Law360 (July 9, 2021, 7:17 PM EDT) — A pandemic-triggered surge in corporate restructuring filings in 2020 trickled to a drizzle in the first half of 2021, but bankruptcy professionals don’t know if that slowdown will last, as favorable financial conditions wane and uncertainty increases over the spread of a coronavirus variant. The glut of…
Insolvency proceedings against OYO Hotels and Homes Pvt Ltd (OHHPL) have been dismissed by the National Company Law Appellate Tribunal (NCLAT) despite multiple hoteliers claiming unpaid debts by the company. Why was OYO undergoing insolvency proceedings? OYO was undergoing insolvency proceedings over a Rs 16-lakh claim made by a Gurgaon-based hotelier against the company. Newsletter…
In this article Paul Pritchard, Managing Director of our European Tax Advisory team discusses how the deemed release rules apply to transactions in debt rights. This is an extract from Tax Journal, first published on June 17, 2021. The whole publication is available at https://www.taxjournal.com/articles/-debt-restructuring-deemed-releases. The impact of the pandemic may necessitate a financial restructuring…
SG/SM/20819 Following are UN Secretary-General Antnio Guterres remarks, as prepared for delivery, to the third Group of 20 (G20) meeting of finance ministers and central bank governors, held today: We are now in the second year of a global pandemic that has killed 4 million people. Extreme climate events regularly devastate vulnerable communities. You have…
LAVAL, QUE. — After speaking to some 20 families who lost millions in deposits when local real estate developer Bel-Habitat went bankrupt last week, Laval Mayor Marc Demers is promising support. “Given the magnitude of the situation, we have asked the general management to look at the tools we have available to help you,” he…
In 2020, the Dutch government, like many others, implemented various temporary measures aimed at providing immediate financial leeway to the business community to cope with the financial consequences of the pandemic. Such measures include non-tax schemes, like extended governmental business loan guarantee schemes and non-refundable temporary emergency schemes for job retention. There are also several…
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Crown Resorts has claimed it could default on hefty debts impacting thousands of innocent employees if its Melbourne licence is not renewed. The companys Victorian operation, under the microscope of a royal commission into whether it can retain a licence, wrote a letter to the state government last week requesting a meeting to discuss its…
BSE has revealed the manner of dealing with companies undergoing Corporate Insolvency Resolution Process. BSE in a release said, “SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (“LODR Regulations”) was amended in the year 2018 vide SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018, and point 16 was inserted in Para A of…
Corporate bankruptcies have gone up By the results of the first half of the year, the number of corporate bankruptcies in Russia has increased for the first time since 2017, according to the statistics published by the Fedresurs service on 7 July. In comparison with the first half of 2020, this year the growth has…