By Express News Service With corporate insolvency completing two years, experts say its about time to notify personal insolvency law for individuals with business debt and personal guarantors. Renuka Sane, associate professor, NIPFP, in a recent paper on the need and the way forward for a personal insolvency law noted that several facets of the…
The Society of Insolvency Practitioners of India held a round-table last month where they deliberated the shortcomings of the Liquidation Regulations, 2016. Participating members comprised representatives from Insolvency and Bankruptcy Board of India, senior partners from leading law firms, representatives from State Bank of India, insolvency professionals and stakeholders. The key concern, according to a…
St. Albert MLA Marie Renaud says the prospect of a regulated online gambling option andmore provincial revenue is a positive move. The Alberta Gaming, Liquor and Cannabis Commission (AGLC), a provincial agency, is searching for contractors that offer online gaming services. The commission has issued a request for proposals and aims to give residents access…
The threat of invoking IBC is itself enough to prevent defaults and to reinstate the sanctity of debt contract. ByK Srinivasa Rao The judgment of the Supreme Court upholding the legal sanctity of Insolvency and Bankruptcy Code (IBC) can bring a tectonic shift in the loan repayment culture. It asserts that the defaulters cannot bid…
The number of companies that entered insolvency rose 10 per cent in 2018, the highest level since 2014, according to official insolvency statistics. Data, published by the UK government today (January 29), revealed 16,090 companies entered insolvency in 2018 and 3,949 of those took place in the fourth quarter of 2018. When compared with figures…
SINGAPORE, Jan. 29, 2019 (GLOBE NEWSWIRE) — ASLAN Pharmaceuticals (Nasdaq:ASLN, TPEx:6497), a clinical-stage oncology-focused biopharmaceutical company developing novel therapeutics for global markets, today announced a strategic corporate restructuring to focus its resources on its lead clinical programs: varlitinib in biliary tract cancer (BTC), ASLAN003 in acute myeloid leukaemia (AML) and ASLAN004 in atopic dermatitis. ASLAN…
// Gerry Weber begins insolvency proceedings after financing talks breaks down // 580 staff at risk // Retailer assures it is safeguarded until at least 2020 Gerry Weber has applied for the court order of preliminary insolvency proceedings under self-administration after talks with its finance partners broke down. The requested preliminary insolvency exclusively applies to…
The National Company Law Tribunal on Tuesday rejected the settlement offer put forth by the promoters of Essar Steel Limited, saying the proposal violated a section of the Insolvency and Bankruptcy Code, Reuters reported. The Ruia family made the offer on the day the Committee of Creditors approved ArcelorMittals resolution plan for the insolvent Essar…
In a notable order passed recently, the Supreme Court permitted the withdrawal of Corporate Insolvency Resolution Process(CIRP) even after the Resolution Professional issued invitation for expression of interest from resolution applicants to submit resolution plans under Regulation 36A of CIRP Regulations 2016. As per Regulation 30A, withdrawal of insolvency application has to be sought before…
MUMBAI: While the number of insolvency cases are expected to pile up over the next few quarters, timely conclusion of cases within the law mandated 180-270 days can free up as much as Rs 67,000 crore to the system, says a report. Since the bankruptcy law came into being from May 2016, close to 3,000…