Jaypee Infra insolvency: NBCC, Suraksha group submit revised bids – Business Standard

NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors. TopicsNBCC|Jaypee Infra insolvency|Jaypee Infra State-owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised…

Anticipating financial distress: Could developing countries borrow from the French and the US toolbox? – World Bank Group

As the COVID-19 crisis continues to hurt economic activity, promoting and encouraging the rehabilitation of distressed but potentially viable businesses should be at the top of lawmakers priorities.But many insolvency systems fall short in moving quickly to save viable businesses. This is in part because bankruptcy carries social stigma, which encourages debtors to delay recognition…

Taming the Phoenix: New Pre-Pack Regulations Come Into Force – Sidley Austin LLP

As the first May bank holiday weekend began, the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the Regulations) were enacted and came into effect for all companies entering administration on or after April 30, 2021. The Regulations are, in the main, a policy response to enhance independent scrutiny of so called phoenix…

Spain: 2,000 Companies Have Already Declared Insolvency Despite The Insolvency Moratorium – The Corner Economic

T.C. | In Spain, 2,086 companies declared insolvency between January and April this year, an increase of 71% compared to 1,217 a year earlier, according to data published in the Official State Gazette and analysed by Iberinform. The strongest growth was in April, when 552 insolvencies were declared, compared to 41 in April last year,…

Mastermind behind betting scheme Chris Brown says he has $172M after being declared bankrupt – Daily Mail

Gambling ‘whiz kid’ accused of owing investors $126million insists the money is ‘safe as houses’ despite being declared BANKRUPT in court Creditors claim they’re owed $126million by 27-year-old bet hedger Chris Brown He said money is safe despite being declared bankrupt, having his assets frozen Mr Brown’s business activitieswere funded by backers including schoolmates His…

Resignation of directors during the Corporate Insolvency Resolution Process – Bar & Bench – Indian Legal News

Directors of companies often tender their resignation during the Corporate Insolvency Resolution Process (CIRP). Therefore, a pertinent question arises as to whether such resignation requires acceptance/approval from the Interim Resolution Professional (IRP) or the Resolution Professional (RP) or the Committee of Creditors (CoC) of the corporate debtor Furthermore, it is often contended that directors of…