The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the Ahmedabad bench of National Company Law Tribunal (NCLT) to pass appropriate orders in the Essar Steel insolvency case by January 31, failing which the appellate tribunal would take up the matter and pass orders in the case on February 4, when…
The number of people facing financial hardship has increased in Scotland, according to official statistics published on Wednesday. A report by the Scottish insolvency service Accountant in Bankruptcy (AiB) indicates the total number of personal insolvenciesrecorded in the third quarter for 2018-2019 was 3,198. It represents an increase of 18% on the same period for…
The number of people facing financial hardship has increased in Scotland, according to official statistics published on Wednesday. A report by the Scottish insolvency service Accountant in Bankruptcy (AiB) indicates the total number of personal insolvenciesrecorded in the third quarter for 2018-2019 was 3,198. It represents an increase of 18% on the same period for…
The cross-border insolvency framework released for discussions encompasses authorities across jurisdictions pertaining to insolvency proceedings of any single corporate debtor. Currently several multinational companies (MNCs) hold their assets in foreign jurisdictions through subsidiaries which are distinct legal entities. Consequently, the commencement of insolvency proceedings for any single company cannot be extended to all its group…
Stock image Applicants for court-approved debt deals fall Independent.ie There has been a fall in the number of people applying for court-approved debt deals. https://www.independent.ie/business/personal-finance/applicants-for-courtapproved-debt-deals-fall-37739886.html https://www.independent.ie/incoming/article36500289.ece/62727/AUTOCROP/h342/courts.jpg Email There has been a fall in the number of people applying for court-approved debt deals. Around 1,000 people got an approved insolvency deal to keep them in their…
Galway Bay fm newsroom 209 insolvency arrangements were recorded in Galway from 2014 to 2018.Personal insolvency arrangements are designed to return debtors to solvency while keeping them in their home where possible.The data from the Insolvency Service of Ireland also reveals Galway recorded 126 bankruptcies during the period.The report finds personal…
Railrunner Europe has filed for insolvency in the bankruptcy court of Hamburg in Germany. The company cited multiple reasons for the financial distress and has appointed a preliminary insolvency administrator in the process. During the insolvency proceedings, RailRunner Europe intends to reorganise and restructure the company. Since July 2017, the company managed daily flow between…
The National Company Law Appellate Tribunal (NCLAT) on Tuesday came down hard on companies such as Liberty House Group, which successfully bid for debt-ridden firms under the corporate insolvency resolution process but later withdrew from it citing one reason or the other. “We would decide what action should be taken against such…
There has been continued strong growth in personal insolvency arrangements, up 31% in 2018 compared to the previous year. Personal insolvency arrangements are designed to return debtors to solvency while keeping them in their home in over 95% of cases. According to the latest statistical report by Insolvency Service of Ireland, the number of arrangements…
From the onset of the Insolvency and Bankruptcy Code, there has been evolving jurisprudence on the position of guarantors, in the event of a default where a guarantee has been provided. Moratorium Against Guarantors In the initial period of implementation of the IBC, there was a huge debate as to whether guarantors would be entitled…