Behavioural change effectuated among debtors is one of the far-reaching spillover effects of the insolvency law, which is also facilitating the exit of distressed firms and thereby allocating scare economic resources for more productive use, the Economic Survey said on Tuesday. As many as 5,893 Corporate Insolvency Resolution Processes (CIRPs) had commenced by end-September 2022,…
‘).insertAfter(“.article-content__img”);$(“.article-content__img div”).find(‘div’).remove(); //]]> The Insolvency and Bankruptcy Code (IBC) has managed to bring about a change in the debtor-creditor relationship, with the fear of losing control over one’s enterprise nudging thousands of debtors to settle their dues with their creditors so that their company is not pushed into insolvency proceedings, the Economic Survey of 2022-23…
Representative image. The Economic Survey has found that 46 percent of Corporate Insolvency Resolution Processes (CIRP) have ended in orders for liquidation, since the inception of the Insolvency and Bankruptcy Code (IBC) in December 2016. The survey noted that 5,893 of CIRPs had commenced by end-September 2022, of which 67 percent have been closed. Of…
The Insolvency and Bankruptcy Code was the best measure for banks to recover bad loans in FY23, according to the latest edition of the Economic Survey.Since the inception of the code in 2016, 67% of the 5,893 corporate insolvency resolution processes that had commenced under the code by September 2022 had been closed, the survey…
New Delhi The Supreme Court on Monday dismissed Adisri Commercial’s appeals seeking stay on the insolvency proceedings initiated by RBI against its two debt-laden NBFCs – Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL). A Bench led by Chief Justice DY Chandrachud’s upheld the order of the National Company Law Appellate Tribunal (NCLAT) rejecting…
In parallel we will be exploring all options for bringing about a long-term sale of the business as a going concern and/or a recapitalisation of the business. One of BVAs biggest projects was developing Australias first national exclusion register for problem gamblers dubbed BetStop. The Australian Communications and Media Authority handed the work to BVA…
Australians have reacted with shock and confusion to the news that a beloved beer brewing company has collapsed into administration. On Tuesday, Brisbanes popular Ballistic Beer Company went into voluntary administration, according to a filing lodged with ASIC. The firm, which is one of Queenslands best-known independent brewing companies, has appointed Jason Stone and Paul…
Queensland brewing company Ballistic Beer Co has been put on ice as it enters voluntary administration. The beloved brewers dont plan on closing their doors for long, hoping a major restructure will help better the balance sheet. WATCH THE VIDEO ABOVE: New push for sugar tax for soft drink addicted Australians. For more Drink related…
A popular Queensland independent craft beer brewery company has collapsed and gone into voluntary administration. Brisbane-based Ballistic Beer Company entered voluntary administration on January 24, financial watchdog ASIC records confirmed. Jason Stone and Paul Allen from the accounting firm PKF in Brisbane have been appointed as administrators. READ MORE: ‘Disgraceful’: ‘Shonky’ car park ‘fines’ lashed…
East Anglian company directors are closing their businesses at a faster rate amid “insurmountable challenges”, an insolvency practitioners’ body has warned. Regional trade body R3 Eastern said corporate collapses were hitting a year-on-year high as firms faced “a perfect storm” ofeconomic turmoil and were increasingly leant on by creditors pursuing debts. Monthly statistics releasedby the…