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.
HighlightsThe Insolvency and Bankruptcy Board of India has refined the Assignment Module to streamline the assignment process for Insolvency Professionals
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Tech billionaire Elon Musk, who has been tapped by President Donald Trump to lead federal cost-cutting efforts, said Tuesday that the United States would go “bankrupt” without budget cuts.
Musk leads the efforts under the newly created Department of Government Efficiency (DOGE), and was speaking at the White House with Trump, who has in recent weeks issued a flurry of orders aimed at slashing federal spending.
In particular, Musk pointed to the country’s budget deficit, which topped $1.8 trillion in the last fiscal year, and took aim at high interest payments on the public debt.
Iraq has forgiven $256 million in oil debt that Mozambique has owed it for decades. Mozambique had owed Iraq a total of $320.2 million and will pay the remaining $64 million balance over 15 years starting in 2029, the ministry said in a statement on Tuesday. [Photo: Ministry of Finance of Mozambique]
Mozambique has secured forgiveness of 80% of its total debt with the Republic of Iraq, and payment of the remaining 20% has been rescheduled for a period of 15 years preceded by a grace period of four years, which means that it has been rescheduled for the time period from 2029 to 2043.
The Insolvency and Bankruptcy Board of India has refined the Assignment Module to streamline the assignment process for Insolvency Professionals and improve record-keeping.
Insolvency Professionals are now required to add assignments to the IBBI electronic portal within three days of their appointment, with specific deadlines set for ongoing and closed cases.
The new directions from IBBI aim to enhance efficiency and transparency in insolvency proceedings by identifying seven distinct categories of assignments for Insolvency Professionals.
UNITED NATIONS, Feb 12 (APP): Pakistan has called for putting “front and centre” financial justice that includes debt relief for developing countries among the priorities of the upcoming Second World Social Summit in Doha, Qatar, as part of a decisive move to build a more just world.
“An inclusive, just and equitable international financial architecture is essential to unlocking resources for social development,” Ambassador Asim Iftikhar Ahmad, alternate permanent representative of Pakistan to the UN, told the Commission for Social Development — one of the eight functional commissions established by the UN Economic and Social Council (ECOSOC) since 1946 to advise and…
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Figures from the Insolvency Service revealed that 25,158 firms across England and Wales went bust last year (Peter Byrne/PA) (PA Wire)
More than half a million UK companies are in “significant” financial distress, and more than 40,000 in “critical” distress, according to insolvency experts Begbies Traynor’s latest “red flags” report.
The report found that 554,554 companies were in distress, up more than 30% from last year, and up a little from the fourth quarter of last year.
The number of firms in “critical” distress was slightly lower than at the end of last year, but still very high by historical measures at 40,174.
In a rare move, the National Company Law Tribunal (NCLT) has revoked its own July 2023 order that initiated insolvency proceedings against real estate firm Logix Infrastructure. The tribunal ruled that the plea, filed by financial creditor Experts Realty Professionals, was made with “fraudulent and mala fide intentions” and involved collusion between the creditor and the corporate debtor.
The NCLT found that the entire transaction was “orchestrated” and that the insolvency forum was misused with “purported malicious intent.” It stated that the petition was filed for purposes other than resolving insolvency, which goes against the objectives of the Insolvency and Bankruptcy Code (IBC).
