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The high debt saddling the world’s poorest countries needs an urgent reset to avoid multiple crises, African leaders said Thursday as they launched an initiative for debt relief and fairer borrowing terms.
The African Leaders Debt Relief Initiative, signed on the sidelines of a G20 finance meeting in South Africa, will push for a revamp of the global lending system to unlock debt relief and favourable borrowing terms for developing countries.
“More than half of the African population live in countries that are spending more on interest payments than education, health or climate,” said former Mauritius…
Alma Juventus Fano officially ceases its competitive activity and will therefore face definitive exclusion from the championship of Excellence at the fourth match in which he will not show up. The president and administrator of the company Salvatore Guida announced that “Alma has been placed into liquidation by a trusted professional firm and will sadly no longer be part of the national football scene, even if it would have taken very little on everyone’s part to avoid this sad epilogue”.
According to the president Guida himself, “Alma is not disappearing because of debts or because it has failed on the field, but because over time a media war has been waged, an economic campaign against it and a river of inaccurate words have been…
In a bid to equip Ghanaian businesses with essential legal knowledge for navigating corporate growth and financial uncertainty, the book Companies, Corporate Insolvency and Restructuring in Ghana: The Law and Practice (Volume 1) has been officially launched.
Authored by Ace Anan Akomah et al., the book—also known as the Blue Book—serves as a comprehensive guide for businesses, legal practitioners, and policymakers, offering critical insights into corporate insolvency and restructuring.
Delivering the keynote address on behalf of Chief Justice Gertrude Torkornoo, Her Ladyship Afia Serwaa Asare Botwe, Justice of the Court of Appeal, emphasized the crucial role of legal frameworks in ensuring economic stability.
It was mid-afternoon on Friday, but it was impossible to look away from the ASX screens that would deliver the news on whether Star Entertainment had managed to survive the day.
Administrators are at the ready, advisers are working overtime and the statements have surely been drafted, but the casino operator is still clinging to hope of a last-minute reprieve – what it calls a liquidity proposal.
On the line are 8000 jobs, the majority of which are in Sydney; almost 2000 hotel rooms risk closure and 60 bars and restaurants may shut if Australia’s major casino operator Star is declared bankrupt.
Once the company’s flagship asset, Star’s Sydney casino is now worth little more than its hotel rooms.Credit: Bloomberg
Invalid Authorization: The tribunal found that Manohar Maddili, who filed the application on behalf of IDBI, did not hold a valid power of attorney at the time of filing. The authority granted to him had been superseded by a subsequent resolution and the application was therefore, filed without proper authorization.
“Since the proceedings under Section 7 of I & B Code, 2016, itself was instituted on 07.09.2023, at that point of time Mr. Manohar Maddili, who had filed the supporting affidavit was not holding the valid authority to file an affidavit, which will itself vitiate the entire proceedings, since having been instituted by a person who was not…
Lilium Aerospace GmbH has filed for insolvency at the Weilheim District Court. The court ordered provisional insolvency administration and appointed lawyer Dr. Robert Hänel from Anchor Rechtsanwälte as provisional insolvency administrator.
The company was originally founded to continue the development of an electric flying taxi with investor money after the insolvencies of Lilium GmbH and Lilium eAircraft GmbH. Since these funds were not made available despite repeated promises, the company was now forced to file for bankruptcy as well.
The renewed insolvency affects around 960 employees who had received new employment contracts with Lilium Aerospace after the closure of the predecessor companies. Due to a lack of…
When this approval is sought is important, as a balance must be maintained between the CCI’s review of competition dynamics and the time-sensitive insolvency process.
Recently, the Supreme Court in the case of Independent Sugar Corporation Ltd vs Girish Sriram Juneja and Others held that the requirement of obtaining the CCI’s prior approval under the IBC is mandatory for resolution plans that qualify as a ‘combination’ under the Competition Act.
In other words, a resolution plan cannot be approved if it does not have CCI approval (if required) prior to the committee of…
