NEW DELHI: The Supreme Court on Monday held that the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them.The top court, however, did not extend the benefit…
Hospitality and tourism businesses continue to be the hardest hit due to the impact of COVID-19 with several closing their doors last month. There were 36 Queensland firms that collapsed into liquidation and administration in February, up from 27 the previous month. Revive Financial partner Jarvis Archer said his office had seen an increased number…
Tankers moored at Universal Terminals, the most valuable asset in the Lim family’s shipping and trading empire (Universal Terminals)By The Maritime Executive 03-01-2021 10:28:00 The liquidation of assets held by Singaporean shipowner and oil trader OK Lim (Lim Oon Kuin) is proceeding quickly, with about 50 out of the Lim family’s 150 barges and vessels…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
Specialty finance firm Greensill Capital headed toward a rapid unraveling after Credit Suisse Group AG suspended $10 billion of investment funds that fueled the SoftBank Group Corp. -backed startup. With a key source of financing frozen, Greensill has appointed Grant Thornton to guide it through a possible restructuring, and it could file for insolvency, the…
The Supreme Court Monday held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them. The top court, however, did not extend the benefit of moratorium on…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
The Pension Protection Fund (PPF) has published interim guidance on the Corporate Insolvency and Governance Act 2020 around the newly-introduced concepts of moratorium and financial difficulty mitigation arrangements. Under the act, a moratorium can be initiated by the directors of a company that, among other things, suspends payments of most historic debts and prevents action…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…