Insolvency Guardian Media Centre
This was reported by the German portal Gründerszene, citing several sources within the company. According to the report, only a small two-digit number of people will remain employed for the time being to support the imminent liquidation of the young company. A week ago, it still looked like the company would be rescued. Wirtschaftswoche reported that a takeover was imminent and ‘only’ 200 jobs were on the redundancy list.
However, KPMG’s auditors and the responsible trustee, Ivo-Meinert Willrodt, were apparently unable to finalise a deal. According to Gründerszene, the most promising potential investor could not prove within the deadline that it had the necessary liquid funds. And time is running out for Lilium, as the…
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Job losses deepen as more firms go into liquidation Business Daily
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Major Australian fashion retailer collapses into voluntary administration Illawarra Mercury
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XLMedia CEO to be made redundant as affiliate prepares for liquidation process EGR Global
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Customers of The Wrekin Housing Group have been supported to clear more than £3 million of debt thanks to the work of its in-house debt advice team.
The team, which has been providing regulated debt advice since 2019, forms part of Wrekin’s Money Matters service.
The milestone underlines the increasing struggles many people are facing amid the ongoing pressures of the cost-of-living crisis, with almost 1,000 customers supported with debt advice over the last five years.
Dan Bebbington, Debt and Energy Manager at The Wrekin Housing Group, said: “This milestone highlights the significant financial challenges many of our customers are facing, but it also demonstrates the importance of the…
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The Supreme Court, in a recent Judgment, observed that there is no requirement under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC) that there can be a debt only when there is a default.
The Court was deciding a batch of Civil Appeals preferred by the China Development Bank and others against the Judgment of the National Company Law Appellate Tribunal (NCLAT).
The two-Judge Bench of Justice Abhay S. Oka and Justice Pankaj Mithal held, “… under Section 3(12), ‘default’ has been defined. This definition of ‘default’ becomes relevant only while invoking the provisions of Section 7(1) of the IBC when the CIRP is sought to be initiated by the Financial Creditor. Section 7(1) provides that a Financial Creditor…
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Israeli robotics firm BionicHive files for liquidation Tech in Asia
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230 Companies at Risk of Insolvency This Year, FSS Credit Risk Assessment Reveals BusinessKorea
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A debt-for-development swap operation is enabling Côte d’Ivoire to replace expensive debt with cheaper financing, improving the country’s debt profile and generating significant fiscal savings—most being directed to the country’s education sector. The operation is the first of its kind supported by the World Bank Group.
Learn how this innovative transaction is helping to #FundEducation.
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A&O Shearman advised Peruvian mining company Volcan Compañía Minera S.A.A. and its subsidiaries in connection with a comprehensive refinancing plan to improve the company’s liquidity position and capital structure.
The transactions involved approximately USD765m in debt and included an exchange offer and consent solicitation of its USD365m 4.375% Senior Notes due 2026 for the newly issued 8.75% Senior Secured Notes due 2030, and the refinancing of Volcan’s USD400m senior term loan facility due in 2026 into a secured loan with an extended final maturity date in 2029.
Volcan is a Peruvian polymetallic mining company with operations and assets located in the central mountains of the Peruvian Andes.
The A&O Shearman team was led by…
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The National Company Law Appellate Tribunal (NCLAT) on 17th December rejected a plea by the former promoters of real estate developer Spaze Towers, seeking to confine the Corporate Insolvency Resolution Process (CIRP) to a single project, Spaze Arrow. The appellate tribunal upheld the decision of the National Company Law Tribunal (NCLT), which had initiated insolvency proceedings against the company on October 21, 2024, following a petition from flat owners.
The former management of Spaze Towers had appealed against the NCLT’s order, arguing that the CIRP should apply solely to the Spaze Arrow project. However, the NCLAT dismissed the appeal, emphasizing that limiting the CIRP to just one project would effectively disregard claims from…
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