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.
Student loan debt is frequently in the news as politicians debate solutions to the rising costs of college that lead to sometimes crippling amounts of debt. For those with outstanding student loans, such debt can be discharged in two ways: forgiveness and bankruptcy.
As of Apr. 2024, Americans owed a collective $1.75 trillion in student loan debt, with an average of $28,950 owed per borrower. By comparison, in Dec. 2010, Americans owed…
The deal has been warmly welcomed by senior executives at Standard Chartered and raised hope for future transactions of this type.
Marisa Drew, Standard Chartered CSO, said: “This announcement is the result of months of deep and energising collaboration between the Government of The Bahamas, Inter-American Development Bank, The Nature Conservancy, Builders Vision, AXA XL and several other partners, to jointly unlock US$124 million in funding over the next 15 years for marine conservation in The Bahamas.”
Marisa added: “This transaction is innovative for many reasons, not least because this is the first time a family office, Builders Vision, has played a significant role in a sovereign debt conversion…
Bruno Mars has had a wild career in the music business that has spanned two whole decades now. The 39-year-old has had multiple singles dominate various charts across the world, including songs like Talking to the Moon, which went viral on social media. Besides his heavenly voice that we love streaming on repeat, the pop icon also has a great personality that goes perfectly along with it.
While the star has never really found himself in the trenches of controversy, Mars was most recently linked to a gambling debt issue involving the glorious MGM Resorts International. The rumor regarding this issue surfaced in March 2024, but Mars has only seemed unbothered by…
Tupperware, known the world over for its plastic food storage containers, has filed for bankruptcy after years of falling popularity and financial troubles.
“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Laurie Ann Goldman, president and CEO of Tupperware Brands Corporation, said in a statement late Tuesday.
Chapter 11 bankruptcy allows companies to solve their financial problems by restructuring. “This process is meant to provide us with essential flexibility as we pursue strategic alternatives to…
The NCLT Kolkata bench of Ms. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member) have held that mere possession over assets of the corporate debtor under the SARFAESI Act does not prevent the financial creditor from preferring an application under section 7 of the IBC.
Brief Facts
The Corporate Debtor Roadwings International Pvt. Ltd. by way this application preferred under Section 65 of the I&B Code against the Financial Creditor Srei Equipment Finance Limited has sought for rejection of the company petition being C.P. (IB) No. 224/KB/2023, on the ground that there is no existence of debt and default as claimed in the company petition and the financial creditor has fraudulently and…
The National Company Law Appellate Tribunal (NCLAT), Chennai bench of Justice Sharad Kumar Sharma (Judicial Member) and Mr Jatindranath Swain (Technical Member) allowed the impleadment application filed by an Operational Creditor, on the ground that its application to initiate CIRP proceedings against the Corporate Debtor were closed due to initiation of CIRP by another creditor. The NCLAT exercised its discretionary power under Order 1 Rule 10 (2) of the CPC to allow the application.
Brief Facts:
M/s RDC Concrete India Pvt. Ltd. (“RDC”) filed an interlocutory application before the National Company Law Appellate Tribunal (“NCLAT”) for its impleadment as a party in the matter of M/s Ozone Projects Pvt. Ltd….
The Albanese government has appointed Howard Insall SC as the part‑time Chairperson of the Companies Auditors Disciplinary Board (CADB) for three years and appointed six part-time members to the Insolvency Practitioner Registration and Disciplinary Committees (IPRDC).
The appointment of Howard Insall follows the retirement of Maria McCrossin who has served on the CADB since August 2013 and was appointed Chairperson in December 2015.
“The Government has extended to Ms McCrossin its appreciation for her dedicated service to the CABD, the profession and the financial reporting system,” said Assistant Treasurer Stephen Jones.
CADB receives and reviews applications made to it by ASIC and the APRA in respect of registered company…
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…
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 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…
