Hyvia announced in a brief statement that the Court of Economic Activities of Versailles had converted the insolvency proceedings, which had been ongoing for several weeks, into a court-ordered liquidation on 18 February. The reason given by the joint venture is that the insolvency administrator had not come across a “credible takeover offer” in his search for potential buyers. It added: “The difficulties encountered by HYVIA essentially result from the too slow emergence of hydrogen mobility ecosystems in Europe and the very significant development costs required for hydrogen innovation.”

As reported earlier this month, Hyvia filed for bankruptcy in December at the Versailles Commercial Court and has since obtained an extension…

KUALA LUMPUR, Feb 27 — The Federal Court has ruled that gambling debts are not legally enforceable in Malaysia as betting is a vice.

According to Free Malaysia Today, a panel at the apex court unanimously noted that the government has consistently opposed gambling in Parliament, citing its lack of public benefit.

Justice Datuk Nordin Hassan, who chaired the panel, said this was patent from laws such as Sections 24 and 31(1) of the Contracts Act 1950 and Section 26 of the Civil Law Act 1956.

“Public perception of gambling is also without doubt that such activities are something bad and should be discouraged. Thus, gambling activities and their transactions are against public policy,” he was…

After going into a brief trading halt on Monday, New Zealand medical cannabis company Greenfern Industries emerged to announce it was going into receivership.

The brief statement said in part:

“Damien Grant and Adam Botterill of Waterstone Insolvency have been appointed as receivers and managers over Greenfern Industries Limited (NZX: GFI). This appointment has been made pursuant to the powers granted under a General Security Agreement between GFI and Emdex Limited, dated 20 December 2024.”

Waterstone is also handling the insolvency of another NZ cannabis firm – the company behind Medical Kiwi, which entered liquidation on February 4. Medical Kiwi was not NZX listed, but raised funds through sources including crowdfunding.

The GFI…

Rob Shelton | Lehi Free Press

In a devastating blow to local crafters and DIY enthusiasts, JOANN Fabric and Crafts announced Sunday the closure of all 800 stores nationwide, including the American Fork location in Utah. 

The American Fork store, situated in a shopping center that recently lost Big Lots, will begin liquidation sales immediately. The closure marks the second major anchor tenant to vacate the shopping center in recent months, raising concerns about the future viability of the retail complex. 

“Following a comprehensive sale process and auction, GA Group together with the Prepetition Term Loan Agent, has been selected as the winning bidder to acquire substantially all of JOANN’s assets,” a company…

At the same time, CDEL’s subsidiary Coffee Day Global was battling another insolvency petition by IndusInd Bank over an alleged ₹94 crore default.

On July 20, 2024, the NCLT admitted Coffee Day Global to insolvency and appointed Shailendra Ajmera as the interim resolution professional to run the company’s operations.

However, this was later amicably settled with IndusInd Bank withdrawing its insolvency application after transferring the debt to ASREC (India) Ltd., an asset reconstruction company.

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Reference #18.2f40db17.1740641623.af0b8b6

https://errors.edgesuite.net/18.2f40db17.1740641623.af0b8b6

Australia is witnessing a significant rise in business insolvencies, (opens a new window) which has important ramifications for directors and officers (D&O) and the financial lines insurance sector.

This increase highlights the vulnerabilities present in the corporate landscape and emphasises the urgent need for robust D&O insurance policies to help safeguard business leaders against potential liabilities.

Rising insolvency rates in Australia

Recent data from the Australian Securities and Investments Commission (ASIC) indicates a sharp uptick in company insolvencies.

From 2023 to 2024, 7,742 businesses entered external administration, marking a 36.2% increase compared to the previous year.

Sectors such as construction, accommodation and…

CPR Land Rights Initiative invites you to a talk on

Bailing Businesses, Boosting Banks: Understanding the Evolution of Insolvency and Bankruptcy Law in India
 
Friday, 28th February 2025, 3:30 PM – 5:00 PM IST 

Speaker:
Ms. Misha, Partner, Shardul Amarchand Mangaldas & Co.

Moderator:
Dr. Namita Wahi, Senior Fellow, CPR & Founding Director, Land Rights Initiative

This is the ninth in a series of talks on “Legal History” as part of the Land Rights Initiative Speaker Series. This series is part of the Land Rights Initiative’s 10 year anniversary celebrations.  

This event will be held in hybrid mode at the CPR Conference Room (Dharma Marg, New Delhi) and online over Zoom. Please register below to attend either in person or via…