Insolvency and Bankruptcy Code, 2016 (IBC) has proved to be a successful path for lenders to recover their loans from defaulting companies. According to a Reserve Bank of India (RBI) report, the recovery rate of the IBC is 42 per cent against 10-18 per cent in earlier regimes. Till December 2018, the IBC has resolved…
Friday, 14 June 2019, 8:57 amPress Release: RITANZ The Restructuring Insolvency and Turnaround Association of New Zealand (RITANZ) has welcomed news that the Insolvency Practitioners Bill has passed into law on Wednesday, almost a decade after it was first introduced into Parliament. The Insolvency Practitioners Regulation Bill and the Insolvency Practitioners Regulation (Amendments) Bill are…
Italian industrial group Maccaferri, the parent company of the insolvent EPC contractor, has also filed for insolvency for another three units of its energy business. June 13, 2019Emiliano Bellini A PV plant built by Enerray in Turkey, where the company has suffered from its geothermal investments. Image: Enerray Italian conglomerate Gruppo Maccaferri has begun insolvency…
Video PlayerClose WELLINGTON, June 13 (Xinhua) — A new legislation requires liquidators in New Zealand to be licensed and meet basic standards of honesty and competence, aiming to protect creditors and the public, Commerce and Consumer Affairs Minister Kris Faafoi said on Thursday. The Third Reading of the Insolvency Practitioners Regulation Bill and the Insolvency…
A total of 347 people agreed deals with their lenders in the first three months of this year in situations where they are unable to pay the full amount. This was up 16pc on the number of arrangements put in place in the first quarter of last year, figures from the Insolvency Service of Ireland…
Much accused director Bryan Singer is settling a nearly two-year old rape case from a then minor with a hefty payout but strict insistence on his innocence. In a deal struck in recent days, the multiple X-Men flick helmer will hand over $150,000 to Cesar Sanchez-Guzmans bankruptcy trustee to see the sexual abuse claim disappear.…
Germany-based GSA Leisure Cargo has filed for bankruptcy following the loss of a major contract. The company at one time counted 14 leisure airlines amongst its customer base, but last year lost a major contract with TUI to the ESC Group. Tillmann Peeters of restructuring firm Falkensteg Restrukturierung said that the company has applied to…
Legislation passed last night means liquidators will need to be licenced and meet basic standards of honesty and competence moves enacted to protect creditors and the public, Commerce and Consumer Affairs Minister Kris Faafoi says. The Third Reading of the Insolvency Practitioners Regulation Bill and the Insolvency Practitioners Regulation (Amendments) Bill address some failings of…
A total of 347 people agreed deals with their lenders in the first three months of this year in situations where they are unable to pay the full amount. This was up 16pc on the number of arrangements put in place in the first quarter of last year, figures from the Insolvency Service of Ireland…
The liquidators of CBL Corporation have published their first report on the New Zealand-based insurers financial position, showing that it owes more than $179 million to creditors. Kordamentha, the appointed liquidator, stated that preferential creditors are owed $566,766, secured creditors are owed $6,617,438 and unsecured creditors are owed $172,801,592. CBL Corporation was placed in voluntary…