Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October. Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was to ensure that viable businesses affected…
In the three months after the suspension on triggering insolvency was lifted on March 24, a total of 126 new corporate insolvency cases were admitted, according to the latest data released by the Insolvency and Bankruptcy Board of India (IBBI). Till June, about 47 per cent of the corporate insolvency resolution processes (CIRPs), which were…
By Express News Service NEW DELHI: Financial creditors have realised Rs 42,630 crore or 25.46% of their total claims under the insolvency resolution process in the April-June period of the current financial year (FY22), showed the latest quarterly newsletter of the Insolvency and Bankruptcy Board of India (IBBI). As many as 4,541 CIRPs (Corporate Insolvency…
By Express News Service NEW DELHI: Financial creditors have realised Rs 42,630 crore or 25.46% of their total claims under the insolvency resolution process in the April-June period of the current financial year (FY22), showed the latest quarterly newsletter of the Insolvency and Bankruptcy Board of India (IBBI). As many as 4,541 CIRPs (Corporate Insolvency…
Next Digital, which was founded by now-imprisoned tycoon Jimmy Lai, said in a stock exchange filing Sunday that its remaining four directors would step down, to best “protect shareholders, creditors, employees and former employees.” The directors are Chairman Ip Yut Kin, Louis Gordon Crovitz, Mark Lambert Clifford and Lam Chung Yan. It also said it…
Photo by WJFW Newswatch 12 Story By Morgan JohnsonLocal News Published 09/07/2021 2:56PM, Last Updated 09/07/2021 5:56PMPark Falls – The Park Falls paper mill has been sold, as of August 31, to Wisconsin Paper Personal Property LLC, and Wisconsin Paper Real Property LLC, which is a subsidiary of Maynard Industries. The mill, which is over…
Following the tribunals August 6 insolvency commencement order, Aditya Khaitan, promoter of the tea company, had appealed to the National Company Law Appellate Tribunal (NCLAT) for a stay on the CIRP initiation. NCLAT, however, hadnt granted a stay but admitted the plea. In a major relief to the financially-stressed Williamson Magor group, the National Company…
The Insolvency and Bankruptcy Code (IBC), which has now turned five, has helped rescue as many as 396 companies till June 30 this year this is from the 4,541 corporate insolvency cases that had commenced between December 1, 2016, and June 30, 2021, official data showed. A positive surprise Rescue essentially means the resolution plans…
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Tuesday adjourned till September 20 the hearing on a batch of petitions challenging the approval for the takeover of bankrupt-Videocon Industries by Anil Agarwal’s Twin Star Technologies.Through an interim order on July 19, the appellate tribunal had stayed the implementation of the resolution plan for…
SKSi Scotland has hired four senior insolvency staff in Scotland as it prepares for an insolvency Armageddon following the end of two key government Covid-19 support schemes. Alistair Dickson, director and head of Scotland at the accountancy firm, is growing his team ahead of the the Furlough Scheme and the Corporate Insolvency and Governance Act…