However, to be able to do so, a stressed MSME will require the approval of unrelated financial creditors who account for at least 25% of outstanding claims. Only debtors can trigger their own bankruptcy process under the special insolvency resolution framework for micro, small and medium enterprises (MSMEs), which the government and the regulator are…
Dewa Housing Finance Corporation (DHFL) on Saturday posted a consolidated net loss of Rs 13,095.38 crore in the third quarter ended December 2020 against a net profit of Rs 934.31 crore in the year ago quarter. Sequentially, the company witnessed widening of net loss from Rs 2,122.65 crore in the second quarter ended September 2020.…
Chocolates and flowers may be Valentine’s Day staples, but they’re also among the easiest gifts you can give your special someone. Booking a getaway doesn’t require too much additional effort; however, it’s certainly more exciting and it doesn’t have to fall on February 14. No one has been travelling far to take a romantic vacation…
Thursday, February 11, 2021 At the start of 2020, we considered what changes the UK restructuring and insolvency market might expect to see during the year however no one could sensibly have predicted the significant and far reaching impact of COVID-19. In part 1 of our blog, we look back at 2020 and look forward…
Image by Rebecca Lintz Equestrian Australia (EA) has exited the Voluntary Administration process following its Deed of Company Arrangement (DOCA) coming into effect. Mark Bradley, EAs Chairman of the Board of Directors, said that Voluntary Administrators Craig Shepard and Kate Conneely from KordaMentha, have finalised all conditions of the DOCA and have handed back control…
Business Corporate insolvencies are set to double in 2021, with experts warning that targeted action is needed in next months Budget to avoid further damage. Thursday, 11th February 2021, 1:23 pm Experts are forecasting a jump in corporate insolvencies as the economic fallout from the pandemic intensifies. Picture: Tim Goode/PA RSM, the audit, tax and…
Air Namibia (SW, Windhoek Int’l) has announced the cancellation of all its operations, effective February 11, as the countrys government is poised to announce its flag carrier’s voluntary liquidation. In a late-night notice on social media, the 75-year-old airline announced that all its aircraft would be grounded. Its reservations system was suspended with no new…
Alice McCall emerged from voluntary administration on December 11 through a deed of company arrangement (DOCA), SV Partners administrator Ian Purchas has revealed toRagtrader. According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor – the title holder of the intellectual property – $5 million to ordinary unsecured creditors, $130,000 to redundant…
Text size Whats left of Yahoo! after a sale of its online businesses to Verizon Communications is a company called Altaba. David Paul Morris/Getty Images Altaba has made two significant distributions to its shareholders under its liquidation plan. Now, the company, formerly Yahoo!, is expected to ask a Delaware court for authority to make another…
The Centre must brace for a surge in fresh corporate bankruptcy filings after the ongoing pandemic-induced freeze lifts by the end of the financial year. The Insolvency and Bankruptcy Code (IBC) was suspended for six months from March last before being extended to December and subsequently for the full financial year. Latest Insolvency and Bankruptcy…