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In this era of globalisation, international trade has significantly increased, where companies have business in multiple jurisdictions. One of the aspects of globalisation is companies falling into insolvency, which leads to overlapping and conflicts of law between countries, creating chaos for the stakeholders. The purpose of the Model Law is to eradicate the impediments and…
New research by ThinCats has found that mid-sized companies that borrow are sixteen times more likely to achieve growth than face insolvency. The data found that companies that borrowed were more likely to achieve growth than non-borrowers, with the level of borrowing proportional to growth potential. Nearly 40% of mid-market SMEs have achieved revenue growth…
The Supreme Court‘s ruling in the JSW Steel-Bhushan Power & Steel case has put the spotlight on the slow pace of insolvency resolutions, with legal experts warning that many companies awaiting resolution may now be headed for liquidation. The court, in its May 2 order scrapping JSW Steel‘s acquisition of Bhushan Power & Steel (BPSL),…
Please note that by blocking any or all cookies you may not have access to certain features, content or personalization. For more information see our Cookie Policy. To enable cookies, follow the instructions for your browser below. Facebook App: Open links in External Browser There is a specific issue with the Facebook in-app browser intermittently…
The Supreme Court’s order on Bhushan Power and Steel’s (BPS) insolvency resolution has set back the country’s bankruptcy law. The country’s top court overturned JSW Steel’s bid for BPS six years after it was approved by the National Company Law Tribunal and four years after the National Company Law Appellate Tribunal gave its go-ahead. Meanwhile,…
In today’s Finshots, we look at how a thousand of crores worth of a resolution plan was tossed out years later and why it could shake the very core of India’s insolvency law. The Story If I told you a steel company collapsed under ₹47,000 crores of debt, you might think it’s one of those…
Former pub landlord failed to declare he was bankrupt when applying for Covid loan St Helens Star Read the original article here
Taxation expert’s company won €4m action over UK firm misusing confidential information Stock image A firm controlled by high-profile Irish accountant and film financier Kieran Corrigan has petitioned to have a UK businessman declared bankrupt. The move comes after Mr Corrigan’s company was awarded £3.5m (€4.1m) in damages last year following a high court trial…
The Supreme Court ruling quashing Bhushan Power & Steel’s (BPSL) resolution plan has upended JSW Steel’s ₹19,000 crore acquisition. Mint explains the recovery options—from a Supreme Court review to potential government intervention. Why is it a big blow to JSW? The Supreme Court ruling invalidating JSW Steel’s ₹19,700 crore acquisition of BPSL is a major…