The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis. CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of…
To use this website, cookies must be enabled in your browser. To enable cookies, follow the instructions for your browser below. Facebook App: Open links in External Browser There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a…
A federal court judge in Michigan has placed the once-promising electric truck brand Bollinger Motors’ assets into receivership following claims that the company’s owners still owe its founder, Robert Bollinger, more than $10 million. UPDATE: Bollinger CEO, Bryan Chambers, says all is not lost. Last week, we wrote about a multimillion dollar lawsuit that had…
Sign up to Simon Calder’s free travel email for expert advice and money-saving discounts Get Simon Calder’s Travel email Get Simon Calder’s Travel email Glastonbury-bound glampers have been left ticketless after spending thousands of pounds with a luxury yurt company that is now in liquidation. Yurtel, a glamping provider based in Corsham, ceased trading on…
Yurtel was one of a number of campsites local to the Worthy Farm site – (Getty Images) Glastonbury-bound glampers have been left ticketless after spending thousands of pounds with a luxury yurt company that is now in liquidation. Yurtel, a glamping provider based in Corsham, ceased trading on 8 May, just weeks before music fans…
Mumbai:JSW Steel Ltd expects to be compensated adequately if Bhushan Power & Steel Ltd (BPSL) goes into liquidation after the Supreme Courtscrapped its resolution plan for the bankrupt company. The steelmaker said its agreement with the erstwhile creditors of Bhushan Power entitled it to compensation covering the value of the assets on its balance sheet…
Mumbai: Dunar Foods Ltd, an accused in the 2016 NSEL scam case involving alleged cheating and siphoning of funds, has been discharged from criminal proceedings. The court’s decision was based on Section 32A of the Insolvency and Bankruptcy Code (IBC), which grants immunity to corporate debtors once a resolution plan is approved and management changes…
Lucapa Diamond Company in voluntary administration businessnews.com.au Read the original article here
Last year, the U.S. Supreme Court struck down the use of nonconsensual third-party releases in Chapter 11 reorganization plans as not authorized under the Bankruptcy Code.1 While the Harrington v. Purdue Pharma decision involved mass tort liability, the broader curtailment of third-party releases in all contexts should cause directors and officers to reevaluate their personal liability exposure…
In this era of globalisation, international trade has significantly increased, where companies have business in multiple jurisdictions. One of the aspects of globalisation is companies falling into insolvency, which leads to overlapping and conflicts of law between countries, creating chaos for the stakeholders. The purpose of the Model Law is to eradicate the impediments and…