The Insolvency and Bankruptcy Board of India (IBBI) has mandated resolution applicants to furnish performance security in corporate insolvency process. This has been stipulated to ensure that corporate resolution plans, once approved, are not withdrawn on a whim. The idea is to encourage only those resolution applicants who are genuine, credible, and capable of submitting…
The resolution professional would also have to attach the evidence of the performance security while submitting the resolution plan with NCLT for approval. Months after UK-based Liberty House failed to meet its payment commitment to acquire stressed Amtek Auto, the insolvency regulator has tightened regulations to mandate that successful resolution applicants will have to provide…
How are businesses in the U.K. faring as Brexit looms? Not well, if a boom in insolvency and restructuring advice and the level of unpaid tax bills are any guide. Members of the trade body R3, which represents restructuring advisors, are anecdotally reporting increasing demand for help and advice from businesses and individuals, according to…
NEW YORK, Jan. 24, 2019 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of The Goldman Sachs Group, Inc., Nova LifeStyle, Inc., Yangtze River Port and Logistics Limited, and YRC Worldwide Inc. Stockholders have until the deadlines listed below to petition the…
IKEA US President Lars Petersson is set to retire at the end of August 2019. Javier Quiones, the retail manager of the chains UK and Ireland divisions, will take his place. Petersson worked at IKEA for 36 years and will remain with the company through the summer as a senior advisor. IKEA US President Lars…
The Supreme Court on January 25, 2019 upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC). A Bench headed by Justice R.F. Nariman upheld the constitutional validity of the code in its entirety. However, the apex court said that related parties in the Act should mean a person connected with the business. The…
When is BTs earnings date? BT Group will report third quarter (Q3) results on Thursday 31 January. This will cover the three months to the end of December 2018. Who is BT Groups new chief executive Philip Jansen? The results mark the end of Gavin Pattersons two year tenure as CEO of BT as he…
Kerala Governor P Sathasivam Friday came down on the Union government for “penalising” the state for its achievements in various fields and sought a restructuring of Centre-state relations. Delivering his customary policy address in the state Assembly marking the beginning of its 14th session, he said the restructuring should be in such a way…
The economy could see more businesses becoming insolvent, with the number of trade credit insurance claims shooting up 41% in the December quarter from a year earlier. Data collected by National Credit Insurance (NCI) puts the value of each claim at about $97,000. Last year insurers paid out $64 million in trade credit claims, which…
HYDERABAD: The National Company Law Tribunal (NCLT), in a first, has passed orders restraining others from using the brand name and trademarks of a corporate debtor — Servomax India — currently undergoing corporate insolvency resolution process (CIRP). NCLT has stepped into the issue of brand protection and trademark enforcement responding to the plea of resolution…