The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already…
The Finance Minister Nirmala Sitharaman on Monday introduced a Bill in the Lok Sabha to provide statutory backing to pre-packaged insolvency resolution process (pre-pack) regime for companies classified as micro, small and medium enterprises (MSMEs). This Bill Insolvency and Bankruptcy Code (amendment ) Bill 2021 once passed by Parliament would replace an ordinance that Centre…
X Register for free to receive latest news stories direct to your inbox Register West Midlands businesses are being urged to take swift action if their finances are under pressure after new Government figures reveal corporate insolvencies have hit their third highest monthly total since the start of the pandemic. The warning comes from insolvency…
The Delhi High Court has granted interim protection to a homebuyer of Shubhkamna City residential project in Greater Noida West against a loan recovery proceedings initiated by a bank. While staying the proceedings pending before the Debt Recovery Tribunal (DRT) in Delhi, initiated by Bank of Maharashtra, a Bench of Justice Vipin Sanghi and Justice…
Kilburn-based Railroad Transport has been placed in voluntary liquidation with more than 100 staff around Australia made redundant. Liquidator Tarquin Koch said the amount owed to them would be north of $2.1 million, but employee entitlements are covered under the federal Fair Entitlements Guarantee Scheme. Although the company made slight losses on annual revenues of…
Pic: Philip Toscano/PA Wire Businesses are being urged to act early and seek advice as the Government’s Insolvency Service has shown a 63% increase in corporate insolvencies compared to June last year. After a year of struggles, where thousands of businesses have faced furlough, redundancies, and closures, experts are advising businesses to plan ahead to…
news, local-news, Goulburn, Heron Resources, Tarago, Woodlawn Mine, administration, FTI Consulting A company that was aiming to revive copper and zinc mining near Tarago has entered voluntary administration. Heron Resources notified the Australian Securities Exchange (ASX) of its decision on Friday. It followed failed attempts to secure what it described as a “suitable transaction” for…
The liquidator of Gujarat-based Sterling Biotech, which owes more than 8,100 crore to lenders, has initiated a liquidation process of the company as a going concern at a reserve price of 548.46 crore. The company is the worlds sixth-largest manufacturer of Gelatin and has already seen interest from about a dozen companies, a person connected…
Celebrity Esports has gone into liquidation, months after securing partnership deals with the likes of Grenade, Primark and NOW, among others. The company, founded by Leo Skagerlind, was launched in March 2020 and looked to appeal to a wider audience with esports by using celebrities to take part in tournaments. In January 2021, Celebrity Esports…
From now on, RPs will also be expected to look into borrowing agreements that companies have entered into to find out if there have been any extortionate credit transactions There is no doubt the corporate insolvency resolution process (CIRP) hasnt quite lived up to expectations. Although the Insolvency and Bankruptcy Code is an excellent piece…