Almost two-thirds of all businesses could be at risk of insolvency, according to official figures that reveal the UK could suffer a flood of bankruptcies over the coming months. The Office for National Statistics (ONS) said that 64% of businesses across all industries were at risk of insolvency last month, with 43% of companies running…
Finance ministers and central bankers from the worlds largest economies plan to hold an extraordinary meeting on Nov. 13 to discuss bolder action to help poor nations struggling to repay their debts. The Group of 20 ministers plan to meet a week prior to the annual gathering of heads of government on Nov. 21-22, according…
Khaitan & Co advised Resolution Professional and PwC. Payne Realtors Private Limited completed a corporate insolvency resolution process. The resolution plan submitted by City Gold Entertainment Limited has been approved by the NCLT and being implemented. Payne Realtors Private Limited provides civil engineering services. The Khaitan & Co team was led by Partner Siddharth Srivastava…
LONDON: Creditors have approved a proposed individual voluntary arrangement (IVA) by Pramod Mittal, brother of one of the worlds richest men, Lakshmi Mittal, in which he is offering to pay back just 4.4 million (Rs 42 crore), after costs, of the 2.5 billion (Rs 24,000 crore) he owes them.He can now apply to get his…
The Kroger Co. is undergoing a transition that will affect an unspecified number of corporate office employees in Cincinnati, a spokesperson for the company confirmed to WGB this week. The company, in the meantime, said it would add about 140 positions as part of a restructuring of its technology and digital group, with many of…
SAN FRANCISCO, Oct. 28, 2020 /PRNewswire/ –SoFi, the digital personal finance company, announced today that it has launched its first-ever credit card, which incentivizes healthy financial habits and delivers on its mission to help people get their money right. Carrying no annual fee, the card, for which Mastercard is the exclusive card network, provides up…
Last year, NatWest introduced a unique partnership with gambling charity GamCare to provide support, advice and treatment for gamblers and their loved ones experiencing harm. This included the option to block credit cards allowing customers to take control of their spending and block all transactions linked to gambling. The bank has now introduced this measure…
FRP, the specialist business advisory firm, has appointed Emma Turnbull as a restructuring advisory director in Scotland. During a 15-year career Ms Turnbull has gained extensive experience working with a wide range of firms across the retail, oil and gas and real estate sectors on both consensual and non-consensual restructuring issues. She spent nine years…
New Delhi, Oct 28 (PTI) The Supreme Court Wednesday said it would pass orders on a batch of pleas filed by Insolvency and Bankruptcy Board of India (IBBI) seeking transfer of all petitions pending before different high courts challenging the provisions of IBC with regard to personal insolvency. A bench of Justices L N Rao,…
J.C. Penney was one of the lucky ones, if you can call any company in bankruptcy lucky. The retailer filed for Chapter 11 in May without a definitive plan for what would come next. The company had a reorganization agreement with lenders, but it came with contingencies and milestones that could potentially have allowed for…