The government is likely to amend the Insolvency and Bankruptcy Code (IBC) to introduce pre-packs as a resolution mechanism, according to a government official aware of the developments. A pre-pack is an agreement for a distressed companys debt resolution between secured creditors and investors instead of a public bidding process, as under the Corporate Insolvency…
Capital markets regulator Sebi on Friday provided certain exemptions to alternative investment funds (AIFs) with regard to an investment committee framework. The exemption in AIF rule is conditional upon a capital commitment of at least Rs 70 crore from each investor accompanied by a suitable waiver, Sebi said in a notification. So far, manager was…
Business Standard The future phases would cover a default above Rs 1 crore, followed by Rs 1 to Rs 1 lakh TopicsMCA|Insolvency and Bankruptcy Code|Coronavirus Vaccine The Ministry of Corporate Affairs has proposed a framework for prepackaged insolvency resolution process that may be implemented in phases to give priority to Covid-related defaults for which the…
Australian Fashion Labels has entered voluntary administration and is holding urgent talks with a potential buyer, according to administrator Duff & Phelps. The fashion house, co-founded by Melanie and Dean Flintoff, operates labels BKNR, Finders Keepers, C/MEO Collective, Keepsake and The Fifth Label. According to Marcus Ayres, partner at Duff & Phelps, the business employees…
A steep increase in corporate failures is expected in the coming weeks as debt holidays introduced during COVID-19 come to an end. In December there were 46 company liquidations and five administrations across Queensland with high profile closures including national lingerie retailer Big Girls Don’t Cry (Anymore), Noosa eatery Madmegs & Co and a key…
Adelaide-based fashion retailer Australian Fashion Labels has collapsed into voluntary administration, putting 57 jobs at risk as the COVID-19 pandemic continues to put pressure on Australias retail sector. Marcus Ayres and Brett Lord of Duff and Phelps were appointed as voluntary administrators of the business on Wednesday and are now seeking a buyer or the…
On December 24, 2020, the European Union (EU) and the United Kingdom (UK) unveiled a Trade and Cooperation Agreement (TCA) establishing the broad relationship between them after the end of the Brexit transition period on December 31, 2020, with a particular focus on international trade, investment, public policy, and economic partnership between EU Member States…
NEW DELHI : Two power distribution companies of the Delhi government and Reliance Infrastructure Ltd have been asked to pay 1,864 crore of overdue electricity payments or face corporate insolvency proceedings, according to payment notices. Aravali Power Company Pvt Ltd (APCPL), a joint venture of state-owned NPTC, Haryana Power Generation Corp Ltd (HPGCL) and Indraprastha…
Nicola Bentley was the sole director of Stephensons (National Window Cleaning), which was incorporated in January 2017 and provided window cleaning services, predominantly for bookmakers. The company traded for two years but in January 2019 entered into creditors voluntary liquidation. A subsequent investigation by the Insolvency Service found that from February 2018 until the company…
Yue Chang Dai (56), from Dartford, Kent, was the sole director of Good View Da Ltd. The company was incorporated in April 2016 and traded as the Good View takeaway on Watling Street in Dartford. Good View Da, however, was unable to pay its debts and the company was placed into creditors voluntary liquidation in…