The government continues with its reforms to insolvency and bankruptcy rules, with the latest change a higher threshold for statutory demands – taking effect next month. From July 1, the minimum amount at which creditors can issue a statutory demand to a company for a debt owed increases from A$2000 to $4000. The change follows…
The process, known in German as Schutzschirmverfahren (SSV) literally translates to restructuring under protection of the insolvency laws. This method permits management to restructure the business in an efficient manner, thereby increasing productivity and flexibility in the production process. Reorganising in such a manner also allows for an increased stabilisation of the company, creating a…
FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (BBX Capital or the Company) announced today that, on June 11, 2021, the United States Bankruptcy Court for the Southern District of Florida (the Bankruptcy Court) announced its intention to enter an order (the Confirmation Order) confirming the plan of reorganization filed by ITSUGAR LLC…
COLUMBUS, Ohio–(BUSINESS WIRE)–Washington Prime Group Inc. (NYSE: WPG) today announced that it and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court). The Company enters Chapter 11 after executing a…
COLUMBUS, Ohio–(BUSINESS WIRE)–Washington Prime Group Inc. (NYSE: WPG) today announced that it and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court). The Company enters Chapter 11 after executing a…
Restructuring experts have warned that many of the businesses that took Covid-related financial help in 2020 will be in distress again this year as UK government measures to support companies unwind next month. Almost a third of global restructuring experts said that more than half of their clients that needed financing during the pandemic in…
Several lenders, including the major banks, have announced relief measures for Victorian borrowers impacted by the floods. High winds, damaging rains, and flash flooding have wreaked havoc in several communities in Victoria, including the Gippsland region, with homes damaged or left without power, and more rain is expected. In response to the floods, major banks…
ISLAMABAD: The National Assembly has passed major amendments in the The Corporate Restructuring Companies Act 2016 to enable Corporate Restructuring Companies (CRCs) operate efficiently and extend financing facilities for carrying out the purposes of the CRC Act. The Corporate Restructuring Companies (Amendment) Bill 2021 was approved in NAs session on June 10, including other 20…
NCP has been in discussions to pull out of rental contracts and cut payments to landlords. Photo: Getty Landlords are once again in talks with the UK’s largest car park provider NCP, this time threatening to remove the business from a string of premises ahead of a vote on the company’s new restructuring plan. The…
By Matteo Castia Hurricane Energy PLC said Friday that its proposal to restructure the business didn’t get approval at the shareholder meeting that was convened to vote on the plan. The London-listed, oil-and-gas company said the resolution received only 7.7% of the total votes cast and that 32.9% of the company’s issued share capital voted.…