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This article is the second of a three-part series looking at issues surrounding debt lawsuits in state courts.
State courts should offer a path to resolution for the millions of Americans sued for debt each year. Too often, however, consumers involved in litigation must deal with inadequate information, confusing processes, and outdated, ineffective policies that do little to help them address their debts. Better policies around these lawsuits can help alleviate some of those issues, and policymakers have both the ability and the authority to implement simple, straight-forward solutions to improve how debt cases play out in court.
As part of its examination of how consumer debt litigation policies fail consumers, The Pew Charitable…
The National Company Law Tribunal (NCLT), Mumbai Bench, has ordered the liquidation of Tulip Hotels Pvt. Ltd., marking the latest development in the company’s insolvency process. The order came after the Corporate Insolvency Resolution Process (CIRP) failed to produce a resolution plan within the stipulated timeframe.
Resolution Professional Gaurav Ashok Adukia sought liquidation under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), citing an absence of viable resolution proposals. Despite deliberations, the Committee of Creditors (CoC) could not reach a consensus to extend the CIRP. JC Flowers, a key stakeholder with 70.83% voting rights, supported liquidation.
New Delhi, Jan 19 (PTI) NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline.
On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming a default of Rs 900 crore for two corporate guarantees issued by it.
Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox & Kings and EzeeGo One Travel and Tours Ltd. After they defaulted, the financial creditor Yes Bank invoked the guarantee of Rs 450 crore each given for both…
Latest figures from the Insolvency Service have shown that the number of registered business insolvencies in England and Wales was 1,966 in November 2024, 13% higher than in October 2024 (1,743) and 12% lower than the same month in the previous year (2,243 in November 2023).
The business insolvencies consisted of 254 compulsory liquidations, 1,565 creditors’ voluntary liquidations (CVLs), 132 administrations, 14 company voluntary arrangements (CVAs) and one receivership appointment.
In November 2024, CVLs accounted for 80% of all company insolvencies. The number of CVLs increased by 8% from October 2024 and was 15% lower compared to the same month last year (November 2023). The seasonally adjusted number of…
Jones said while businesses continued to find economic conditions difficult, they could see light at the end of the tunnel and were making plans to “springboard for that growth”.
Almost two-thirds of businesses planning to grow were looking to invest in hiring, retaining and training staff, with many focused on the latter two. With unemployment rising to 4.2 per cent in July and expected to peak at 4.6 per cent, according to NAB, employers were still expressing a desire to retain staff.
Dean Pearson, the head of behavioural and industry economics at NAB, said organisations were more likely to cut employees’ hours than making them redundant, fuelling concerns of rising underemployment.
The Insolvency and Bankruptcy Board of India (IBBI) has recommended several changes in the liquidation process under the Insolvency and Bankruptcy Code (IBC), in order to enhance overall efficiency, increase stakeholder confidence, and improve financial outcome for all parties involved.
One key change is to allow the IBBI to operate and manage the corporate liquidation account (CLA) “permanently”, and do away with the requirement of having the CLA within the Public Accounts of India (PAI). The move is expected to expedite claim processing and improve overall fund management, said the regulator in a discussion paper floated on Tuesday.
As per the current rules, the completion of the liquidation process requires that all the…
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A building company has gone bust in South Australia leaving multiple homeowners with half finished properties they had already handed over large sums of cash for.
JAC Homes was placed into liquidation this week, according to documents filed to the Australian Securities and Investments Commission, with clients left unsure if they will receive any of their money back after assets are sold off to pay debts.
Oracle Insolvency Services have been appointed liquidators for the company which had been operating in the Murray…
True Value, a national hardware retailer whose roots go back more than 70 years, said Monday that it has declared bankruptcy and will sell itself to a competitor.
The Chicago-based company filed for Chapter 11 protection from its debts in the U.S. Bankruptcy Court for the District of Delaware. As part of the filing, most of the privately held retailer’s assets will be acquired by home improvement rival Do it Best. True Value, which was founded in 1948, said it will continue providing independently owned retailers with products.
“We believe that entering the process with an agreed offer from Do it Best, who has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and…
