Insolvency Guardian Media Centre
Caritas Internationalis Director of Integral Human Development Victor Genina Cervantes explained to the press that the multiyear program would function by rallying public support for its debt-relief advocacy.
Continuing St. John Paul II’s mission from the 2000 Jubilee, a U.S.-based…
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The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis.
CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of the draft legislation in May. CIGA is part of the Government’s response to the COVID-19 crisis and introduces a number of “debtor friendly” measures to English restructuring and insolvency law, which up to now has been regarded as “creditor friendly”.
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Key points for asset-based lenders
We explore the implications for the Act in the context of asset-based lending below. Key points to note are:
- The Act introduces a new “moratorium” procedure allowing eligible companies to continue to trade whilst being protected from creditors who may not take enforcement steps against them. The moratorium is a rescue process intended to give the company a breathing space to allow time to implement a rescue plan. It is not an insolvency process. Importantly, the directors of an eligible company can file the necessary documents required to put the company into a moratorium without giving notice to the holder of a qualifying floating charge. This is a major change, when compared with…
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Where is the insolvency market going in 2023?
Corporate insolvency appointments at highest rate since
November 2020.
2023 is promising to be a volatile and interesting year, with a
lot of uncertainty, especially as we look forward to the latter
half of 2023.
Corporate insolvencies
Corporate insolvency appointments started the year at a low
point, which is normal as January is always the slowest month for
corporate insolvency appointments. However, appointments showed
significant growth in February with 927 corporate insolvencies.
This is the highest monthly appointments since November 2020.
Corporate insolvency appointments have now been above the long-term
average in two out of the last three months.
We are starting to…
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On 24 March 2020, the Coronavirus Economic Response Package Omnibus Act 2020 (Cth) (‘Omnibus Act’) was enacted as part of the Commonwealth government’s economic response to the Coronavirus. The Omnibus Act made changes to the Bankruptcy and Corporations Acts and Regulations. These changes were intended to extend for six months, but were later (in September 2020) extended to 31 December 2020.
Bankruptcy – COVID-19 changes
The changes, brought about by the Coronavirus Economic Response Package Omnibus Act 2020, were:
- The prescribed amount for a creditor to apply for a Bankruptcy Notice against a debtor increased from $5,000 to $20,000;
- Correspondingly, the prescribed amount in respect of which a creditor’s petition…
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The Corporate Insolvency and Governance Act 2020 has introduced a new standalone moratorium procedure for companies.1 The moratorium is part of a package of significant legislative reforms contained in the Act, intended to enhance the UK’s restructuring rescue culture. These were originally consulted on between 2016 and 2018 and were fast-tracked to deal with the COVID-19 pandemic.
Overview
The moratorium is a director led process which leaves the directors in situ to trade the company with an insolvency practitioner acting in the role of “monitor” overseeing the company’s affairs. The aim is to afford companies some breathing space from creditor action to formulate a turnaround plan without adding significant costs. The…
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“We are of the view that the corporate debtor (Hero Electric Vehicles) has not been able to raise a plausible contention regarding the pre-existence of ‘dispute’ between the parties,” observed a division bench of judicial member Bachu Venkat Balaram Das and technical member Atul Chaturvedi. “Hence, the present petition filed under Section 9 of the IBC, 2016 ought to be admitted,” said the bench in its order of December 20.
In this case, New Delhi-based…
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“We are of the view that the corporate debtor (Hero Electric Vehicles) has not been able to raise a plausible contention regarding the pre-existence of ‘dispute’ between the parties,” observed a division bench of judicial member Bachu Venkat Balaram Das and technical member Atul Chaturvedi. “Hence, the present petition filed under Section 9 of the IBC, 2016 ought to be admitted,” said the bench in its order of December 20.
In this case, New Delhi-based…
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Washington, D.C. Newsroom, Dec 26, 2024 / 14:30 pm
Continuing St. John Paul II’s mission from the 2000 Jubilee, a U.S.-based jubilee network is partnering with international aid organizations to provide debt relief for the world’s poorest countries during the 2025 Jubilee Year.
Representatives from Caritas Internationalis and Jubilee USA Network, a league of faith-based development and debt-relief organizations, announced the five-year campaign, “Turn Debt into…
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Some of the former employees of Prolink NZ who have written a letter to Immigration NZ asking for open work visas.
Photo: RNZ / Lucy Xia
About 50 migrant workers whose visas are at risk after the liquidation of their employer – the Auckland-based labour hire company Prolink NZ – are demanding open work visas and for the directors of the company to be held accountable.
The workers, from China and Vietnam, mostly arrived in New Zealand on Accredited Employer Work Visas in early 2023, and say they have paid the equivalent of over NZ$20,000 for their visas and jobs. However, they have barely received full-time work over the past year and a half.
Many came as couples, and brought their children with them.
There have been…