In a crucial move, the government is preparing individual insolvency regulations under the Insolvency and Bankruptcy Code (IBC) that will provide for debt waiver up to `35,000 to the poorest of the poor, who have borrowed money from not just banks but also informal sources like village money lenders.Once the regulations are in place, the…
British Steel goes bankrupt, threatening 25,000 jobs By Robert Stevens 23 May 2019 Nearly 5,000 steelworkers jobs and another 20,000 in supply industries could be wiped out after Tuesdays announcement that British Steel is insolvent. The company, owned by vulture fund Greybull Capital, is the second largest steel producer in the UK after Tata. Its…
British Steel has gone into liquidation after talks with the Government failed to secure its future, dealing a huge blow to the industry and threatening thousands of job losses. Workers at the companys plants now face weeks of uncertainty as efforts are made to rescue the business. The grim news was given to employees after…
With your permission Mr Speaker, I would like to make a statement about British Steel. It was announced this morning that the court has granted an application by the Directors of British Steel to enter an insolvency process. Control of the company will now pass to the Official Receiver an employee of the Insolvency Service…
British Steel has entered insolvency after the government refused to provide it with a 30m loan, saying the terms the company and its private equity owner Greybull Capital were asking for would have amounted to unlawful state aid. Here are the answers to some key questions. What has gone wrong at British Steel?When Greybull Capital…
Requests made by liquidators, administrators and trustees in bankruptcy to professional accountants for information relating to an insolvent company or individual are commonplace. Yet despite existing ICAEW and ACCA guidance, there remains a lack of understanding around the extent of the accountants obligations in this context. What is the position? Upon a request by a…
Woman who claims her bankrupt ex-boyfriend left her with $200K property debt is furious to spot him posting loved-up Instagram snaps from a $5K holiday with new girlfriend Chantel Green, from Mandurah, Australia, broke up with her Canadian boyfriend David Jones declared bankruptcyand stopped paying mortgage for their house Ex left her to pay a…
(Reuters) – The collapse of British Steel has once again put private equity owner Greybull Capital in the spotlight for the wrong reasons. Run out of London by Frenchman Marc Meyohas using family money, Greybull is well known for buying up companies in distress on the cheap with the aim of turning them around. But…
British Steel has collapsed, putting more than 4,000 jobs directly at risk and threatening a further 20,000 in the companys supply chain. The company has been put into compulsory liquidationafter talks broke down between the government and British Steels private equity owners Greybull Capital. … Read the full article at: https://www.independent.co.uk/news/business/news/british-steel-collapse-insolvency-administration-job-losses-scunthorpe-a8924821.html
The process seeks to cover debtors with annual income less than Rs 60,000, debt less than Rs 35,000, assets less than Rs 20,000 with no dwelling unit. The process can only be initiated by the debtor before the debt recovery tribunal through a resolution professional. If the tribunal passes an order of discharge of debt,…