Adelaide’s General Admission Events goes into liquidation – The Music Network

General Admission Events has gone into liquidation with debts of $150,000. The Adelaide music events company provided hospitality services, including staff and bar operations, to national festivals Groovin The Moo, FOMO, Parklife, Soundwave and Future Music. Its director Gareth Lewis told the Adelaide Advertiser that the company was affected after the collapse of FOMO Festival…

NCLT orders commencement of corporate insolvency resolution process against Oyo Hotels & Homes – Economic Times

SoftBank-backed Oyo Hotels & Homes scotched speculation on social media platforms over bankruptcy proceedings, which had been sparked by a National Company Law Tribunal (NCLT) order over a claim of Rs 16 lakh in dues by a hotel owner. “There is a pdf and text message circulating that Oyo has filed for bankruptcy. This is…

Pre-pack is ‘liquidation-remote resolution mechanism’, says IBBI chief – Times of India

NEW DELHI: The pre-pack framework for stressed assets under the insolvency law is a “liquidation-remote resolution mechanism” and will also help in avoiding protracted legal battles as there will already be a broad understanding among stakeholders concerned, according to IBBI chief M S Sahoo.To help stressed MSMEs (Micro, Small and Medium Enterprises), the government has…

More Bankrupted Companies Opted For Reorganization, Not Liquidation, in 2020 – GlobeSt.com

Reorganization is now increasingly favored over liquidation, according to an analysis of COVID-era corporate bankruptcy filings by S&P Global Market Intelligence. Almost 62% of corporate bankruptcy filings last year sought to reorganize or restructure, the highest watermark since 2010, according to S&P dataand 2021 filings are set to outpace last years numbers. Conversely, in 2018…