Despite a gradual increase in the claims under the Insolvency and Bankruptcy Code (IBC), operational creditors (OCs) continue to receive a minimal share of the proceeds of resolution as well as liquidation. As per the latest IBBI newsletter, OCs received merely 0.88% of the total amount claimed during the liquidation of a stressed asset. The…
Finland has experienced an unprecedented number of business bankruptcies in the 48th week of 2023, with 85 companies being declared insolvent. This figure is the highest weekly total since Finland’s Asiakastieto Oy began its weekly bankruptcy tracking in 2019. According to Jaakko Nors, a product owner at Asiakastieto who specializes in bankruptcy data, by…
A report by Economic Confidential, a subsidiary of PR Nigeria, has declared seven states, including Lagos, Ogun, Rivers, Kaduna, Kwara, Oyo and Edo as the most viable states in Nigeria for 2022. The Assistant Editor of Economic Confidential, Zekeri Idakwo, disclosed this at a press briefing and presentation of the 2022 Annual States Viability Index…
FTI Group, Europe’s third-largest travel provider, declared bankruptcy today following unsuccessful negotiations with the federal government, impacting 11,000 employees and tens of thousands of travelers currently on holiday or with future bookings. Employees were informed of the bankruptcy during a morning video conference, though booking systems had already failed, ostensibly due to technical issues. The…
The bankruptcy court in Kolkata has approved the Simplex Projects revival plan submitted by its promoter Sudarsshhan Das Mundhra. Before the National Company Law Tribunal (NCLT) nod, the company’s lenders approved the plan with 99.51% voting in favour of Mundhra’s resolution plan. The plan involves a proposal to pay Rs 235.28 crore against the total…
Byju Raveendran, Founder of the cash-strapped edtech firm BYJU’S, in an email, told employees that their July salaries would be paid once he regains control of the company amid growing concerns of insolvency. “Your salary for July 2024 has not been credited yet…The apex court has issued a temporary stay on the NCLAT’s decision, which…
While the sector represents only about five per cent of China’s financial system, its links with property developers and developments – and the developers’ importance to local governments’ revenues – create a worrisome, self-fuelling and destructive loop for policymakers in Beijing. The downturn in the property sector that is now continuing to spread like a…
The number of UK companies falling into insolvency over the past year has surpassed the levels seen during the 2008 global financial crisis. According to the latest figures from the Insolvency Service, 25,551 companies went under in the year leading up to the end of July, a 1.4% increase compared to the 25,186 insolvencies recorded…
The woman who founded one of Britain’s best known fashion chains has been declared bankrupt after saying she could not pay a £6 million tax bill. Karen Millen has become on of the UK’s best known fashion chains – Karen Millen Karen Millen, who is no longer connected to the chain that bears her name,…
2 min read Last Updated : Aug 09 2024 | 11:02 PM IST Some overseas lenders to edtech startup Byju’s have appealed to the Supreme Court (SC) opposing a verdict that had quashed insolvency proceedings against the embattled firm. US-based Glas Trust, representing some lenders of a Byju’s group company, on August 7…