Five years ago, the Insolvency and Bankruptcy Code (IBC) was passed by the Parliament, bringing about a structural change in the framework that governs the corporate insolvency resolution process in India. The IBC provides for a time-bound resolution of firms, addressing the vexed problem of firm exit in India. It has strengthened the hands of…
DetailsThe governments move to amend the insolvency law to allow pre-packaged insolvency resolution plans for micro, small and medium enterprises (MSME) with defaults of not more than 1 crore is welcome. The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, that seeks to replace an Ordinance, will enable the creditor and the debtor to informally work…
DetailsBy Kevin PeacheyPersonal finance correspondent, BBC News image copyrightGetty Images A plan has been brokered to cut down on aggressive debt collection by bailiffs as warnings of a post-pandemic surge in debt problems intensify. The agreement should see a new independent new body – the Enforcement Conduct Authority (ECA) – set up to ensure unfair…
DetailsFeeling guilty about swiping your credit card? Youre not alone: Almost 40% of Americans carried a balance on active credit cards in the last quarter of 2020, according to the American Bankers Association. Americans had over $761 billion in credit card debt in early July, and even that number is down from pre-pandemic high of…
DetailsChuck Schumer and Natalia Abrams, Opinion contributors Published 12:47 p.m. ET July 27, 2021 | Updated 1:13 p.m. ET July 27, 2021 Canceling student loan debt would be a bold step toward opportunity for millions, and reverse decades of economic injustice for people of color. Wilson Montoya immigrated to New York from Colombia and went…
DetailsTHE renowned Lorne Hotel in the west end of Glasgow has been put up for sale as administrators take steps to liquidateits owning company. Thirty staff were made redundant in May when administrators at Interpath Advisory, the former restructuring arm of KPMG, were appointed to Bellhill Limited, reports our sister title The Herald. The hotel,…
DetailsJaparas expected to cost Calvary more than $550 million. Its $1.40 a share bid valued Japaras equity at $375 million, while the company had net debt worth $208 million as it most recent results (for the six months ended December 31). The bulk of the debt was to help fund developments. The deal marks a…
DetailsPublic and private sector banks, non-banking financial institutions, and other financial lenders to companies undergoing corporate insolvency resolution process (CIRP) have taken a cumulative haircut of Rs 3.22 lakh crore or 61.2 per cent of their admitted claims since the Insolvency and Bankruptcy Code (IBC) regime was rolled out five years ago, data analysed by…
DetailsBy James NaughtieBBC News media captionJohn Stonehouse: The MP who faked his death Ask anyone today who it was in the 1970s who left his clothes on a beach and wandered into the sea in search of a new life, and the answer would probably be Reginald Perrin, not John Stonehouse. Yet the enduring comedy…
DetailsBusinesses have always thrived through expansion, synergy and efficiency. Size does matter, but small and lean operations can prove to be very profitable. To deal with this apparent paradox, large multinationals need to be agile in the structuring of their operations. In the late 1980s and early 1990s, several tax regimes were implemented to help…
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