While RBI is the banking regulator, the IBBI regulates insolvency professionals, insolvency professional agencies and information utilities. Photo: Mint Mumbai: The Insolvency and Bankruptcy Board of India (IBBI) on Monday signed a memorandum of understanding (MoU) with the Reserve Bank of India (RBI) for enhancing cooperation between the two regulators to ensure better implementation of…
Getty Images Advertisement – Continue Reading Below Millie Mackintosh’s namesake fashion label has gone into voluntary liquidation, The Evening Standard reports. The brand is said to have gone bust due to a very challenging financial climate in the industry. The reality television star started the company four years ago, which sold mid-priced pieces online and…
Public sector banking must see material reforms at an institutional level with quick resolution for large stressed accounts, to preserve the daily erosion of value of assets under insolvency and bankruptcy code (IBC), according to a senior executive at HSBC. In an interview with Moneycontrol, Rajat Verma, Managing Director and Head corporate banking, commercial banking…
Numerous employees of the once-hugely popular doughnut franchise Doughnut Time were notified on Friday evening that the company would be put into liquidation after a deal between owner Damian Griffiths and former CEO of the company Dan Strachotta allegedly fell through. The company’s internal message board erupted with confused and angry messages from employees, many…
Retailers can survive the retail apocalypse if they control their intellectual property, said Gerald Storch, CEO of Storch Advisors, a retail advisory firm. “If [a company] is vertical, the margin is much richer,” Storch told CNBC, referring to a company that owns its own supply chain. “You can afford to play on the internet, which…
NEW DELHI: The government will review the issue of the bar on liquidating the assets of those who have given personal guarantees against loans when it comes to companies undergoing insolvency resolution, officials said. There is already arestriction on similar seizures with regard to guarantees made by corporates. This stems from a recent ruling of…
Toys R Us devotes so much of its space to toys — rather than the few aisles at Walmart and Target Corp. — it can take chances on new items and smaller suppliers. pencer Platt/Getty Images files Share Adjust Comment Print Toys R Us Inc. doesnt sell the most toys in the U.S. that distinction…
Joan Verdon and Charisse Jones, The (Bergen County, N.J.) Record and USA TODAY Published 6:43 a.m. ET March 9, 2018 CLOSE Toys R Us plans to shutter about 20% of its U.S. store fleet, saying “tough decisions” are needed to reinvent their brands. USA TODAY Empty shopping trolleys outside a closing Toys R Us store…
IFCI, a government company, is enthused over the Insolvency and Bankruptcy Code (IBC) process, stating that its experience so far has been “encouraging”. This company is now making “judicious use” of the IBC to address corporate restructuring issues, which includes recovery, V Satya Ventakata Rao, Executive Director, IFCI told BusinessLine here. As on date, IFCI…
Joan Verdon and Charisse Jones, The (Bergen County, N.J.) Record and USA TODAY Published 6:17 p.m. ET March 8, 2018 | Updated 8:49 p.m. ET March 8, 2018 CLOSE Toys R Us has gone into administration in the UK leaving 3,000 jobs at risk. The U.S. toy chain failed to find a buyer after struggling…