Five years ago, the Insolvency and Bankruptcy Code (IBC) was passed by the Parliament, bringing about a structural change in the framework that governs the corporate insolvency resolution process in India. The IBC provides for a time-bound resolution of firms, addressing the vexed problem of firm exit in India. It has strengthened the hands of…
THE renowned Lorne Hotel in the west end of Glasgow has been put up for sale as administrators take steps to liquidateits owning company. Thirty staff were made redundant in May when administrators at Interpath Advisory, the former restructuring arm of KPMG, were appointed to Bellhill Limited, reports our sister title The Herald. The hotel,…
Public and private sector banks, non-banking financial institutions, and other financial lenders to companies undergoing corporate insolvency resolution process (CIRP) have taken a cumulative haircut of Rs 3.22 lakh crore or 61.2 per cent of their admitted claims since the Insolvency and Bankruptcy Code (IBC) regime was rolled out five years ago, data analysed by…
New Delhi: The government on Monday introduced a Bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government…
Article 0 Comments Personal residential insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate according to a July 22 order signed by the Florida Office of Insurance Regulation. The Florida Department of Financial Services must agree to receivership before the liquidation process can formally begin. Once the DFS signs off, Gulfstream customers will…
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed Micro, Small and Medium Enterprises (MSMEs). The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for the initiation of pre-packaged…
Law360 (July 26, 2021, 4:33 PM EDT) — A New Jersey federal judge vacated a $29 million judgment for a Garden State enterprise that sued a Singapore business over defaulted loans, reasoning that the foreign company’s liquidation proceedings stripped its principals of the authority to take action in the litigation. Chief U.S. District Judge Freda…
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already…
The Finance Minister Nirmala Sitharaman on Monday introduced a Bill in the Lok Sabha to provide statutory backing to pre-packaged insolvency resolution process (pre-pack) regime for companies classified as micro, small and medium enterprises (MSMEs). This Bill Insolvency and Bankruptcy Code (amendment ) Bill 2021 once passed by Parliament would replace an ordinance that Centre…
X Register for free to receive latest news stories direct to your inbox Register West Midlands businesses are being urged to take swift action if their finances are under pressure after new Government figures reveal corporate insolvencies have hit their third highest monthly total since the start of the pandemic. The warning comes from insolvency…