Tom Russell has also outlined five key objectives for his tenure at R3. Credit: khunkornStudio/Shutterstock.com. R3, an insolvency and restructuring trade body in the UK, has named Tom Russell as its new president. In the new role, Russell will collaborate with R3’s CEO, the senior management team, and the council to develop and implement the…
Insolvency board revamps reporting of bankruptcy resolution process to ease compliance burden Mint Read the original article here
The Insolvency and Bankruptcy Board of India (IBBI) has announced a significant reform to the Corporate Insolvency Resolution Process (CIRP) with the introduction of a simplified and streamlined forms framework. Effective June 1, 2025, this move aims to substantially reduce the compliance burden on Insolvency Professionals (IPs) while enhancing the efficiency and oversight of insolvency…
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The Geospatial Council of Australia (GCA) has filed for voluntary administration, saying it needed to do so to ensure the council’s long-term viability and ongoing service delivery. “The GCA has recently faced a combination of challenges that have led us to this position, including continued delays in the settlement of Surveyors House in Canberra, as…
Fewer companies went through the insolvency process under the Insolvency and Bankruptcy Code (IBC) in financial year (FY) 2025, according to the credit rating firm ICRA. As per the ICRA, only 724 companies were admitted for insolvency, a sharp 28 per cent drop from 1,003 in the previous year. The number of approved resolution plans…
India’s insolvency landscape witnessed mixed developments in FY2025, with a marginal decline in the number of approved resolution plans and a sharp drop in cases admitted under the Corporate Insolvency Resolution Process (CIRP). Per an analysis report by ICRA, the number of resolution plans (RP) approved by the National Company Law Tribunal (NCLT) under the…
Northern Beaches Hospital, Sydney, Australia [Photo by Cabrils via Wikipedia / CC BY-SA 4.0] Australia’s second biggest private hospital operator, Healthscope, was placed in receivership on Monday. This means the future prospects of 38 hospitals, 19,000 staff and hundreds of thousands of patients are now in the hands of ruthless international hedge funds, to which…
As the Hudson’s Bay Company (HBC) store closures in Canada loom, so do massive job losses. In a court document filed on Monday, North America’s oldest company revealed that June 1 will mark the closure of over 80 stores after a months-long liquidation process that began in late March. The Bay stated that the shuttering…