Temporary Insolvency Proceedings Ending in the UK – The National Law Review

Tuesday, September 14, 2021 The UK governmenthas announcedthat temporary restrictions on creditor action introduced in the Corporate Insolvency and Governance Act 2020 are to be phased out. These temporary restrictions were put in place to protect businesses in financial distress, as a result of the coronavirus (COVID-19) pandemic, from being forced into insolvency. The current…

Liquidation as a going concern is an effort to maximise value & save firms under insolvency | INTERVIEW – The Financial Express

Nitin Jain is the official liquidator for PSL Group — recently liquidated as a going concern. In an effort to maximise the value of a company undergoing insolvency proceedings, the bankruptcy court has allowed for liquidation of the company as a going concern. This amendment tries to stitch all the assets of the company as…

Embattled Evergrande warns of growing default risks as pressures mount – Reuters

HONG KONG/SHANGHAI, Sept 14 (Reuters) – Cash-strapped property group China Evergrande Group (3333.HK) said on Tuesday it has engaged advisers to examine its financial options and warned of default risks amid plunging property sales, sending its stock and bond prices sharply lower. The real estate giant has been scrambling to raise funds it needs to…

China property giant Evergrande admits debt crisis as protesters besiege HQ – The Guardian

Property giant China Evergrande Group has said that it cannot sell properties and other assets fast enough to service its massive $300bn debts, and that its cashflow was under tremendous pressure. Only hours after angry investors besieged its Shenzhen headquarters and the company denied it was set for bankruptcy, Evergrande issued a statement to the…