Menhaden PLC to make first cash distribution post-liquidation – Investing.com
Menhaden PLC to make first cash distribution post-liquidation Investing.com Read the original article here
ICAI suggests key reforms to improve IBC effectiveness
The Institute of Chartered Accountants of India (ICAI) has proposed a series of strategic reforms to strengthen the Insolvency and Bankruptcy Code (IBC), 2016, emphasising the need for stricter adherence to timelines and improved value realization in the Corporate Insolvency Resolution Process (CIRP). In its latest study, ICAI highlighted that while the IBC has significantly…
NCLT defers Bhushan Power & Steel insolvency matter to 30 May
New Delhi: The National Company Law Tribunal (NCLT) on Tuesday deferred the Bhushan Power & Steel Ltd (BPSL) insolvency case to 30 May, when it is expected to issue directions on a plea filed by former promoter Sanjay Singal. Singal’s plea seeks enforcement of the Supreme Court’s 2 May ruling, which ₹19,700 crore resolution plan”>quashed…
Powerlong Commercial Management Announces Rescheduled Liquidation Hearing – TipRanks
Powerlong Commercial Management Announces Rescheduled Liquidation Hearing TipRanks Read the original article here
Kenik collapses: Melbourne-based construction company leaves behind $6million trail of debt
A construction company has collapsed with creditors owed millions of dollars for projects across Victoria, NSW and Queensland. Kenik was wound up in Queensland’s Supreme Court earlier this year after another business launched legal action against the Melbourne-based company. Kenik, which had been in the property and construction industry for more than 25 years, now owes…
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Ant Anstead’s car company files for Chapter 7 bankruptcy
Ant Anstead’s Radford Motors files to amend bankruptcy status Ant Anstead’s supercar company, Radford Motors, has filed for Chapter 7 bankruptcy. The shift comes after a court hearing on May 8, converting his company’s previous Chapter 11 bankruptcy to Chapter 7, People Magazine reported. Chapter 7 bankruptcy marks an escalation in the company’s financial troubles…
India’s insolvency law has bankers going bald
If harsh haircuts on bankrupt assets weren’t bad enough, India’s lenders must now be going bald with worry. A recent court order has raised the unpleasant prospect of having to return the money new owners paid them to settle the unpaid loans of insolvent firms — years later.The nation’s nine-year-old insolvency code has struggled with…
40 insolvency resolution cases which resulted in 100% recovery
The Insolvency and Bankruptcy Code (IBC), 2016, has achieved a remarkable milestone with 40 corporate insolvency resolution processes (CIRPs) yielding 100% recovery of admitted claims, according to a study by the Insolvency & Valuation Standards Board (IVSB) of the Institute of Chartered Accountants of India (ICAI). These cases, resolved between 2017 and 2024, stand out in a framework where…
Gerry Weber slides into insolvency again
Less than two years after its last insolvency proceedings, Gerry Weber International GmbH (GWI), the holding company of the Halle, Westphalia-based fashion supplier, has filed for insolvency under self-administration. The Bielefeld District Court has already approved the application and ordered preliminary proceedings, Gerry Weber announced on Tuesday. In addition, lawyer Lucas Flöther was appointed administrator.…