These rules, which absolved directors from personal liability if their businesses traded while insolvent, have been replaced by legislation that includes a new, streamlined SME restructuring process that came into force on 1 January. As of that date, a company with debts due and payable, that they cannot pay, is technically insolvent and its directors…
Tuesday, January 26, 2021 A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company’s reorganization is possible without insolvency and includes the majority decision of its creditors. In its final session in 2020, the German Bundestag passed the so-called Act on the Further…
A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company’s reorganization is possible without insolvency and includes the majority decision of its creditors. In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and…
Photo: Seth Wenig/AP/Shutterstock A Delaware bankruptcy judge has approved a settlement of more than $17 million for women who have accusedHarvey Weinsteinof sexual misconduct. Under this agreement, accusers would submit claims, and the amount they receive would depend on the type of allegation. Weve worked closely with many survivors of Harvey Weinstein who desired a…
The Delhi bench of the National Company Law Tribunal (NCLT) has initiated insolvency proceedings against a firm belonging to The Pioneer group, following a plea by one of its directors. The Pioneer group, owned by journalist Chandan Mitra, brings out one of the country’s oldest newspapers of the same name. Mitra declined comment when contacted.…
The National Company Law Appellate Tribunal (NCLAT) has set aside an order of insolvency against Kolkata-based RP Infosystems as the plea filed by the financial creditor, State Bank of India (SBI), was beyond the limitation period of three years. In its judgment, the NCLAT said that since the insolvency petition moved by SBI in 2019,…
EVERYONE has heard of people being declared bankrupt, but it’s not as simple as just having no money. Reality star Katie Price was declared bankrupt in November 2019 and blew her 45 million fortune and her net worth now stands at less than 1 million. 3 In most jurisdictions people or companies are declared bankrupt…
Business Leading accountancy and business advisory firm Johnston Carmichael has strengthened its restructuring team with the progression of Graeme Bain to an appointment-taking director. Monday, 25th January 2021, 7:00 am Graeme, a licensed insolvency practitioner, joined Johnston Carmichael as a director in 2017, can now be appointed to oversee formal insolvency appointments. His progression comes…
The National Company Law Tribunal , Hyderabad has approved the resolution plan of Kamini Metalliks for debt-strapped VBC Industries. VBC Industries, which was earlier declared insolvent, will now have a new owner in Kamini Metalliks which offered 98 crore with its bid. Judicial member K Anantha Padmanabha Swamy and Member Technical Binod Kumar Sinha of…
European fund manager Alexander Darwall admits he invested too much in Wirecard, the German fintech company that collapsed after auditors found a multi-billion black hole in its accounts. But he also said that German regulators bear some of the blame for not spotting the fraud sooner, and there are still plenty of unanswered questions about…