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For years, the phrase Insolvency and Bankruptcy Code (IBC) has sent shivers down the spines of Indian homebuyers. Historically, if a real estate developer failed to pay back a loan or hit a financial dead end on a single project, the entire company could be dragged into bankruptcy court. This all-or-nothing approach often felt like…
UK residential battery supplier GivEnergy enters administration proceedings ESS News Read the original article here
The Supreme Court has issued a significant clarification on the eligibility of co-operative societies wishing to act as resolution applicants under the Insolvency and Bankruptcy Code (IBC). The ruling, delivered on Thursday, confirms that these societies can bid, but only if they strictly follow the investment rules set out in the Multi-State Co-operative Societies Act…
A Bench of Justices JB Pardiwala and KV Viswanathan clarified that while co-operative societies are not barred from participating in the corporate insolvency resolution process (CIRP) as resolution applicants, their eligibility is conditional upon compliance with statutory restrictions governing investment of funds. “Section 64(d) of the 2002 Act permits an MSCS to invest or deposit…
Since its founding in 2015 and up until its recent bankruptcy, investors have poured well over DKK 2bn (USD 313m) into the biotech company IO Biotech, but even though the company has now collapsed, that money has not been wasted, according to founder and CEO Mai-Britt Zocca. Read the original article here
Dr Attila Bangha-Szabo, insolvency law expert at Pinsent Masons, was commenting following a recent decision by the CJEU that has drawn a line under a long-standing debate over cross-border clawback rights in Germany. The dispute centres around an Austrian engineering company that was a shareholder in a German limited liability company (GmbH) based in…
The intellectual property and software of Agrointelli, which was declared bankrupt in February, have been sold. The trustee has not disclosed the identity of the buyer. Photo: Mark Pasveer The bankrupt robot manufacturer Agrointelli, best known for the Robotti field robot, has not been sold as a whole but in parts. Danish media report this.…