Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Equity Commonwealth (NYSE: EQC) has completed the sale of its final property, 1225 Seventeenth Street in Denver, Colorado, for $132.5 million ($124.4 million net after credits) on February 25, 2025. This marks a significant milestone in the company’s liquidation process.
Following shareholder approval of the Plan of Sale and Dissolution with 85.5% support on November 12, 2024, EQC has updated its estimated aggregate shareholder liquidating distribution range to $20.55 to $20.70 per common share, inclusive of the initial $19.00 per share distribution paid on December 6, 2024.
The company reported net assets in liquidation of approximately $179 million as of December 31, 2024. Prior to…
NCLAT, which earlier reserved its order, pronounced the ruling on Thursday (February 27, 2025) and the detailed order copy is awaited.
In a stock exchange announcement, the company said the NCLAT allowed its appeal and set said the National Company Law Tribunal (NCLT) last year’s order initiating the insolvency proceedings.
BRUSSELS — Several major EU countries are advocating that the bloc’s carbon border tax be expanded in the coming years to help repay over €300 billion in pandemic-era debt.
France, Italy and Poland are the big hitters behind the push. They argue that the EU desperately needs new revenue streams and that the carbon border tax — which takes effect for specific sectors in 2026 — is one solution.
The levy will initially cover highly polluting sectors like steel, cement and aluminum, as well as electricity and hydrogen. It aims to ensure imported goods pay a carbon price equivalent to EU standards. But the scheme, formally known as the Carbon Border Adjustment Mechanism (CBAM), also includes a built-in 2025 review…
The coronavirus (COVID-19) crisis was a major shock for the non-financial corporate (NFC) sector. The pandemic and the associated containment measures translated into a large drop in sales for firms. The rapid pace of the decline in revenue in conjunction with the difficultly of adjusting costs sufficiently quickly led to a sudden increase in liquidity needs. These liquidity needs, if left unaddressed, could have easily morphed into broader solvency issues, leading to a sharp increase in corporate defaults and bankruptcies.
The COVID-19 pandemic hit the services sector and small…
According to section 60(5) of the code, the NCLT has the authority to decide any matter pertaining to priorities, laws, or facts that arise from or are connected to the settlement of the corporate debtor’s insolvency
The National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) is empowered to decide an issue whether Successful Resolution Applicant (SRA) is liable to pay Pre-Corporate Insolvency Resolution Process (CIRP) electricity dues after the approval of the resolution plan and taking over of the corporate debtor under section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (Code).
By an order dated August 23, 2018, Akums Lifesciences (Corporate Debtor) was subject to the Corporate…
The National Company Law Appellate Tribunal (NCLAT) has set aside an earlier order of the National Company Law Tribunal (NCLT) that had admitted Coffee Day Enterprises Ltd (CDEL), the parent company of Café Coffee Day, into the corporate insolvency resolution process (CIRP).
A bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain quashed the NCLT’s order on Thursday. A copy of the judgment is awaited, Bar & Bench reported.
The case originated from a petition filed by IDBI Trusteeship Limited (ITSL), which alleged that CDEL had defaulted on payments amounting to over ₹228 crore.
Italian energy group Eni ENI said on Thursday its fourth-quarter adjusted net profit fell 46% from the previous year, hit by lower energy prices and continued weakness at its refining and chemicals divisions.
The adjusted net profit came in at 892 million euros ($934 million) between October and December, below an analyst consensus of 960 million euros compiled by the company and down from 1.66 billion euros in the fourth quarter of 2023.
Eni said its pro-forma leverage, which measures total debt in relation to equity taking into account also agreed disposals yet to be completed, fell to 15% at the end of last year.
“Our portfolio actions mean our pro-forma leverage is now an historically low 15%, enabling us to continue to invest in the…
PUTRAJAYA: A businessman from Sarawak won his appeal at the Federal Court to set aside a tour agent’s counterclaim against him, which sought to recover gambling debts.
In a unanimous decision delivered yesterday, the three-judge panel led by Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli ruled that gaming and wagering contracts are deemed unlawful and gambling debts are not enforceable under Malaysian law.
Fellow Federal Court judge Datuk Nordin Hassan who read out the court’s judgment, said tour agent Ting Siu Hua’s counterclaim was to claim recovery of gambling debts from businessman Datuk Ting Ching Lee.
“It is undisputed that the credit lines and the rolling rebate were for the appellant (Ching Lee) to purchase…
