The coming year will likely see significant changes to the insolvency resolution regime for better operational efficiency and output, in a break from the slowdown seen in the past year. The insolvency and Bankruptcy Code (Amendment) Bill is expected to be tabled in Parliament early next year, to introduce group insolvency, and the laws needd…
A bankruptcy court in New Delhi has admitted Hero Electric Vehicles for a corporate insolvency resolution process in an application filed by its operational creditor Metro Tyres. The National Company Law Tribunal appointed Bhoopesh Gupta as interim resolution professional for the EV maker. “We are of the view that the corporate debtor (Hero Electric Vehicles)…
According to local report, South Korean crypto lending platform Delio has been declared bankrupt. Delio, which owes its customers approximately 245 billion won ($1.75 billion), halted withdrawals in mid-2023, leaving about 2,800 customers unable to access their funds. Court has ordered Delio’s liquidation following FTX’s collapse A Seoul court has ordered liquidation proceedings for Delio,…
The Casbit Group, previously the operator of Lalabet and JungliWin online casinos, has been declared bankrupt by the Court of Curaçao. The company’s financial troubles stem from numerous unpaid debts, including €619,500 owed to Dutch gamblers who were unable to claim their winnings. After ceasing operations in Curaçao earlier this year, the group’s casinos are…
Gerhardi Kunststofftechnik GmbH, a German company that produced emblems for Mercedes-Benz, has declared bankruptcy. The reason was the drop in demand for its products and the crisis in the European automobile industry, foreign media write, Telegraph reports. The German company failed to meet the challenges facing the modern European automotive industry due to the decline…
ASIC issues new guidance amid insolvency storm The Australian Read the original article here
How Abengoa Group impacted the Spanish economy EY Read the original article here
Losing one client can send us to the wall, say SMEs The Australian Read the original article here
After offloading its public sector and Indigenous consulting divisions, professional services firm PwC is now looking to sell its Australian insolvency practice, with global player Teneo in pole position. According to reports, PwC is on the brink of selling its ‘Business Restructuring Services’ practice to Teneo, which has a global headcount in excess of 1,600…
Insolvent flying taxi startup Lilium has found a buyer Sifted Read the original article here