The Court of Appeal’s decision will be particularly significant for companies, creditors and their advisers faced with putting together and seeking support for restructuring plans (“RPs”) (under the Part 26A court procedure introduced into the Companies Act 2006 by the Corporate Insolvency and Governance Act 2020), especially where an attempt is made to cram down a class of dissenting creditors – the so-called “cross class cram down” feature of Part 26 – as part of the sanctioning of the RP by the court. It marks the first time that the sanctioning of a RP has been appealed (and successfully) and provides detailed and important commentary from a notable senior Chancery judge on how the court’s discretion in cram down cases should be…

Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao emphasized the need for significant improvements in the functioning of the Committee of Creditors (CoC) within the Corporate Insolvency Resolution Process (CIRP).

Addressing a gathering at the International Conclave jointly organized by the Insolvency and Bankruptcy Board of India (IBBI) and INSOL India, Rao highlighted several areas where the CoC’s performance has been found wanting. These include:

• Prioritization Issues: Disproportionate emphasis on individual creditors’ interests rather than the collective interests of the group.
• Internal Disagreements: Conflicts among members of Committee of Creditors regarding resolution plans, often stemming from…

RESIDENTS at a Scots holiday park have been ordered to leave their lodges after the company went bust.

Heritage Park Estates (HPE) operates Bendochy Park in Blairgowrie, Perthshire, and has now been put in liquidation.

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The firm has been at the centre of a long-running dispute with residents and the local council over its lodges.

The holiday park is located on the former Bendochy poultry farm site, which sits off the A823 heading towards Coupar Angus.

Back in March 2022, bosses were given permission by Perth and Kinross Council to add more lodges to the site.

According to The Courier, the firm was allowed to add a total of 43 lodges and 10 glamping…

Continuing a decades-long effort to change the nation’s bankruptcy system, Sen. Elizabeth Warren plans to propose legislation on Wednesday aimed at making the process less costly and complicated for the hundreds of thousands of individuals who seek court-sanctioned relief from debt each year. 

“People typically file for bankruptcy for one of three reasons: a job loss, a medical problem or a family breakup — and when they do, they’re faced with an expensive and complicated system,” the Massachusetts Democrat said in a statement in reintroducing the bill, known as the “Consumer Bankruptcy Reform Act.” 

“My bill would simplify and modernize the consumer bankruptcy system to make it easier and less expensive for people to get relief,”…

The application for insolvency proceedings is expected to be submitted in the coming days following a decision by the company’s management board. The move was triggered by the withdrawal of financial support from Manz AG’s creditors. Independently of this, Manz is also over-indebted under insolvency law.

“In recent weeks, the Management Board has been in intensive discussions with a number of lenders and investors regarding new equity and debt capital. Discussions with one of the interested investors were at an advanced stage but were unexpectedly broken off by that investor,” the company writes in a press release.

As a result of this, there is no financing solution to secure the funds needed to continue Manz’s operations outside of…

HARTFORD, Conn. (WTNH) — Gov. Ned Lamont announced on Monday at least 23,000 of residents will soon have some — if not all — of their medical debt forgiven.

Lamont and other state leaders held a press conference at 11 a.m. Monday in Hartford.

How to get relief from unexpectedly high medical bills

During the conference, Lt. Gov. Susan Bysiewicz said Connecticut has so far spent $100,000 from the state’s allocation of American Rescue Plan Act (ARPA) funding to cancel out $30 million in debt for residents.

The relief is thanks to a newly-launched partnership between Lamont’s administration and a national nonprofit called “Undue Medical Debt,” which uses public investments to negotiate with hospitals and other providers “on…