Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
London | ArcelorMittal will send in administrators to investigate what happened inside industrialist Sanjeev Gupta’s European metals empire after winning
President-elect Donald Trump is unlikely to continue many of Biden’s student-debt relief efforts.
Borrowers are still waiting for a final court decision on the SAVE student-loan repayment plan.
Even if the plan survives the courts, Trump and GOP lawmakers could take steps to rein in relief.
During his term as president, Joe Biden has used various programs tocancel $175 billion in student debt for nearly 5 million borrowers. Those efforts will likely fizzle out over the next four years.
The share application money was given for the allotment of shares but neither were shares allotted nor was money refunded
The New Delhi bench of National Company Law Appellate Tribunal ( NCLAT) has held that share application money deposited with the corporate debtor cannot be treated as financial debt under section 5(8) of the IBC.
The appeal was filed by Muralidhar Vincom ltd under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’) out of the Order (‘Impugned Order’) passed by the Adjudicating Authority. By the impugned order, the Adjudicating Authority has dismissed the Section 7 application filed by the Appellant for admitting M/s Skoda (India) Pvt Ltd-Corporate Debtor into the rigours of Corporate Insolvency…
Tradies owed thousands of dollars following the collapse of the country’s largest rooftop solar company are worried they’ll never get the money they’re owed.
SolarZero was placed into surprise liquidation last week, with owner US investment giant BlackRock blaming “unsustainable losses”.
Close to 200 workers are owed millions in holiday and redundancy packages.
Iain McIsaac, managing director of solar panel installer Green Van Electrical, called it a “huge dent”.
“I’ve got wages to pay. I’ve got rent — we’ve just bought a new building, wholesalers to pay,” he said.
“It’s a huge dent in the business and mine’s less than others but more than others.”
McIsaac said dark clouds had been hanging over the business recently, but the liquidation…
London | ArcelorMittal will send in administrators to investigate what happened inside industrialist Sanjeev Gupta’s European metals empire after winning a British court case over a €140 million ($225 million) debt.
Liberty Steel East Europe (Holdco) – a holding company for a cluster of entities controlling six of Mr Gupta’s eight continental European steelworks – will now enter administration. ArcelorMittal is trying to recoup funds it says it is still owed after selling the plants to Mr Gupta in 2019.
(Bloomberg) — Shimao Group Holdings Ltd. won a Hong Kong court decision to dismiss a creditor petition to liquidate the defaulted Chinese developer, buying more time to complete its debt restructuring plan.
The Hong Kong High Court granted the dismissal Monday after the company said in an October filing that some banks and bondholders have indicated their approval of its $11.5 billion restructuring plan with some sweeteners added.
The development adds to the momentum gained by Shimao to push through the restructuring plan and continue operations. Once one of China’s biggest developers with five-star hotels as its landmark projects, the company was on an expanding list of distressed builders facing legal battles that were launched…
Bangladesh-based companies have been doing business with Mosaic Brands for several years.
Experts say Mosaic Brands struggled in retail due to rising competition from online ‘fast fashion’ outlets including Temu and Shein.
FTI Consulting has been appointed as administrator, while KPMG will act as receiver and manager.
Mosaic Brands Limited is one of Australia’s largest fashion retail groups. Its ‘fast fashion’ — inexpensive, low-quality clothing which mimics high-end brands and styles — labels include Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W Lane, Crossroads and Beam.
According to Bangladesh Garments Manufacturer and Exporters Association (BGMEA) sources, 23 Bangladeshi exporters are affected as the company…
New reports suggest that Bruno Mars‘ heavy gambling habits might have landed him in serious trouble. It is said that the singer, who at one time supported himself by working as a professional poker player, has racked up huge debts at the table over the course of his career.
A Vegas insider told News Nation, “He owes millions to the MGM (from gambling).” According to the source, he has accumulated debts of as much as $50 million. “(MGM) basically own him,” the Vegas insider added. “He makes $90 million a year off of the deal he did with the casino, but then he has to pay back his debt… after taxes (Mars makes $1.5 million per night).” $90 million after taxes amounts to approximately $60 million.
