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The Insolvency and Bankruptcy Code (IBC), enacted on 28 May 2016, was designed to address corporate distress by enabling quicker resolution of insolvency cases and aiming to preserve the value of assets. As of December 2024, a total of 8,175 Corporate Insolvency Resolution Processes (CIRPs) had been admitted under the Code. Among the cases that have reached closure, about 56% of closed CIRPs were settled through resolution, withdrawal, or legal closure, while the remaining 44% moved into liquidation.
In a landmark decision, the Supreme Court of India rejected the resolution plan submitted by JSW Steel for Bhushan Power and Steel Ltd. (BPSL), bringing an end to a Corporate Insolvency Resolution Process (CIRP) that began in July 2017….
As the cost-of-living crisis bites, the number of people seeking help with business and individual debts is soaring.
In March alone, calls to the National Debt Helpline’s small business advice number jumped to 570, that’s 49 per cent more than March last year and 18 per cent more than February 2025.
New business starts-ups and insolvency-related activity had both fallen across the UK and in Yorkshire and the Humber last month, according to the latest research from the UK’s insolvency and restructuring trade body, R3.
The findings, based on an analysis of data provided by Creditsafe, show an 18% decline in insolvency-related activity in the region in April, while the rate of new business start-ups saw a 9% drop in the same month.
Insolvency-related activity, which includes liquidator and administrator appointments and creditors’ meetings, rose in the North East (by 7%) and in Wales and the North West (by 4%) but fell in every other UK region, with the South West seeing the largest fall,…
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| Photo Credit: Reuters
The National Company Law Appellate Tribunal (NCLAT) has dismissed an insolvency petition against PepsiCo India Holdings after observing that provisions of IBC cannot be turned into a debt-recovery proceeding.
The appellate insolvency tribunal has upheld the earlier order passed by the Chandigarh bench of the National Company Law Tribunal (NCLT), which had rejected SNJ Synthetics’s plea.
“The adjudicating authority (NCLT) has not committed any infirmity in not allowing the CIRP of the corporate debtor [PepsiCo] to be initiated solely on the basis of the claim of the…
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In late April, the company confirmed it would close the last six stores that had initially been exempt from the first round of closures, including the heritage flagship stores in downtown Toronto and downtown Montreal, as well as Yorkdale Shopping Centre in Toronto, Hillcrest Mall in Richmond Hill, CF Carrefour Laval mall, and CF Fairview Pointe-Claire mall.
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Three-quarters of Younger Veterans with Debt are Still Paying off Amounts Incurred While Serving
NEW YORK, May 12, 2025 /PRNewswire/ — National Debt Relief, the industry leader in debt settlement known for its unique approach to debt relief, today released the findings of a powerful new study revealing that many U.S. veterans face mounting debt, financial instability and emotional strain as they transition to civilian life. Conducted in partnership with Wakefield Research, the study polled 1,000 U.S. veterans ages 21 and older who are no longer in military service, offering a sobering look at the challenges faced after service.
Senior Pastor Howard-John Wesley preaches at Alfred Street Baptist Church in Alexandria, Virginia, on Feb. 18, 2025. | YouiTube/Alfred Street Baptist Church
A predominantly African American megachurch that has existed since the early 19th century has donated approximately $132,000 to relieve the debts of 11 graduating college seniors.
Alfred Street Baptist Church of Alexandria, Virginia, which was founded in 1803 and presently boasts around 10,000 members, donated $132,469 to eliminate the college debt of 11 graduates of Saint Augustine’s University.
The donation was given before the May 3 commencement, with representatives of Alfred Street Baptist attending the graduation service,…
