Insolvency Guardian Media Centre
BlueWave Secures $118.2 Million Debt and Tax Equity Raise to Support Maine Solar Portfolio The Malaysian Reserve
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Will Houston go bankrupt? City Controller Chris Hollins says yes CW39 Houston
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NEW DELHI: The Insolvency and Bankruptcy Board of India has amended rules to allow distressed homebuyers to take possession of their properties while the resolution process is ongoing.
The amendments, notified on February 3, and effective immediately, aim to enhance efficiency in insolvency proceedings, particularly for real estate projects, by introducing measures such as appointing facilitators, involving land authorities in the process, and ensuring better monitoring of resolution plans, according to an official release.
The Insolvency and Bankruptcy Board of India (IBBI) has amended rules governing the corporate insolvency resolution process.
…
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Australia’s only architectural glass manufacturer, Oceania Glass, has collapsed after its losses mounted because of cheap imports from China and rising manufacturing costs.
Grant Thornton was appointed on Tuesday as administrator of the company, which employs 260 people and has a manufacturing plant in the outer Melbourne suburb of Dandenong.
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The case dates back to 2017, when the National Company Law Tribunal (NCLT) admitted an insolvency petition against BPSL filed by Punjab National Bank (PNB). During the CIRP, JSW Steel emerged as the successful resolution applicant, and its resolution plan was conditionally approved by the NCLT on September 5, 2019.
However, prior to the resolution plan’s approval, the Central Bureau of Investigation (CBI) had registered a case on April 5, 2019 against BPSL, its chairman, directors and others for offences including criminal conspiracy, cheating, forgery and corruption. Subsequently, the ED initiated a money laundering investigation and provisionally attached BPSL’s assets on October 10, 2019.
The NCLT and later the National Company Law…
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After forking over $840,000 to live in a New York continuing care retirement community following the sale of their home three years ago, Bob Curtis, 87, and his wife Sandy face losing a huge chunk of those savings, according to Bloomberg.
“I can’t replace what I have here,” Bob told the publication in an article posted Dec. 3. The couple expected to spend the rest of their lives receiving care at the facility, Bloomberg reports, but it went bankrupt in 2023. Now, along with nearly 200 other residents, they could see a large portion of the money they invested to live there go up in smoke.
Continuing care retirement communities (CCRCs) are a type of retirement community that provides for seniors through the entirety of their later…
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SAN FRANCISCO (KGO) — What happens if the California FAIR Plan goes under in the wake of the devastation in Los Angeles? And what impact could it have on the 8.7 million policyholders across the state?
“Why should people in San Francisco pay for a fire that was insured by a consortium of insurance companies that are legislatively mandated to pay for that fire?” said Jamie Court, president of Consumer Watchdog. “It’s not fair.”
Those are both key questions as we’re learning the estimated insured losses are now expected to be around $30 billion, according to Wells Fargo and Goldman Sachs.
So if the California FAIR Plan goes bankrupt, what does that mean for the average consumer? And how likely is that to happen?
“You can bet that if the FAIR…
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The stress contributed to a deterioration in Go’s mental health until she ended up in hospital for six months, and her sister Wendy Lee, also a pseudonym, became her legal guardian.
“She’d been living without electricity for almost a year, the water was dripping because she couldn’t pay the water bills and there was nothing in the fridge. The only food I could see was one packet of on-sale chocolate cake mix,” Lee said.
“What was really distressing was the fact that [Karen] was paying whatever money she had left over from the little amount she was eating to make payments to strata, and it all just went to legal.”
Lee notified the strata management company about the hospitalisation and made a personal payment to bring the debt…
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Does the KTM brand sound familiar to you? This is more than just a motorcycle brand, it is a symbol of adventure and speed. But even giants go through bitter times and the Austrian company that has been a world leader in the automotive sector is now facing an incalculable challenge: 300,000 motorcycles piled up in warehouses… and an abysmal debt of 2,000 million that has caused the company to declare bankruptcy… What has happened and how could it happen to a company with such a sustained legacy? And most importantly… does it have consequences for its followers?
Who are we talking about?
KTM, the company founded in 1934 in Austria, is one of the most famous motorcycle companies around the world for its innovative designs…
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Will Houston go bankrupt? City Controller Chris Hollins says yes CW39 Houston