CORPORATE insolvencies rose by almost a fifth last month to one of the highest figures seen since the start of the pandemic. A representativeof the insolvency industry in Dorset and Hampshire says the delay in lifting the final lockdown restrictions may have contributed to the rise. Statistics for June showed corporate insolvencies in England and…
Photo courtesy of Luby’s Cafe Shareholders of cafeteria operator Lubys Inc. will receive nearly 4% more from the companys liquidation than had been previously projected, a per-share bump of 15 cents, according to management. In a securities filing, the company attributed the sweetened forecast to a combination of higher-than-expected proceeds from recent sales and improved…
The 49-year-old Mr Papas, also known as Basile Papadimitriou, is named as a respondent along with Forum Finance and Forum Enviro in civil court claims relating to alleging schemes to defraud Westpac, French bank Socit Gnrale, and Sumitomo Mitsui Banking of Japan by presenting false invoices and documents for financing. The director has placed Iugis…
The Insolvency and Bankruptcy Code (IBC) is broke. It must be fixed, both to increase recovery and to redeploy the assets locked up in failed firms. While 4,540 insolvency cases have been admitted for Corporate Insolvency Resolution Process (Cirp), significant recovery has materialised only in a handful of cases, such as Essar Steel and Bhushan…
Chapter 11 bankruptcy protection is supposed to allow companies to shed debt and get a fresh start. Ideally, creditors recover most of what theyre owed as the restructured firm begins turning a profit. Yet, more companies are liquidated than rebuilt, giving up the second chance at success that the law aims to encourage. In the…
Despite becoming collateral damage in an alleged $400 million dollar fraud scandal, Autonomous Energy (AE) says it remains a viable business and is looking to emerge as smoothly as possible from a period of voluntary administration. In March this year AE was acquired by iuigis, one of several companies operated by Bill Papas, who is…
Financial creditors, including banks, realised Rs 2.45 trillion from approved resolution plans for 394 corporate insolvency resolution cases under the Insolvency and Bankruptcy Code as on June 30, Minister of State for Finance Pankaj Chaudhary said. Creditors got Rs 2.37 trillion through approved resolution plans of top 100 CIRPs, which is over 36 per cent…
Development follows an appeal by Bank of Maharashtra, a dissenting creditors. Matter is slated to be heard on September 9 TopicsNCLAT|NCLT|Videocon Industries BS Reporter | Mumbai Last Updated at July 19, 2021 16:40 IST The National Company Law Appellate Tribunal (NCLAT) has stayed the approval granted by the Mumbai bench of the National Company Law…
Image: Heron Resources Latest News FTI Consulting will continue to care and maintain the Woodlawn zinc-copper mine following Heron Resources decision to enter voluntary administration after struggling to restart the operation, which has been inoperative since March 2020 On Friday, Herons board of directors appointed Chris Hill, David McGrath and Mike Ryan of FTI Consulting…
The National Company Law Tribunal, Chennai, has approved the Resolution Plan submitted by MK Rajagopalan, Chairman and Managing Director of MGM Healthcare Group, on the Insolvency and Bankruptcy case of Appu Hotels Ltd, which operates Le Meridien Chennai, Coimbatore and the Riverside Spa and Resorts. R Sucharitha, Member (Judicial) and Anil Kumar, Member (Technical), NCLT,…