Author: Sarojanand Jha, Founding Partner, Vedanta Legal In a recent landmark decision, the Supreme Court has upheld the challenge to a Notification dated 15th November 2019 (Notification) issued by the Ministry of Corporate Affairs, which brought into force the provisions of the insolvency of Personal Guarantor to the Corporate Debtor. The expression Personal Guarantor is…
Malawi Airlines announced (20-May-2021) plans to resume full operations in mid Jun-2021. Destinations will include Dar Es Salaam, Harare, Lusaka and Nairobi. The airline’s shareholders, the Malawian Government and Ethiopian Airlines, reached an agreement to recapitalise Malawi Airlines after its board previously declared the company to be technically insolvent. The insolvency was mainly due to…
A self-styled wunderkind of Germanys business scene has been declared bankrupt in Dublin, where he has been studying for a doctorate in finance at Trinity College. avid Schirrmacher (28) founded an online German fashion label, Von Floerke, that went bust in 2019. He appeared on the German version of TVs Dragons Den, where entrepreneurs pitch…
The Court of Appeal has upheld a decision to extend the bankruptcy of Co Monaghan farmer John Hoey whose cattle were shot by members of the defence Forces in 2016. ast year Ms Justice Teresa Pilkington extended the bankruptcy of Mr Hoey for a period of eight years from the time he was declared a…
Breadcrumb Trail Links FP Energy RVOs effect a sale of an insolvent entitys shares in a transaction where assets and liabilities unwanted by the purchasers are excluded Author of the article: Julius Melnitzer Electric vehicle batteries. Creditors objections about Nemaska Lithium Inc. led to the first contested judicial decision on the validity of RVOs. Photo…
London: Vijay Mallya on Wednesday lost an appeal to gain further access to court-held funds to cover his costs for legal proceedings in India, as a High Court judge in London concluded that the 65-year-old businessman had failed to provide sufficient evidence in support of the over 750,000 pounds being sought. During a remote hearing…
The insolvency and restructuring profession rescued 297,000 jobs and returned 1.82bn to creditors in insolvency cases in 2019 the equivalent of around 800 jobs and 5m a day, according to a new report from R3, the insolvency and restructuring trade body. The report, The value of the profession: how insolvency and restructuring supports the UK…
Foreign investors in Chinese groups that have gone bankrupt could be given powers to liquidate assets on the mainland in a deal with Hong Kong that aims to boost business confidence in the countrys legal system. The mechanism will obligate courts in Shanghai, Shenzhen and Xiamen to recognise insolvency orders filed by company creditors in…
Katie Price is heading back to court in a bid to get out of paying off her 3.2million debt, it’s claimed. The former glamour model, 42, was declared bankrupt in 2019 and was meant to pay off 12,000 a month to her creditors after taking out an individual voluntary arrangement (IVA), but failed to do…
The Volkswagen Group has fielded an offer for its supercar brand, Lamborghini, from a Swiss-based … [+] consortium. Photo by Chaiwat Subprasom/SOPA Images/LightRocket via Getty Images SOPA Images/LightRocket via Getty Images A consortium connected to the family of the late Volkswagen Group strongman Ferdinand Piech has made a stunning 7.5 billion unsolicited bid to buy…