PSU banks must see reforms at institutional level; insolvency resolution must be quicker: HSBC corporate head – Moneycontrol.com

Liquidation

Public sector banking must see material reforms at an institutional level with quick resolution for large stressed accounts, to preserve the daily erosion of value of assets under insolvency and bankruptcy code (IBC), according to a senior executive at HSBC. In an interview with Moneycontrol, Rajat Verma, Managing Director and Head corporate banking, commercial banking…

Doughnut Time Staff Are Seriously Confused About The Future Of The Company – BuzzFeed News

Liquidation

Numerous employees of the once-hugely popular doughnut franchise Doughnut Time were notified on Friday evening that the company would be put into liquidation after a deal between owner Damian Griffiths and former CEO of the company Dan Strachotta allegedly fell through. The company’s internal message board erupted with confused and angry messages from employees, many…

Companies can survive the retail apocalypse if they own intellectual property: Former Toys R Us CEO – CNBC

Liquidation

Retailers can survive the retail apocalypse if they control their intellectual property, said Gerald Storch, CEO of Storch Advisors, a retail advisory firm. “If [a company] is vertical, the margin is much richer,” Storch told CNBC, referring to a company that owns its own supply chain. “You can afford to play on the internet, which…

Insolvency law: Government to review sale ban on guarantors’ personal assets – Economic Times

Liquidation

NEW DELHI: The government will review the issue of the bar on liquidating the assets of those who have given personal guarantees against loans when it comes to companies undergoing insolvency resolution, officials said. There is already arestriction on similar seizures with regard to guarantees made by corporates. This stems from a recent ruling of…

Our experience with insolvency code has been encouraging: IFCI – Business Line

Liquidation

IFCI, a government company, is enthused over the Insolvency and Bankruptcy Code (IBC) process, stating that its experience so far has been “encouraging”. This company is now making “judicious use” of the IBC to address corporate restructuring issues, which includes recovery, V Satya Ventakata Rao, Executive Director, IFCI told BusinessLine here. As on date, IFCI…

India’s telecom consolidation war claims another bankruptcy – Nikkei Asian Review

Liquidation

MUMBAI The fierce competition in India’s telecommunications sector has claimed another victim: Aircel, the Indian unit of Malaysia-based Maxis Communications. Aircel said on Feb. 28 that it had filed for bankruptcy in the local courts. The move by the last surviving small telecom operator signals that the end may be near for industry consolidation. Aircel’s…