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Corporate guarantee liability is “financial debt” under IBC: Supreme Court Bar and Bench Read the original article here
The historic debt intervention supported students from institutions including Tshwane University of Technology, Boston City Campus, Richfield, and Belgium Campus iTversity. As rising tuition costs and unpaid fees continue to prevent thousands of South African students from graduating, the Telkom Foundation has cleared the historic debt of 97 tertiary students, unlocking their ability to graduate…
The Commercial Court of Pointe-à-Pitre has ordered the judicial liquidation of Air Antilles. The ruling was handed down on Monday, April 27. It explains the rejection of the takeover bids submitted since the company was placed under receivership on February 2. “During the observation period, the administrator concluded that it was impossible to present a…
There’s apparently no hope for Spiders to survive its current debt restructuring amid parent company Nacon’s insolvency. French outlet Origami reports that the court procedures the RPG maker is currently going through are essentially just a “formality” at this point as sources within the 18-year-old Parisian studio scramble to find other jobs. “The CSE is…
The CEO of Wizz Air József Váradi appeared unfazed in comments after the Ryanair boss Michael O’Leary suggested its Hungarian rival and airBaltic could go bankrupt before the end of the year. At a recent press conference, Il Sole 24 Ore reported that O’Leary voiced his concerns over the ongoing closure of the Strait of…
A family-owned Australian mattress manufacturer has collapsed into voluntary administration after 126 years in business in what has been described as a “sad day for the industry”. Peter Lucas and Damien Lau, from P.A Lucas & Co, have been appointed joint administrators of the A.H. Beard, according to a published notice. The Daily Telegraph reports…
Born Clothing, an Irish retail chain, is set to shutter 15 stores after provisional liquidators were appointed to oversee the closure of the business. According to Irish broadcaster RTE, the High Court made the appointment after a hearing in which the retailer’s struggles with mounting debt, pandemic impact, minimum wage increases, and high business rates…
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The Supreme Court on Tuesday held that liabilities arising from corporate guarantees fall within the definition of “financial debt” under the Insolvency and Bankruptcy Code (IBC), 2016 and lenders enforcing such guarantees are entitled to be treated as financial creditors. [State Bank of India v. Doha Bank] A Bench of Justices PS Narasimha and Alok…