Redeemable Preference Shares Not Financial Debt

Introduction In a decision shaping the contours of India’s insolvency jurisprudence, the Supreme Court of India in EPC Constructions India Limited (Through Its Liquidator) v. Matix Fertilizers and Chemicals Limited[1] clarified that holders of Cumulative Redeemable Preference Shares (CRPS) cannot be treated as financial creditors under the Insolvency and Bankruptcy Code, 2016 (IBC). The Court…

Scotland’s Kenny’s Music becomes the latest musical instrument retailer to close its doors, “despite our strongest sales ever in recent years”

Scottish musical instrument retailer Kenny’s Music has ceased trading, the firm confirms in a new communication with its supplier partners, seen by Guitar.com. The company – which ran an online store, as well as brick-and-mortar stores in Glasgow, Aberdeen, Dunfermline and formerly Dundee – reveals its intention to move into Creditors’ Voluntary Liquidation (CVL), “despite…

Major candy company goes bankrupt right before Halloween

A Texas-based online candy distributor has filed for Chapter 11 bankruptcy protection just one week Halloween ©Image Credit: Unsplash / Douglas Clark A candy company going bankrupt the week before Halloween might sound like something out of a nightmare, but it’s the reality for CandyWarehouse.com, a Texas-based online candy distributor that filed for Chapter 11 bankruptcy…