Indian banks have traditionally used personal guarantees of company promoters as insurance to offset limited institutional recourse to debt recovery. A personal guarantor stands surety through a legal contract. Based on early experience of the Insolvency and Bankruptcy Code, GOI in 2019 brought personal guarantors into its ambit. It allows financial creditors to invoke personal…
The Insolvency and Bankruptcy Board of India (IBBI) on 18 September notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023. This introduces a set of amendments to the regulations governing the insolvency resolution process for corporate entities in India. To facilitate smooth conduct of corporate insolvency…
Customers of a collapsed building firm have been left fuming after airing out their concerns to the master franchisor months ago but being turned away. Last Friday, news.com.au reported that Western Australia-based RPH Australia Pty Ltd with the trading name GJ Gardner Perth West had gone into liquidation. The exact amount of its liabilities remains…
A victim of a collapsed building firm is furious because the liquidators are chasing his business for money even though hes already thousands out of pocket. Callum Phillips traffic business, Synergy Traffic Management, is currently facing a $63,000 loss due to the liquidation of a contractor on a major railway project in regional Victorian. But…
In the matter of Premier Energy Resources Pty Ltd [2023] NSWSC 1185, the Administrator unsuccessfully sought an order validating his appointment where he failed to investigate allegations that his appointment documents included a directors forged letter of resignation. Key takeaways Administrators must investigate any doubts or allegations concerning the validity of their appointment and bring…
By Brett Lackey For Daily Mail Australia Published: 16:37 AEDT, 9 November 2023 | Updated: 19:30 AEDT, 9 November 2023 In a positive sign for Australia’s cultural capital of Melbourne, a popular craft brewery will remain in business after scraping through a brutal few years of… Read the full article at: https://www.dailymail.co.uk/news/article-12728343/Melbourne-craft-beer-Bad-Shepherd-Brewing-successfully-administration-lockdown.html
The Supreme Court ruling on Thursday upholding the constitutionality of the Insolvency and Bankruptcy Code (IBC) is expected to help lenders of companies under resolution and facilitate hearings in insolvency petitions against personal guarantors, according to experts. The judgment passed by the Supreme Court would further strengthen the financial sector as the personal guarantors to…
It comes after a perfect storm” of economic issues led to the highest third quarter (Q3) of corporate insolvency figures in more than two decades. Garry Lee, regional chair of the UKs insolvency and restructuring trade body R3, said: Trading conditions are tough right now. People are worried about money and reluctant to spend on…
Ghanas journey towards an improved business environment has been punctuated by key legislative milestones, including the enactment of the Companies Act in 2019 and the Corporate Insolvency and Restructuring Act in 2020, of which GARIA has been at the forefront of advocacy, with the support by the Office of the Attorney-General and Ministry of Trade…
marks a significant step forward in enhancing the business framework in Ghana The Ghana Association of Restructuring and Insolvency Advisors (GARIA) has unveiled the maiden edition of the Corporate Insolvency and Restructuring Journal, marking a significant step forward in enhancing thought leadership in the business framework space in Ghana. Ghana’s journey towards an improved business…