The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed Micro, Small and Medium Enterprises (MSMEs). The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for the initiation of pre-packaged…
Sydney, July 27, 2021 The latest Business Stress Report released by insolvency specialist firm, Dissolve, highlights a significant and unexpected downturn in corporate and personal insolvencies in Australia since the Covid outbreak. But rather than be a cause for celebration regarding the impact of Covid on Australian businesses, the Dissolve report identifies several underlying factors…
Now that we are on the road to recovery from the pandemic, what trends are you seeing around restructuring and bankruptcy filings? Rallis: With the end of lockdowns and the reopening of the economy, state and local governments will soon end, or have already ended, their eviction and foreclosure moratoriums, which will allow evictions and…
The G20 leading economy grouping should adopt more adventurous policies on lending to hard-hit developing nations to help overcome global divergence generated by Covid-19. That was a principal message from the joint National University of Singapore-OMFIF seminar on 26 July onDebt sustainability and the future: Rebooting development finance. Professor Meghnad Desai, chairman of the OMFIF…
Law360 (July 26, 2021, 4:33 PM EDT) — A New Jersey federal judge vacated a $29 million judgment for a Garden State enterprise that sued a Singapore business over defaulted loans, reasoning that the foreign company’s liquidation proceedings stripped its principals of the authority to take action in the litigation. Chief U.S. District Judge Freda…
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. TopicsInsolvency and Bankruptcy Code|NCLT|MSMEs Punishment would be meted out for offences related to pre-packaged insolvency resolution process The government on Monday introduced a bill in the Lok Sabha to…
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already…
The Nassau County Industrial Development Agency has agreed to help the retired community in Port Washington recover from a second bankruptcy for the first time in seven years because of concerns about the welfare of the elderly. The split IDA Board last week resolved to issue additional bonds and give Amsterdam on the harborside an…
In a major setback for Vijay Mallya, the London court on Monday declared the fugitive businessman bankrupt. The verdict will help the consortium of Indian banks led by the State Bank of India in recovering debt from loans worth Rs 9,000 crore by seizing his assets. Read the full article at: https://www.latestly.com/quickly/india/news/fugitive-businessman-vijay-mallya-declared-bankrupt-by-london-high-court-2678878.html
NEW DELHI: Fugitive businessman Vijay Mallya was declared bankrupt by a UK court on Monday, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines.“As at 15.42 [UK time], I adjudicate…