NEW DELHI : Unviable companies liquidated under the Insolvency and Bankruptcy Code (IBC) far outnumbered those rescued since the new bankruptcy framework came into force four years ago, indicating the challenges facing the economy. Official data showed that almost in every quarter since January 2017, the number of businesses that were ordered to be liquidated…
The nation’s number two carrier collapsed into administration in April last year after the COVID-19 pandemic and associated border closures led to steep falls in domestic and international travel. The VAIH shell company also went voluntary administration but was revived shortly after US-headquartered Bain took control of Virgin in November following a fierce bidding war…
Creativity and innovation are at the top of the priority list for Surfstitch this year, as the fashion retailer is set to develop a new range of initiatives, including its new third-party logistics service, a new app and product categories. The e-commerce retailer went into voluntary administration in 2017 and was eventually acquired by Alceon…
Introduction Petitioner Insolvency Just and equitable Consequences of presentation of a petition Grand Court’s discretion Introduction A Cayman Islands company may be wound up either voluntarily according to its articles of association or compulsorily by the Grand Court. This article provides an overview of the compulsory process. In certain circumstances, the Grand Court may recognise…
The government is likely to amend the Insolvency and Bankruptcy Code (IBC) to introduce pre-packs as a resolution mechanism, according to a government official aware of the developments. A pre-pack is an agreement for a distressed companys debt resolution between secured creditors and investors instead of a public bidding process, as under the Corporate Insolvency…
Capital markets regulator Sebi on Friday provided certain exemptions to alternative investment funds (AIFs) with regard to an investment committee framework. The exemption in AIF rule is conditional upon a capital commitment of at least Rs 70 crore from each investor accompanied by a suitable waiver, Sebi said in a notification. So far, manager was…
Business Standard The future phases would cover a default above Rs 1 crore, followed by Rs 1 to Rs 1 lakh TopicsMCA|Insolvency and Bankruptcy Code|Coronavirus Vaccine The Ministry of Corporate Affairs has proposed a framework for prepackaged insolvency resolution process that may be implemented in phases to give priority to Covid-related defaults for which the…
Australian Fashion Labels has entered voluntary administration and is holding urgent talks with a potential buyer, according to administrator Duff & Phelps. The fashion house, co-founded by Melanie and Dean Flintoff, operates labels BKNR, Finders Keepers, C/MEO Collective, Keepsake and The Fifth Label. According to Marcus Ayres, partner at Duff & Phelps, the business employees…
A steep increase in corporate failures is expected in the coming weeks as debt holidays introduced during COVID-19 come to an end. In December there were 46 company liquidations and five administrations across Queensland with high profile closures including national lingerie retailer Big Girls Don’t Cry (Anymore), Noosa eatery Madmegs & Co and a key…
Adelaide-based fashion retailer Australian Fashion Labels has collapsed into voluntary administration, putting 57 jobs at risk as the COVID-19 pandemic continues to put pressure on Australias retail sector. Marcus Ayres and Brett Lord of Duff and Phelps were appointed as voluntary administrators of the business on Wednesday and are now seeking a buyer or the…