New Delhi: The government on Monday introduced a Bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government…
DetailsArticle 0 Comments Personal residential insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate according to a July 22 order signed by the Florida Office of Insurance Regulation. The Florida Department of Financial Services must agree to receivership before the liquidation process can formally begin. Once the DFS signs off, Gulfstream customers will…
DetailsFollowing London High Court declaring businessman Vijay Mallya as bankrupt, the fugitive said the Enforcement Directorate is attaching his assets worth Rs 14,000 crores against debt of Rs 6,200 crores. He also levelled allegation that the banks are making him bankrupt since they have to return money to the ED. ED attach my assets worth…
DetailsFugitive Indian businessman, the 65-year-old chairman of UB Group, Vijay Mallya was declared bankrupt on Monday by the Insolvency and Companies Court of the London High Court.After being declared bankrupt by the British court allowing Indian banks to pursue his assets worldwide, Vijay Mallya launched a tirade on Twitter accusing lenders of making him bankrupt.…
DetailsVijay Mallya, who fled to the UK and has been fighting on multiple fronts to avoid extradition to India, owes more than 9,000 crore to the consortium of banks in principal and interest. After being declared bankrupt by a British court allowing Indian banks to pursue his assets worldwide, Vijay Mallya launched a tirade on…
DetailsThe government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed Micro, Small and Medium Enterprises (MSMEs). The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for the initiation of pre-packaged…
DetailsSydney, July 27, 2021 The latest Business Stress Report released by insolvency specialist firm, Dissolve, highlights a significant and unexpected downturn in corporate and personal insolvencies in Australia since the Covid outbreak. But rather than be a cause for celebration regarding the impact of Covid on Australian businesses, the Dissolve report identifies several underlying factors…
DetailsNow that we are on the road to recovery from the pandemic, what trends are you seeing around restructuring and bankruptcy filings? Rallis: With the end of lockdowns and the reopening of the economy, state and local governments will soon end, or have already ended, their eviction and foreclosure moratoriums, which will allow evictions and…
DetailsThe G20 leading economy grouping should adopt more adventurous policies on lending to hard-hit developing nations to help overcome global divergence generated by Covid-19. That was a principal message from the joint National University of Singapore-OMFIF seminar on 26 July onDebt sustainability and the future: Rebooting development finance. Professor Meghnad Desai, chairman of the OMFIF…
DetailsLaw360 (July 26, 2021, 4:33 PM EDT) — A New Jersey federal judge vacated a $29 million judgment for a Garden State enterprise that sued a Singapore business over defaulted loans, reasoning that the foreign company’s liquidation proceedings stripped its principals of the authority to take action in the litigation. Chief U.S. District Judge Freda…
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