NEW DELHI: The pre-pack framework for stressed assets under the insolvency law is a “liquidation-remote resolution mechanism” and will also help in avoiding protracted legal battles as there will already be a broad understanding among stakeholders concerned, according to IBBI chief M S Sahoo.To help stressed MSMEs (Micro, Small and Medium Enterprises), the government has…
DetailsReorganization is now increasingly favored over liquidation, according to an analysis of COVID-era corporate bankruptcy filings by S&P Global Market Intelligence. Almost 62% of corporate bankruptcy filings last year sought to reorganize or restructure, the highest watermark since 2010, according to S&P dataand 2021 filings are set to outpace last years numbers. Conversely, in 2018…
DetailsThe acquisition of Finance Active was a strategic move by Altus after the amount of debt around the world hit an all-time high in 2020. 6 Apr 2021, 11:21 | Karl Tomusk Altus Group has acquired debt management software provider Finance Active SAS for 106.5m The integration of Altus and Paris-based Finance Active will enable…
DetailsStruggling businesses have been handed additional assistance after the Government extended changes to insolvency laws that were brought in during the pandemic. In response to the coronavirus pandemic and the resulting lockdown measures, the Government introduced the Corporate Insolvency and Governance (CIG) Act to bring in new tools to give struggling firms “the time they…
DetailsBy Reuters Staff 2 Min Read (Corrects to show D-reizen Dutch-owned since December 2020, paragraph three) AMSTERDAM, April 6 (Reuters) – D-RT Group, the parent of Dutch tour operator D-reizen, has been declared bankrupt, a court spokesman said on Tuesday, potentially affecting more than 1,000 employees. The Netherlands has largely avoided corporate bankruptcies during the…
DetailsD-RT Group, the parent of Dutch tour operator D-reizen, has been declared bankrupt, a court spokesman said on Tuesday, potentially affecting more than 1,000 employees. The Netherlands has largely avoided corporate bankruptcies during the pandemic as employers are able to receive government support to continue paying employees. “This is a pitch black day for us”…
DetailsTopline The International Monetary Fund announced Monday it would not ask 28 of the worlds poorest countries to make debt payments through October, extending its relief period as Treasury Secretary Janet Yellen said she’s worried 150 million people could be pushed into extreme poverty because of the Covid-19 pandemic. Treasury Secretary Janet Yellen listens during…
DetailsSeeking to provide a quicker and value-maximising outcome for stressed MSMEs, the government has introduced a pre-packaged resolution process for such enterprises by amending the insolvency law. Now, Micro, Small and Medium Enterprises (MSMEs) can seek resolution for their stress through the pre-packaged process under the Insolvency and Bankruptcy Code (IBC). An ordinance was promulgated…
DetailsWashington, DC: The Executive Board of the International Monetary Fund (IMF) approved on April 1, 2021 a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT). This approval follows two prior tranches approved on April 13, 2020 and October 2, 2020, respectively (see Press…
DetailsThe Centre has taken the Ordinance route to introduce pre-packaged insolvency resolution process (pre-pack) for companies classified as micro, small and medium enterprises (MSMEs). India has 6-7 lakh companies that are classified as MSMEs, which could potentially benefit from the newly-introduced pre-packaged insolvency framework. A pre-packaged insolvency in the Indian framework context is an arrangement…
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