the region. Insolvencies are a result of the continued spike in interest rates and inflation. Worldwide, 15% of the corporate bonds and loans trading at…
NEW DELHI: Insolvency and Bankruptcy Board of India (IBBI) has made major amendments to strengthen the regulatory framework of the liquidation process under Insolvency and Bankruptcy Board of India Regulations, 2016 and notified the amendment on February 12, 2024. These changes are aimed at facilitating a smoother process for liquidation, ensuring accountability, and bolstering the…