Insolvency Guardian Media Centre
MCA to work on increasing recovery from corporate insolvency process MSN
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The National Company Law Appellate Tribunal (NCLAT) New Delhi bench comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member) and Arun Baroka (Technical Member) have re-iterated that that liquidation of the Corporate Debtor should be the last resort. The Tribunal observed that when 95.01% of the CoC members, after considering all aspects, passed a resolution for a 60-day extension, the Adjudicating Authority could not have overturned this decision at the instance of a dissenting Financial Creditor holding only a 0.17% vote share.
Brief Facts
Corporate Insolvency Resolution Process (CIRP) against M/s Usha India Ltd. (Corporate Debtor) commenced on 05.10.2023. The Resolution Professional (RP) …
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Builder linked to high profile Perth projects hits trouble The West Australian
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A PEMBROKESHIRE restaurant is set to receive national attention as it appears on Channel 4’s hit series Four in a Bed next week.
35 Main Street, a well-regarded restaurant in Solva, will make its television debut on Monday, February 24, as part of the competition-style show that pits four bed and breakfast owners against each other. The series follows participants as they visit and rate each other’s establishments, with the winner being the business that offers the best value for money.
Restaurant owner Steve Henstridge, who took over 35 Main Street in December 2023, was stunned when he was invited to take part.
“When I first got the call, I thought it was a joke,” he admitted. “I’ve always loved…
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Years of challenging trading conditions and the threat of April’s rise in the National Minimum Wage and Employers’ National Insurance Contributions have driven up monthly corporate insolvency figures to the highest seen in January for more than five years.
This is according to the Midlands branch of the UK’s insolvency and restructuring trade body R3, and comes on the back of figures published this week [18/2/25] by the Insolvency Service which show that corporate insolvencies increased by 6.4% last month to a total of 1,971 compared to December 2024’s total of 1,852.
The January 2025 figures are also 10.7% higher than the January 2024 total of 1,780 and they are 13.1% above the 1,743 registered in January 2023.
R3 Midlands…
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Furniture retailer Nick Scali says its profits could be lower than estimated just a month ago after one of its logistics partners collapsed, leaving hundreds of containers full of sofas and dining sets stranded.
The failure of Lion Global Forwarding, which specialises in forwarding furniture from China, means about 200 containers full of products for Nick Scali customers have been delayed at ports around Australia.
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Seacrest Petroleo Bermuda Limited is a Bermuda-based independent oil and gas production company. The Company has an integrated portfolio of producing oil and gas fields, and export infrastructure onshore in Espirito Santo, Brazil. The Company has exclusive control over its infrastructure, from field production to an offshore tanker loading terminal, enabling operations, schedule control and direct access to markets for its products. Its operations include Norte Capixaba Cluster and Cricare Cluster. The Norte Capixaba Cluster is owned 100% and operated by the Company, and it includes four onshore fields. The Cricare Cluster is operated by the Company, and it includes approximately 27 onshore fields. Terminal Norte Capixaba is…
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Trump & Musk Says AMERICA will GO BANKRUPT BY…: U.S President Blast ‘Biden-Era Corruption’ Independent Tribune
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Insolvency & Bankruptcy Code (IBC), labelled as among the iconic watershed-moments of Indian legal history has been under intense scrutiny for some time now. Recent observations around judicial delays, higher liquidation rates (compared to resolution) and lower recoveries have cast a spotlight around this milestone.
Some years ago, the IBC was hailed as the saviour of Indian banking. It was reckoned as equally integral to the economy than other legal precedents such as the implementation of GST. In the words of Ravi Mittal, Chief of IBBI (Insolvency and Bankruptcy Board of India), the IBC played a key role in the revival of real estate in the country. In fact, according to India’s Economic Survey for 2024, the IBC which has witnessed…
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The global financial crisis has pushed many businesses into a state of instability. When companies are struggling with difficult choices, Deloitte Legal can assist with suggesting options to help recovery, such as restructuring outside of insolvency proceedings, a structured sale or provide assistance with judicial insolvency proceedings. We work with companies in distress as well as potential buyers, shareholders and directors, creditors and insolvency administrators.
Deloitte Legal insolvency practices bring years of experience in working with third parties such as bankers, lawyers, insolvency courts, credit insurers and public authorities. Deloitte Legal works together with colleagues who have specialised skills in…
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23 stores to close as Quiz files for insolvency Insider.co.uk
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Source: Business Times
Article Date: 21 Feb 2025
Author: Tay Peck Gek
The court also dismisses her application to set aside the S$4.3 million in claims from SME Care that the private trustee has accepted as valid.
The valid claims against high-society figure Jannie Chan have risen by S$18.9 million, after the High Court on Wednesday (Feb 19) accepted a creditor’s previously rejected debts.
Chan, the co-founder of mainboard-listed luxury timepiece retailer The Hour Glass : AGS 0%, was declared bankrupt in 2019.
The loan that she had guaranteed for JASC – one of the firms where she was the sole director and shareholder – was overdue. It landed…