Super priority lending (also known as rescue financing) has been recognized in many jurisdictions. In India, it has now been expressly covered, to some extent, under the Insolvency and Bankruptcy Code, 2016 (IBC). It falls under the realm of interim finance, which is provided during the corporate insolvency resolution process of an Indian corporate debtor…
DetailsLast year corporate deaths rose to levels not seen in five years. On almost every level, personal and company insolvencies are rising, and fast, according to the Insolvency Service. It is bleak news in a bleak midwinter. Maybe that is not a surprise.HMV and House of Fraser were just two of the high street names…
DetailsPERSONAL insolvency in Caloundra was up 35 per cent last quarter with 27 people applying for bankruptcy. That is compared with 20 for the previous quarter, according to data released by the Australian Financial Security Authority. While individuals in Caloundra were hard hit, business-related insolvencies were down from 11 to four. Across the Sunshine Coast…
DetailsAt the suggestion of various family members, I turned to the famed 5:2 diet, in which you eat normally for five days and fast for two days each week. Within a month I had shed four kilograms. Loading For me, 5:2 was like a factory reboot: it quickly and effectively reset my settings. It helped…
DetailsThe interests of banks, financial institutions and other lenders and recovery of loans advanced by them is at the heart of the insolvency framework introduced by the Insolvency and Bankruptcy Code, 2016 (code). Although the code has been brought into being to protect the interests of the lenders, no lender wants a transaction to enter…
DetailsA UNIVERSITY admin worker has declared bankruptcy, almost six years after she told a group of students to leave an indigenous-only computer lab at the Queensland University of Technology. Cindy Prior became the subject of a nationwide debate around racial discrimination when she told a handful of QUT students to leave the lab in May…
DetailsSir, A letter from the Community Action Network in relation to the Abhaile scheme (January 30th) implies that as the recently published report shows that 30 per cent of people who have received advice on foot of the scheme have a solution in place or will have within one year of taking up advice, therefore…
DetailsGreenSpace will reap CAD1.8m from the deal and also royalties based on revenue Loss-making Canadian food manufacturer GreenSpace Brands is undergoing a strategic restructuring process which will include the disposal of its Rolling Meadow Dairy brand and a reduction in its headcount. Nine jobs are set to go as part of changes to the business…
DetailsThe Insolvency and Bankruptcy Code, 2016, has been construed as a complete code. Based on that construction and noting that the code contained no provision expressly making the Limitation Act applicable, and as the act could not be considered as applicable by necessary implication, time-barred debts were allowed to trigger insolvency proceedings. To remedy this,…
DetailsThe Australian-grown cosmetics empire Napoleon Perdis Group has gone into voluntary administration, putting jobs and 56 local stores at risk. Company directors had been trying to find a buyer for the makeup chain for months. The administrators Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency Accountants will now consider a restructure or pursue…
Details