Insolvency Guardian Media Centre
South Korean virtual asset deposit platform Delio was declared bankrupt by a court in Seoul on Nov. 22, according to multiple local press reports. Delio, which owes customers 245 billion won ($1.75 billion), halted withdrawals last year.
Some hope of making customers whole
Delio will begin liquidation proceedings. Customers can make claims through Feb. 21, 2025, and the first creditors’ meeting will be held on March 19, 2025. Reports quote a court official as saying:
“The debtor leased and entrusted the management of customer-deposit virtual assets to the management company, but a large part of it was deposited and managed in the FTX account.”
As a result, the platform was unable to recover its assets after the November 2022…
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Debt Relief Just Got Real: Experian Erases Millions in Balances For African Americans pridepublishinggroup.com
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The operator of the closed-down Catford Mews cinema has been liquidated, but the businessman behind the venture hopes to open up again in a nearby location.
Really Local Group (Catford Mews) Ltd was placed in liquidation at 2pm on Wednesday, four months after its landlord, a Lewisham Council company, repossessed the building saying it had run up “significant arrears”.
The company had been under threat of being compulsorily struck off after having failed to meet a deadline to file its 2023 accounts.
But in a statement, its parent company, Really Local Group, said it was “actively exploring options for relaunching this cherished cultural hub at a new site within the local area”, although it did not give details of…
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13 firefighters declared bankrupt taken disciplinary action MSN
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What Is Insolvency?
Insolvency refers to a business that can no longer pay its debts. A company might be unable to repay creditors if it’s struggling financially. The company might have had a significant drop in income due to lost sales, increased expenses due to the cost of goods or labor, or the business might be suffering from poor decisions.
While insolvency typically refers to businesses, individuals can become insolvent too. Simply put, if you can’t pay debts (like your credit card, student loans, medical bills, or mortgage), you’re insolvent. However, people who no longer can manage their debts are also more likely to face bankruptcy, which isn’t the same as insolvency.
Key Takeaways
- Insolvency is the inability of a…
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Highlights
- The Supreme Court ruled that the interim moratorium under Section 96 of the Insolvency & Bankruptcy Code, 2016, does not protect corporate debtors from penalties under the Consumer Protection Act, 1986, emphasizing the importance of consumer protection regulations during insolvency proceedings.
- Legal experts clarified that the moratorium applicable to corporate debtors under Section 14 of the Insolvency & Bankruptcy Code is broader than that under Section 96, and while it provides some protections, it does not exempt corporate debtors from complying with regulatory obligations.
- The moratorium does not prevent regulatory actions from being enforced against corporate debtors,…
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Homeplus Declared Bankrupt as Its Promissory Note is First Dishonored by Banks 알파경제
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German sports portal Sporttotal files for insolvency Broadband TV News
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IndusInd International Holdings Ltd (IIHL), a Hinduja Group company, is set to take over Reliance Capital (RCAP), the debt-ridden firm formerly led by Reliance Group Chairman Anil Ambani.
Reliance Capital (RCAP), the debt-ridden firm formerly led by Reliance Group Chairman Anil Ambani, is set to taken over by IndusInd International Holdings Ltd…
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New Delhi, Mar 12 (PTI) Jaiprakash Associates Ltd, which is undergoing an insolvency process, on Wednesday said that a consortium of lenders has transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL).
Jaiprakash Associates Ltd (JAL) in a regulatory filing informed that the consortium of lenders of the company have “assigned/transferred their outstanding debt/financial assets along with underlying securities interest, pledge of shares, guarantees, receivables etc. charged for financial assistance granted by them to JAL in favour of NARCL”.
As per the filing, the consortium comprises SBI, ICICI Bank, IDBI Bank, Axis Bank, LIC, Canara Bank, Bank of Maharashtra, IFCI, PNB, UCO Bank,…
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Singapore: Meeting of company and creditors scheduled for Ruchira Ships Limited Manifold Times