Insolvency and Bankruptcy Board of India (IBBI) data shows that, as of September 2022, creditors had realised INR2.43 trillion (USD 29.97 billion) of the INR7.19 trillion claimed through the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (code). Creditors have, therefore, taken an average haircut of 69 per cent. Clearly, the…
DetailsThursday, January 12, 2023 INTRODUCTION With the passage of almost six years since the introduction of the Insolvency and Bankruptcy Code, 2016 (IBC/Code), the Code has achieved substantial progress towards providing a robust insolvency resolution mechanism in the country. At the same time, we have also witnessed significant challenges in the effective implementation of the…
DetailsRob McLennan / 12 January 2023 Geelong-based disability services organisation Encompass will move into administration by the end of the week, sparking fears for the livelihoods of hundreds of casual and full time employees. Encompass, which operates homes for people with disabilities across a number of Geelong sites and provides a range of NDIS support…
DetailsThe Biden administration is pushing forward with another approach to tackling the student debt crisis while its main initiative, a plan to forgive up to $20,000 in student loans per borrower, remains stuck in legal limbo. Even if the debt-forgiveness effort is struck down by the courts, the Department of Education’s Plan B could help…
DetailsEditor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here! (Kitco News) – Sam Bankman-Fried published a lengthy pre-mortem of FTX on Thursday morning, detailing his claims about the activities, solvency, and possible…
DetailsSkift Take G Adventures founder Bruce Poon Tip wants to bring about change, both within his company’s organizational structure and across the global tourism playing field. He believes community is the route to take, as the company readies for seemingly long-overdue acquisitions. Selene Brophy G Adventures, the small group tour operator, is restructuring as G…
DetailsLiberty Steel UK has outlined details of the next phase of its restructuring, with about 440 jobs set to be affected. The company said that “in the face of the UK steel industry’s severe competitiveness issues” it planned to implement the next phase of its restructuring programme to ensure a sustainable future for its businesses…
DetailsFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Liberty Steel is to implement the next phase of its restructuring programme which could affect up to 440 jobs, the company has announced. Liberty, part of the GFG…
DetailsHistorically few bankruptcies in 2022 as well Change navigation 12/01/2023 15:00 ANP The number of companies declared bankrupt (including sole proprietorships), adjusted for court session days, increased for the fourth consecutive month in December. Statistics Netherlands (CBS) reports that there were 34 more bankruptcies in December than in November 2022. With the December figure being…
DetailsLiberty Steel UK has placed 440 jobs under threat through a series of actions to secure its future amid “unviable” market conditions. The company said high energy costs had combined with other uncompetitive factors and it was vital its operations were refocused. Liberty, part of Sanjeev Gupta’s GFG Alliance, said its Newport plant would be…
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