The Bill to amend the Insolvency and Bankruptcy Code (IBC), set to be presented in Parliament during the Budget session, may include provisions for the introduction of “group insolvency” norms, according to official sources. To increase value maximisation of assets, reduce the workload of National Company Law Tribunals (NCLTs), and improve cost efficiency, there is…
The Vöcklabrucker Metallgießerei GmbH has become the latest company impacted by the ongoing crisis within KTM AG. The foundry initiated insolvency proceedings on Friday, putting 134 jobs at risk. According to KSV1870, which represents the creditors, the company’s management had believed until recently that KTM AG would provide the necessary liquidity, especially after the firm…
KTM‘s financial situation appears to have deteriorated, as reports suggest the company has backtracked on its commitment to pay its employees before 2025. The Upper Austrian Chamber of Labour revealed that KTM staff will not receive their December salary, despite the company’s earlier promise to provide a 90 percent advance on the month’s pay. The…
Reliance Strategic Business Venture Limited, a subsidiary of Mukesh Ambani-led Reliance Industries Ltd, has successfully bid for Karkinos Healthcare Pvt Ltd, a Mumbai-based technology-led oncology platform. The Mumbai Bench of the NCLT on 9th December 2024 approved Reliance Strategic Business Venture Limited’s Rs 352-crore resolution plan. Earlier, the Committee of Creditors (CoC) had approved the…
Decade-high business insolvency figures may not speak for themselves, says NSW Small Business Commissioner Chris Lamont, who fears that ample data on SME hardships may go unconsidered by policymakers. Speaking at the Council of Small Business Organisations Australia (COSBOA) annual summit on Wednesday, Lamont said better regulation is equally as important to small businesses’ performance…
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Acting FS Premier Jabu Mbalula’s been blacklisted, so can’t legally hold public office News24 Read the original article here
Subsequently, when the matter was taken up on December 11, the ED filed an affidavit before the top court, stating that in view of the peculiar facts and circumstances of the case and without prejudice to the rights and contentions of the ED with regard to the investigation of the case registered against the promoters…
The creditors of failed Queensland vegetable processing business Bunny Bites are unlikely to be paid by the former owners, the Brent family. Bunny Bites was owned by John Brent, and his brother Peter Leonard Brent, when the business went into liquidation in 2013 owing more than $3 million to vegetable growers, wholesalers, and other unsecured…
The Supreme Court on December 13 directed the Enforcement Directorate (ED) to handover to JSW Steel the debt-ridden Bhushan Power & Steel’s properties worth Rs 4,025 crore that were provisionally attached in 2019 in connection with a money laundering probe linked to an alleged bank loan fraud by the erstwhile management. A bench presided…