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.
The National Company Law Tribunal (NCLT), Indore Bench, has admitted a Section 7 application filed by HDFC Bank Limited against Shri Bhagwati Agro Industries Private Limited, leading to the initiation of a Corporate Insolvency Resolution Process (CIRP) citing clear acknowledgment of liability..
The application was filed by HDFC Bank Limited (“Financial Creditor”) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for an alleged financial debt of Rs. 10,44,03,044.07. The petitioner asserted that it had extended various credit facilities to the Corporate Debtor for its working capital requirements over several years. The account was classified as a Non-Performing Asset (NPA) on July 28, 2024, and subsequent…
Governor JB Pritzker announced that the Illinois Medical Debt Relief Program has erased nearly $430 million in medical debt during its first year, benefitting 357,800 Illinoisans across all 102 counties. Illinoisans who have received relief saw, on average, over $1,100 in debt eliminated.
“Too many working families are facing real financial uncertainty and higher healthcare costs at the hands of the Trump Administration. Illinois will keep stepping up to ensure the most vulnerable Illinoisans can focus on their health and their families—not on crushing medical debt,” said Governor JB Pritzker. “The Illinois Medical Debt Relief Program is a critical tool we created to expand healthcare access and affordability and…
Since 2017, the German company Govecs has produced the ‘E-Schwalbe’, an electric scooter inspired by the iconic East German original. The various models, offering different options in terms of battery capacity, power output, and top speed, are manufactured by a subsidiary in Poland.
However, the future of the E-Schwalbe is now in doubt, as Govecs has filed for insolvency at the Munich District Court. Under the reference 1542 IN 4079/25, the court has initiated preliminary insolvency proceedings for Govecs AG and appointed the prominent lawyer Michael Jaffé (known for his role in the Wirecard insolvency) as the preliminary insolvency administrator.
Jaffé will now oversee Govecs’ finances, with a mandate to protect the company’s…
In Secretary of State for Business and Trade v Sahonta and others, Morton’s Rolls Ltd, a well-known bakery, collapsed after running into severe financial difficulty. A conditional agreement was reached for a new company, Phoenix Volt, to take over elements of the business. But despite the agreement being signed, the bakery could not be taken over immediately. Morton had stopped trading, its bank account had been frozen, staff had been laid off, and Phoenix did not yet have access to the premises.
Shortly afterwards, a provisional liquidator was appointed to Morton. During this period, Phoenix made arrangements to restart production and eventually resumed baking operations, employing a number of former Morton staff.
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Angolan President João Lourenço delivered a forceful call for sweeping reforms to the global financial system during the seventh African Union-European Union summit in Luanda, warning that Africa’s development ambitions are being “stifled by unsustainable debt.” As current chair of the African Union, Lourenço’s remarks underscore the escalating urgency of a debt crisis that now threatens more than 20 African nations with financial distress.
The summit, marking 25 years of AU-EU partnership, assembled heads of state and government from both continents in Angola’s capital to discuss critical economic, security, and development challenges. Lourenço’s address brought into sharp relief a fundamental tension: while African…
Alpha DX Group Limited – Monthly Update in Compulsory Liquidation
Key Highlights from the Latest Update
No Material Developments: The Joint and Several Liquidators of Alpha DX Group Limited have confirmed that, since their previous announcements, there have been no material developments regarding the company’s affairs.
Ongoing Communication: The Liquidators have committed to making further announcements if and when there are any material changes or developments.
Advisory to Shareholders: Shareholders are strongly advised to consult their professional advisers if they are uncertain about any actions they should take in relation to the company’s liquidation status.
The parent company of Oregon-based Rogue Ales & Spirits has filed for Chapter 7 bankruptcy, with its debt totalling US$16.7 million.
Rogue Ales released its first whiskey in 2006
Oregon Brewing Company voluntarily filed for Chapter 7 bankruptcy on 24 November in the US Bankruptcy Court, District of Oregon. The case filing notes that it has a total debt of US$16,763,460.26.
The court document states that it owes large sums of money to several banks including US$1.35m to Northrim Bank.
It has also failed to pay property tax to the Lincoln County Tax Collector for a sum of US$510,827.
Other significant creditors include the Oregon Liquor & Cannabis Commission (US$61,405) and Hops Direct…
SINGAPORE – Close to 100 creditors are owed slightly over $1 million by confectionery chain Twelve Cupcakes, according to one of its appointed liquidators from AAG Corporate Advisory on Nov 25.
This excludes the
unpaid salaries owed to 80 former employees
.
The company has entered full liquidation as of Nov 24, the liquidator confirmed with The Straits Times over a call. While a committee of inspection, which acts as a representative body for consultations with the liquidators, was not appointed on Nov 24, volunteers are expected to come forward.
In a presentation seen by ST, the highest amount is owed to Tee Yih Jia Food Manufacturing at about $196,000, while others included baking supplies provider Phoon Huat, market expansion services…
Homeplus failed to make the main bid, \n2nd sale and rehabilitation plan review commenced\n If the company’s proposal for participating in the preliminary bid fails to submit\n2nd sale, the possibility of liquidation ‘realization’
Homeplus Dongdaemun Branch [Reporter Lee Seung Hwan]
The possibility of liquidation is rising again as the first sale of Homeplus, which is in the process of corporate rehabilitation, has collapsed. When there were no companies participating in the main bid, the second sale process began, and some observers say that if this fails, the court could consider liquidation.
According to the industry on the 26th, no company has taken over Homeplus…
