The Delhi insolvency court on Thursday admitted Aviom India Housing Finance Pvt. Ltd into bankruptcy and liquidation proceedings following a plea by the Reserve Bank of India (RBI). RBI had moved the National Company Law Tribunal (NCLT) under the Financial Service Providers (FSP) Insolvency Rules, 2019, leading to an interim moratorium that restricts legal proceedings,…
One of South Africa’s biggest companies technically insolvent BusinessTech Read the original article here
US Will Be Bankrupt If Spending Not Fixed: Musk WE News English Read the original article here
Gemini says lending programme creditors will get back a 232% return on their investments. The money comes partly from sales of GBTC shares. Bankrupt crypto lender Gemini announced on Wednesday that its Earn customers will recover more than $940 million in crypto — more than triple what they lost when the firm shuttered the lending…
New York CNN — Joann, the fabrics and crafts retailer, has filed for bankruptcy for a second time within a year and announced that it’s seeking a sale. The 82-year-old retailer said in statement Wednesday that sluggish sales and inventory issues forced Joann to file for Chapter 11 again. Joann first filed for bankruptcy in…
Nikola said on Wednesday, February 19, it had filed for Chapter 11 bankruptcy protection and would pursue a sale of its assets, the latest electric-vehicle (EV) maker to go bankrupt after grappling with tepid demand, rapid cash burn and funding challenges. In recent years, the EV truck maker has endured cash-flow issues, slow demand, short-seller…
The matter of Salesio Kinyua Njagi and Nine Others v Invesco Assurance Company Limited [2021] (eKLR) dealt with the application of the law around the insolvency of insurance companies. Public interest is of great concern to the insurance industry, necessitating its consideration when filing liquidation proceedings against such companies. It is imperative to have clarity on…
This week’s company insolvency statistics show accommodation and food services insolvencies were down 7% year-on-year from 3,737 in 2023 to 3,464 in 2024, and fell 29% when compared to the same month in the previous year (315). Insolvencies in the sector saw an even bigger drop month-on-month, down 31% from 327 in November 2024 to…
Doing business with a customer in the shadow of bankruptcy is risky. A hallmark of bankruptcy law is equal treatment of similarly-situated creditors. The Bankruptcy Code frowns upon a debtor who, while insolvent, pays some creditors but not others in the run-up to bankruptcy – whether voluntarily or due to pressure. Under the Bankruptcy Code,…
Billionaire entrepreneur and Tesla CEO Elon Musk has voiced his concerns over the U.S. trade deficit and government spending, warning that America is at risk of bankruptcy if spending is not brought under control. Speaking in an interview with Fox News on February 19, 2025, Musk criticized wasteful government expenditures and urged taxpayers to recognize…