Mandatory monthly review of the progress of the resolution process, by the Committee of Creditors (CoC), disclosure of fair value to all stakeholders are among the amendments proposed by the Insolvency and Bankruptcy Board of India (IBBI) to make the Insolvency and Bankruptcy Code (IBC) process more transparent. Creditors dissenting on a resolution plan under…
A recent judgment of Justice Derrington in R.W. Pascoe Pty Ltd v Crimson Fresh Produce Pty Ltd (subject to deed of company arrangement) [2023] FCA 705 highlights the supervisory role to be played by the courts to ensure that a deed of company arrangement (DOCA) is for a proper purpose. In this case, the court…
In a bid to make the corporate insolvency resolution process more efficient and time bound, the Insolvency and Bankruptcy Board of India (IBBI) has proposed fresh changes such as holding monthly meetings of the Committee of Creditors and structuring the resolution plan to provide complete information and changes in the valuation methodology. In a discussion…
To streamline the corporate resolution process and prevent delay in implementation of the resolution plan, the Insolvency and Bankruptcy Board of India (IBBI) on Wednesday proposed amendments to some regulations. The insolvency and bankruptcy board has proposed to structure the corporate resolution plan into two parts — inflow of funds and distribution to various stakeholders…
High rates of insolvencies look set to continue as the latest quarterly insolvency statistics have been published for England and Wales. Whilst the statistics show a 2% dip from the second quarter of 2023, the number of insolvencies remains 10% higher than in 2022 and shows a return to pre-pandemic levels for compulsory liquidations and…
A perfect storm of economic issues has led to the highest Q3 corporate insolvency figures in more than two decades, with a combination of rising costs, director fatigue and increased creditor pressure meaning more firms are now turning to a corporate insolvency process to resolve their financial issues. This is according to the Midlands branch…
William ODwyer, the former managing director of companies in the Ralan Group, has pleaded guilty to six offences contrary to section 192E of the Crimes Act 1900 (NSW) following an ASIC investigation. Between about 17 April 2015 and 6 June 2018, Mr ODwyer, by deception, dishonestly obtained for companies in the Ralan Group the ability…
A NSW building company says it is on the brink of collapse after failing to pay a court-ordered refund to a customer and the regulator seeking to have it struck off the business register. The sole director of the company has notified a court of plans to place the business into liquidation, though it has…
Corporate Insolvency Resolution Process (CIRP for short) against a corporate debtor may be initiated by a financial creditor under Section 7 of the Corporate Insolvency and Bankruptcy Code, 2016 (Code for Short) or by an operational creditor under Section 9 of the Code. Section 10 of the Code allows a corporate applicant to file an…
Small businesses will witness more action from the ATO over outstanding lodgements and debt collection as it targets the $50.2 billion in collectable debt owed by the sector, according to a specialist in business restructuring and corporate insolvency at PwC. Chris Sequeira said the ATO was adopting a stricter stance with tax debts after its…