This would protect a company from claims being brought while its pursuing a scheme, Ashurst insolvency partner Alinta Kemeny said. US Chapter 11 Ms Kemeny said the current schemes of arrangement framework already allowed for a debtor-in-possession model, but a costly court-driven process meant it was primarily used only by large corporations. The Ashurst partner,…
DetailsAustralian Treasury As part of our economic recovery plan, the Morrison Government is pursuing further measures to improve Australias insolvency framework for both small and large businesses. In the 2020-21 Budget, the Government announced the most significant reform to Australias insolvency framework in 30 years. These reforms, which came into effect on 1 January 2021,…
DetailsInsolvent Laurentian University has cleared a critical obstacle to move forward on its plan for eventual financial stability after a judge on Sunday agreed to the terms of a stay that would protect the university from its creditors until Aug. 31. Justice Geoffrey Morawetz of Ontario Superior Court has agreed to allow the university to…
DetailsJetstar will undertake a hiring blitz in response to the growing demand for domestic travel. Picture: NCA NewsWire / Paul Jeffers Jetstar will go on a hiring blitz to fill hundreds of new roles as airline switches some of its grounded international fleet towards domestic flights which are surging in demand. Jetstar chief executive Gareth…
DetailsNCP multi storied car park, Foundation Street, Ipswich, Suffolk, England. Photo: Geography Photos/Universal Images Group via Getty Images Car park giant NCP has started a formal “last resort” process to pull out of contracts for unprofitable parking facilities and implement cut rents, as it reels from the impact of stay-at-home orders due to the coronavirus…
DetailsAs against CIRP, which follows creditor in control model, the pre-pack process would work on debtor in possession model. By Harish Kumar and Itee Singhal Ease of Doing Business for MSMEs: The pre-pack insolvency resolution process (pre-pack process), which has been in many discussions since the publication of the Insolvency Law Committees (committee) recommendations on…
DetailsBy David Milliken 3 Min Read LONDON (Reuters) – Company insolvencies in England and Wales fell to their lowest level in more than 30 years during the first three months of this year, as government support measures helped businesses hit by the coronavirus pandemic to ward off bankruptcy. FILE PHOTO: A woman exercises with a…
DetailsHainan Airlines Holding, the aviation unit of debt-laden Chinese conglomerate HNA Group, has posted the biggest-ever annual loss among listed Chinese companies. Hit by the outbreak of Covid-19 and provisions for asset losses linked to a restructuring at its parent firm, the Haikou-based carrier reported a loss of 64 billion yuan (US$9.9 billion) for 2020,…
DetailsROLLE, Switzerland–(BUSINESS WIRE)–Garrett Motion Inc. (Garrett) today announced it has emerged from its pending Chapter 11 cases, successfully completing the restructuring process and implementing the Plan of Reorganization (Plan) that was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on April 23, 2021. With the support of a significant majority…
DetailsHONG KONG — Ping An Insurance Group and other investors have agreed to contribute to an $11.3 billion bankruptcy restructuring package to secure and rejuvenate a financially troubled corporate empire established by China’s top university. Peking University Founder Group (PKU Founder), a state-owned conglomerate founded by the university, has been in a Beijing court-supervised bankruptcy…
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