ICAI suggests key reforms to improve IBC effectiveness

The Institute of Chartered Accountants of India (ICAI) has proposed a series of strategic reforms to strengthen the Insolvency and Bankruptcy Code (IBC), 2016, emphasising the need for stricter adherence to timelines and improved value realization in the Corporate Insolvency Resolution Process (CIRP). In its latest study, ICAI highlighted that while the IBC has significantly…

Kenik collapses: Melbourne-based construction company leaves behind $6million trail of debt

A construction company has collapsed with creditors owed millions of dollars for projects across Victoria, NSW and Queensland. Kenik was wound up in Queensland’s Supreme Court earlier this year after another business launched legal action against the Melbourne-based company.  Kenik, which had been in the property and construction industry for more than 25 years, now owes…

Ant Anstead’s car company files for Chapter 7 bankruptcy

Ant Anstead’s Radford Motors files to amend bankruptcy status Ant Anstead’s supercar company, Radford Motors, has filed for Chapter 7 bankruptcy. The shift comes after a court hearing on May 8, converting his company’s previous Chapter 11 bankruptcy to Chapter 7, People Magazine reported. Chapter 7 bankruptcy marks an escalation in the company’s financial troubles…

India’s insolvency law has bankers going bald

If harsh haircuts on bankrupt assets weren’t bad enough, India’s lenders must now be going bald with worry. A recent court order has raised the unpleasant prospect of having to return the money new owners paid them to settle the unpaid loans of insolvent firms — years later.The nation’s nine-year-old insolvency code has struggled with…