A Christchurch courier company has buckled under financial pressure, owing creditors more than $1.2 million and leaving staff out of pocket. NJ & MS Holdings Ltd is in debt by about $586,000 to Inland Revenue (IRD) and just over $632,000 to unsecured creditors, while staff claims are nearly $35,000. The company, trading as Point to…
The Indian government has introduced the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, in the Lok Sabha, proposing significant changes to the existing law. The Insolvency Bill is designed to reduce delays, maximize asset value for stakeholders, and enhance the overall effectiveness of the insolvency and bankruptcy framework. Key proposed changes Creditor-Initiated Insolvency Resolution Process:…
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The another significant amendment is shifting the Competition Commission of India (CCI) approval timeline — allowing the CoC to approve a plan without waiting for prior CCI approval. This means only the successful resolution applicant will need to secure CCI clearance post-CoC approval. Under the current framework, all prospective resolution applicants are required to obtain CCI…
Mosaic Brands in liquidation after a year of attrition for fashion icons that stood the test of time Business News Australia Read the original article here
By Alex Wittenberg · August 12, 2025, 1:30 PM EDT A Delaware bankruptcy judge on Tuesday approved Joonko Diversity Inc.’s Chapter 11 liquidation plan after the debtor resolved objections from shareholders and others, letting the artificial intelligence-powered recruitment firm wind down… To view the full article, register now. Read the original article here
The Bill outlines a creditor-led, largely out-of-court insolvency process for quick rescue, faster tribunal timelines, a new framework for group insolvencies and cross-border bankruptcies, and clearer rules on the priority of government dues. It also marks a big departure from the current regime by allowing management of bankrupt companies to continue running day-to-day operations under…
New Delhi, Aug 12 (PTI) The government on Tuesday introduced a bill in the Lok Sabha to amend the insolvency law, proposing a raft of amendments, including an out-of-court mechanism to address genuine business failures, group and cross-border insolvency frameworks. Besides, provisions have been proposed to reduce the time taken for admission of insolvency resolution…