India should look to make rapid strides towards introducing a comprehensive ‘individual insolvency’ regime now that it has achieved several milestones in corporate insolvency in recent years, according to IBBI Chairman M S Sahoo. Giving a sense of direction to the reform agenda on IBC in the days to come, Sahoo has in an article…
File photo of the Sunny Car Center advertising tower overlooking an empty plot. Image: Jussi Nukari / Lehtikuva On Friday the Supreme Court rejected applications for leave to appeal from two Sunny Car Center executives in one of the longest-running corruption cases in Finnish judicial history. The case centres around an ambitious–but unfulfilled–plan by businessman…
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 51 bankruptcies in week 39, the same number as in week 38. In addition, 12 sole proprietorships were declared bankrupt,…
Appointments A Brisbane-based accounting firm has announced a number of key promotions, including the appointment of a new partner to its leadership team. Appointments Tony Zhang 01 October 2020 1 minute read object(stdClass)#15642 (8) { [“image_intro”]=> string(0) “” [“float_intro”]=> string(0) “” [“image_intro_alt”]=> string(0) “” [“image_intro_caption”]=> string(0) “” [“image_fulltext”]=> string(0) “” [“float_fulltext”]=> string(0) “” [“image_fulltext_alt”]=> string(0)…
The Corporate Insolvency and Governance Act 2020 (the Act) came into force on 26 June 2020, providing the UK (but with separate provisions for Northern Ireland)with temporary and permanent changes to insolvency law aimed at helping businesses manage the economic implications of COVID-19. Permanent measures Company moratorium a breathing space against creditor action, initially for…
For businesses in crisis due to the impact of Covid-19, the German Federal Government had in March suspended the duty to file for insolvency until 30 September 2020. This suspension was extended, but only for overindebted businesses as far as they are still solvent. For the majority of businesses the duty to file for insolvency…
Top industrialists are now facing the music with personal guarantors being brought under the Insolvency and Bankruptcy Code in November 2019. Also, banks have been directed by the Finance Ministry to set up a monitoring mechanism to pursue personal insolvency proceedings against all those promoters who had furnished personal guarantees for borrowing by their companies…
Dive Brief: Ruby Tuesday instructed Regions Bank to stop paying pensions to at least 112 retirees as of July 21, only to declare insolvency on Sept. 2, according to documents obtained by Business Insider.The agreement between Regions and Ruby Tuesday shows that the chain needed to let the bank know of its insolvency prior to…
It was just a few weeks ago that Scott Morrison put his team in “election mode”. There should be no doubt that Morrison hopes that the budget, to be brought down next Tuesday, will carry them through to an election next year. Given the considerable uncertainty about whether the virus can be effectively contained to…
Photo: Shutterstock With so much economic strife and uncertainy on our doorstep, many HR leaders will have to take a deep breath and confront the difficult issues of company insolvency and administration. Raoul Parekh and Ben Smith, offer guidance These are difficult times for businesses in almost every sector, and sadly a rise in insolvencies…