IBBI amends norms to streamline, ensure more transparency in insolvency resolution process – The Economic Times

Liquidation

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…

Winding-Up Petitions COVID-19 Temporary Restrictions Introduced by the Corporate Insolvency and Governance Bill … – Mayer Brown

Liquidation

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…

Australian fashion brand Nique enters voluntary administration in latest retail collapse – SmartCompany

Liquidation

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…

The UK Corporate Insolvency and Governance Act 2020 (CIGA) from a Pensions Perspective | Insights – Mayer Brown

Liquidation

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…

More challenges for brewers as Hawkers and Big Shed enter voluntary administration – Beer & Brewer

Liquidation

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…

Perth developer Taskers Living Development Company appoints liquidators – 7NEWS

Liquidation

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…

Allotted houses to stay out of liquidation: IBBI – ETRealty

Liquidation

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…

NCLT grants additional 60 days to finish Go First insolvency process – The Economic Times

Liquidation

New Delhi: The National Company Law Tribunal (NCLT) on Tuesday extended by 60 days the deadline for completion of Go First airline’s corporate insolvency resolution process (CIRP).Last month, the committee of creditors (CoC) of the budget carrier had directed the resolution professional (RP) appointed for the CIRP to seek an extension of 60 days from…