Insolvency Guardian Media Centre
In an underperforming economy, China’s bankruptcy regime is following a steep trajectory to maturity and doomed businesses are making a revival. Sophia Luo reports
ONCE REGARDED AS SOMETHING of a taboo, bankruptcy has now been generally accepted as an essential route for debt-ridden companies to deal with the burdens of the past, resolve debt overhang and take on a new lease of life.
Unfettered by bias towards the insolvency regime, which has long been perceived as debtor-friendlier, the market has embarked on an arduous and extensive journey, working to unravel the intricacies of achieving excellence in both bankruptcy approaches and execution. As China emerged from the grip of covid-19 and returned to a semblance of…
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NCLAT Limits Insolvency to One Project Construction World
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The tribunal held that the appellant being a shareholder of the company is not the “aggrieved party” as per the provisions of the Code
The New Delhi bench of the National Company Law Appellate Tribunal ( NCLAT ) ruled that a shareholder of the company is not the “aggrieved party” as per the provisions of the Code therefore appeal filed by him under section 61 of the Code would not be maintainable.
Clarion Health Food LLP filed appeal under section 61 of the Insolvency and Bankruptcy Code, 2016. ( ‘Code’) challenging the Impugned Order of Adjudicating Authority passed on 05.09.2023 filed under the provisions of the Section 9 of the Code.
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The Appellant is…
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The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) has held that making belated entries in the books of account to show that goods were misappropriated cannot escape the conclusion that the dispute raised by the corporate debtor was merely a moonshine just to avoid the liability.
Brief Facts
The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’ in short) by the Appellant arises out of the Order dated 06.12.2023 (hereinafter referred to as ‘Impugned Order’) passed by the Adjudicating Authority.
By the impugned order, the Adjudicating Authority has admitted the Section 9 application filed by the Operational Creditor and admitted…
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Professional services company Begbies Traynor has expanded its team with the appointment of Kevin Mapstone as a director at its Edinburgh office.
With more than 25 years of experience in financial services, Mapstone specialises in insolvency and debt solutions assisting both individuals and businesses.
Mapstone joins Begbies Traynor from an insolvency…
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Summary
- Africa remains at the epicentre of the global debt crisis, with existing debt frameworks insufficient for addressing the complexities faced by African countries.
- There is a real need to reduce debt burdens, especially for countries facing vulnerabilities like climate change.
- There is a need for comprehensive reforms in global financial and debt structures and to enhance African countries’ voices and decision-making power within these frameworks.
- The upcoming South African G20 presidency, combined with the African Union’s newly established permanent seat, represents a strategic opportunity to place Africa’s debt concerns at the forefront of the G20 agenda and advocate for systemic reforms.
- South Africa has shown a…
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The Pierer Mobility Group has announced that KTM is entering into voluntary restructuring in order to avoid bankruptcy amid ongoing financial woes in the company.
KTM’s financial problems have led to a number of drastic measures in recent months, with its board of directors slashed from six to two while several rounds of staff layoffs have been carried out.
In recent weeks it was reported that KTM would be laying off up to another 300 employees, while all production would be ceases in January and February.
This comes as its share prices have plummeted 90% since their peak in February of 2022, with the company not expecting to secure the necessary financing to cover the “high three-digit million”…
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Jet Airways an erstwhile premium airline operating primarily in
Indian air space has been suffering financial distress for almost a
decade now. After being relegated to insolvency proceedings under
the Insolvency and Bankruptcy Code, 2016 (IBC), the Company and its
lenders had finally seen some hope of being airborne again when a
resolution plan was approved under the IBC regime. However, the
approval of the resolution plan has till date not resulted in
ultimate resolution of the Company. Recently the Hon’ble
Supreme in its judgment dated 07.11.2024 directed for liquidation
of the Company. The Hon’ble Supreme Court while rejecting the
request of the erstwhile Successful Resolution Applicant (SRA) of
Jet Airways for grant of…
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The family running Rocks Brewing has told The Crafty Pint they’re “devastated” after the business entered voluntary administration this week. The Sydney-based brewing company appointed insolvency solutions and business turnaround firm Jirsch Sutherland on October 29, with brewing operations and their Tap House continuing as usual for the time being.
Rocks beers first appeared on tap at Harts Pub in The Rocks close to fifteen years ago, initially brewed at a number of sites around New South Wales, before they opened their brewery and venue in Alexandria. The Osborn family took control of the business in 2018, running a multifaceted operation: brewing their own beers as well as beverages for others, operating a…
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