Regional insolvency and business recovery specialists McTear Williams & Wood said IBTC Limited – the company trading as International Boatbuilding Training College – will close its doors with effect from today. It will see 11 staff being made redundant at the college at Oulton Broad with its assets being sold off in the new year. In a statement…
NEW DELHI : The Supreme Court on Friday upheld the claims, amounting to more than ₹10,952 crore, of four indirect creditors of Reliance Infratel Ltd, the tower and fibre business of Anil Ambani’s telecom company Reliance Communications Ltd (RCom). Reliance Infratel’s total debt exceeds ₹41,055 crore. In 2022, the National Company Law Appellate Tribunal (NCLAT)…
BEIJING — Just as a single decisive move can energize a chess game, China”s latest initiative to address local government debt risks marks a crucial step in revitalizing the growth prospects of the world’s second-largest economy. The move comes as China gears up to navigate economic headwinds both at home and abroad, with a supportive…
The valuation of Indian real estate sector has witnessed a surge like none other. To wishful buyers, the sector still reeks of repulsive practices. Application of legal conventions such as RERA (Real Estate Regulation Act) and subsequently Insolvency and Bankruptcy code to tackle defaulting realtors have been some assurances from lawmakers. In the words of…
While there are many challenges that come with building a house, it probably can’t get much worse than hearing your builder has gone bankrupt and that work to your home has stopped, effective immediately. The so-called ‘profitless building boom’, triggered by the COVID pandemic, is still playing out in the Australia construction sector, seeing thousands…
PT Sri Rejeki Isman Tbk (SRIL), commonly known as Sritex, has officially been declared bankrupt after the Supreme Court rejected its appeal on Wednesday, December 18, 2024, marking a critical turning point for the textile giant. The Supreme Court hearing, led by Justice Hamdi, confirmed the verdict by the Semarang Commercial Court on Monday, October…
Drinks giant Coca-Cola looks set to buy part of the Australian-owned company Billson’s Brewery which was facing liquidation until it received a lifeline from creditors earlier this month. The company went into voluntary administration in July this year, owing more than $7 million to 142 unsecured creditors. The business is housed in a 159-year-old brewery…
The Australian Greens have long argued tertiary students shouldn’t pay tuition charges. This means they want to see HECS – now called HELP – abolished. But following the Albanese government’s recent plans to wipe 20% off student loans, on Monday, the Greens announced they want to the cancel all student debt. This would cost the…
Fitch Ratings indicates that the Thai government’s recent debt relief proposals are unlikely to significantly impact the credit metrics of Thai banks in 2025 due to the initiative’s limited scope. While the debt relief scheme might aid borrowers with debts up to THB 890 billion (around USD 26 billion), most of these debts are already…
(Dec 19): President-elect Donald Trump said Congress should get rid of the debt ceiling, NBC News reports citing a phone interview with him on Thursday. Getting rid of the debt ceiling entirely would be the “smartest thing [Congress] could do. I would support that entirely,” Trump said according to NBC News. Uploaded by Siow Chen Ming…