The recent reforms reflect the IBBI’s aspiration to make the insolvency resolution process not just faster, but also more accountable and investor-friendly. But it is imperative to view these reforms in consonance with the underlying institutional limitations. The IBC framework still suffers from limited infrastructure at the NCLT level, valuation disputes, inconsistent judicial interpretation and…
In a startling escalation of a long-standing corporate and legal dispute, India’s largest public sector lender, State Bank of India (SBI), has officially labelled industrialist Anil Ambani a “fraudulent borrower” in connection with loans extended to his company, Reliance Communications. The move comes after years of litigation, recovery attempts, and dramatic turns in the financial…
The High Court dismissed an application brought by three directors to intervene and oppose a winding-up petition, ruling that their application was flawed and had no legal basis. KUALA LUMPUR: The High Court has ruled that the former directors of TH Heavy Engineering Bhd (THHE) had no legal standing to oppose a petition brought by…
Swiss commodities trader Glencore has initiated discussions with the British government regarding its supply contract with the Lindsey refinery, placed under insolvency this week, threatening hundreds of jobs and the UK’s energy security. International commodities trader Glencore has started negotiations with the British government to determine the future of its crude oil supply contract with…
Nikolay Kolev, 72, was the director of Kaicony 2 Limited when it applied for a bounce Back Loan (BBL) in September 2020. The Bounce Back Loan Scheme was a UK government program established to provide financial support to businesses during the COVID-19 pandemic. Mr Kolev signed a BBL agreement on behalf of Kaicony for an amount of £50,000 declaring that…
Almost half of councils in England risk falling into bankruptcy without action to address a £4.6bn deficit amassed under a Conservative-era policy, the government’s spending watchdog has warned. In a damning report, the National Audit Office said that rising pressure on public services and repeated delays to reform the funding of local government meant town…
Case File Because the Massachusetts Insurers Insolvency fund steps takes over an insolvent insurer’s rights and responsibilities under the commonwealth’s workers’ compensation law, it has a right to collect cost-of-living adjustment reimbursements as the insurer would have had it…
Casa Luxembourg’s bankruptcy means end for country’s eight shops Luxembourg Times Read the original article here
The bankruptcy of high-profile fashion designer Jovian Mandagie, the former son-in-law of Malaysia’s ex-prime minister Ismail Sabri Yaakob, has brought renewed attention to the growing scandals surrounding the former leader’s family. Jovian, once a household name in Malaysian and Indonesian fashion circles, was declared bankrupt by the Kuala Lumpur High Court on Thursday for failing…
Malaysia PM’s ex-son-in-law declared bankrupt over US$1.25million ‘friendly loan’ South China Morning Post Read the original article here