Insolvency Guardian Media Centre
Bankruptcy is the busiest federal court in the U.S. Last year, more than 200 companies with at least $50 million in liabilities filed for bankruptcy, according to Bloomberg. That’s the second most since just after the Great Recession in 2009.
A new book argues that bankruptcy has become a “Swiss Army knife” or “escape hatch” for big companies to get out of all kinds of trouble — even those beyond financial distress.
Melissa Jacoby is the author of “Unjust Debts: How Our Bankruptcy System Makes America More Unequal.” Jacoby, a law professor at the University of North Carolina at Chapel Hill, discussed the divergence between corporate and individual bankruptcy with “Marketplace Morning…
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Mantri Developers was admitted to the Corporate Insolvency Resolution Process (CIRP) in 2023 on a petition by India Bulls alleging a default of over ₹500 crores. Owing to this, NCLT had earlier disposed of a plea by the bank, by allowing Indian Bank to intervene in the CIRP process initiated by India Bulls.
However, Mantri Developers subsequently reached a settlement with India Bulls and ultimately got the latter’s plea was withdrawn.
“As a logical corollary, the main CP(IB) No.94/BB/2022 on the file of the ‘Adjudicating Authority’/‘National Company law Tribunal’ Bengaluru Bench is ‘Dismissed'”, the National Company Law Appellate Tribunal (NCLAT) had held in the matter.
This led Indian Bank to move the NCLT again to revive…
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The government will submit a two-pronged debt relief plan to the Cabinet for approval on Wednesday (December 11).
The proposed measures aim to alleviate the financial burden on millions of individuals and small businesses struggling with debt.
Debt Relief Package 1: Interest waiver for struggling borrowers
The first package targets borrowers with non-performing loans (NPLs) of less than a year. Interest on SME, car, and home loans will be waived for borrowers who commit to a 12-month repayment plan. In return, borrowers must adhere to strict repayment terms. The government and commercial banks will cover a portion of the interest costs to facilitate this relief measure.
Debt Relief Package 2: Small debt…
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The federal government has offered a financial lifeline to Rex as its administrators seek to extend their appointment.
$80 million in financing will be provided to keep the business and its regional services afloat as EY Australia continues to search for a buyer, with the administrator applying to the Federal Court to extend the voluntary administration to 30 June 2025.
The move is another indication that the government does not want Rex to fail, having moved to prop up the ailing carrier since its administration at the end of July, including by guaranteeing bookings and preserving its slots at Sydney Airport.
“The financing will support the business to continue offering critical services for…
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500 jobs gone as iconic fashion retailer shuts down Toowoomba Chronicle
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The future of popular paint-and-sip business Pinot & Picasso is uncertain after its master franchisor entered voluntary administration last week.
However, the administrator of the business has confirmed to SmartCompany it will continue to trade during the voluntary administration process.
Veuve Ventures Pty Ltd and seven related entities appointed Sule Arnautovic of Salea Advisory to act as voluntary administrator on Thursday, according to the Australian Securities and Investments Commission.
The entities act as master franchisors for 42 Pinot & Picasso venues across Australia and New Zealand, and operate seven company-owned stores.
Pinot & Picasso bills itself as a “relaxing, beginner-friendly paint and sip experience” for parties…
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Please note that by blocking any or all cookies you may not have access to certain features, content or personalization. For more information see our Cookie Policy.
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Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:
1. Open the settings menu by clicking the hamburger menu in the top right
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Women’s clothing line Katies will be wound down while dozens of Millers, Rivers and Noni B stores will close as struggling Australian fashion retailer Mosaic Brands undergoes a “consolidation program” that will cost hundreds of staff their jobs.
A line will be drawn through Katies as a brand and the shutters will be brought down on all 80 of it stores by mid-January, it was revealed on Tuesday.
A further 80 Millers, Rivers and Noni B brick and mortar shopfronts will shut in the same period.
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The wide-ranging cuts will impact about 480 employees from across the clothing brands.
Receivers and managers KPMG, which was appointed to work alongside administrators FTI Consulting after Mosaic…
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500 jobs gone as iconic fashion retailer shuts down The Mercury
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A decades-old non-profit with a mandate of supporting B.C.’s small businesses abruptly declared bankruptcy – resulting in dozens of employees losing their jobs weeks before Christmas.
The president of the board of directors for Small Business BC gave a letter to employees last week, saying an insolvency trustee had been appointed to “begin the bankruptcy process” and that the organization would immediately cease operations.
Small Business BC offered a range of services to owners and entrepreneurs, including guidance on how to establish a business and ensure its success. It also received federal and provincial funding.
Mark Eversfield worked for the organization for 32 years, making him the longest-tenured employee. He…