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Corporate insolvencies fell month-on-month and year-on-year in October despite ‘high numbers’ of directors winding down solvent companies before the Budget.
The Insolvency and Bankruptcy Board of India’s (IBBI) proposal to include an option of mediation for operational creditors (OCs) under the Insolvency and Bankruptcy Code (IBC), should be looked into “seriously”, as it will cut the burden of NCLTs, said Anita Shah Akella, joint secretary, ministry of corporate affairs on Tuesday.
“The (voluntary mediation) proposal needs to be looked into seriously, as about 70% of withdrawal in pre-admission stage (of corporate insolvency resolution process) is mostly by the OCs,” Akella said at the IIIPI’s 8th Foundation Day event.
“The OCs are using IBC more like a recovery mechanism…Once the voluntary mediation procedure is introduced, the OC cases will reduce to a large extent,…
Times are tough for KTM’s parent company Pierer Mobility AG.
Though it has some of the best motorcycles around, one of which I still dream about and peruse the classifieds for on a weekly basis, the brand’s market share has essentially dropped off a cliff in recent years. There are obvious reasons for this fall, such as interest rates being what they are, wages being what they aren’t, a chaotic world, and consumer spending falling like a stone, among other macroeconomic factors such as parts shortages, longer lead times, manufacturing issues, and more.
The Court of Auditors (Cour des Comptes) on 26 November issued its opinion on the draft law on the state revenue and expenditure budget for 2025 and the draft law on multiannual financial programming for the period 2024-2028. The opinion deplores the tripling of the country’s debt since 2008 and, above all, the lack of “any strategy to rebalance the budget in the short and/or medium term.” “As a small, open economy, Luxembourg is particularly exposed to external shocks and must therefore have more budgetary room for manoeuvre than large, less vulnerable economies,” says the Court of Audit. In view of the increasing number of geopolitical and environmental crises, it notes that “it would be useful for the government to devise…
President-elect Donald Trump has identified what he sees as an all-purpose fix for what ails America: Slap huge new tariffs on foreign goods entering the United States.
Here’s what you need to know.
Tariffs are a tax on imports
They are typically charged as a percentage of the price a buyer pays a foreign seller. In the United States, tariffs are collected by Customs and Border Protection agents at 328 ports of entry across the country.
The tariff rates range from passenger cars (2.5%) to golf shoes (6%). Tariffs can be lower for countries with which the United States has trade agreements. For example, most goods can move among the United States, Mexico and Canada tariff-free because of Trump’s…
SolarZero Limited (in liquidation) directors have requested its senior lenders take enforcement action and appoint the standby servicer Verofi as a replacement servicer, and that its shareholder appoint a liquidator.
Customers will not be affected by the liquidation announcement, says SolarZero.
Ahead of the liquidation, the senior lenders appointed Verofi as the replacement service provider to ensure energy services to customers across the country were uninterrupted.
The directors have advised company employees that due to unsustainable operating losses, and liquidity constraints, the business is unable to continue trading in its current form.
The company says it ceased operations from 4pm on Tuesday November…
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The National Company Law Appellate Tribunal (NCLAT) has set aside a petition seeking to initiate insolvency proceedings against Amazon Wholesale (India). A three-member NCLAT bench upheld the order passed by the National Company Law Tribunal (NCLT), which had in March this year dismissed the insolvency plea filed by Multiplier Brand Solutions.
Multiplier Brand Solutions had filed the plea under Section 9 of the Insolvency & Bankruptcy Code. It had alleged a default of Rs 3.7 crore for eight invoices raised between March 2023 and May 2023.
However, rejecting it, NCLAT said the “claim of Appellant for payment of invoices which are the subject matter…
KTM AG, a wholly owned subsidiary of PIERER Mobility AG, will apply for the initiation of judicial restructuring proceedings with self-administration (Sanierungsverfahren unter Eigenverwaltung) on November 29, 2024. The financing requirements of KTM AG currently amount to a high three-digit million figure. The management now does not expect to be able to secure the necessary interim financing in time.
The Executive Board of KTM AG therefore decided today to file the application for the initiation of judicial restructuring proceedings with self-administration over the assets of KTM AG and its subsidiaries KTM Components GmbH and KTM F&E GmbH. The proceedings give the opportunity to continue to manage…
Corporate insolvencies fell month-on-month and year-on-year in October despite ‘high numbers’ of directors winding down solvent companies before the Budget.
The number of corporate insolvencies decreased by 10.4% in October 2024 to a total of 1,747 compared to September’s total of 1,950 and decreased by 23.8% compared to October 2023’s figure of 2,293. Corporate insolvencies decreased by 13% from October 2022’s total of 2,007.
Bethan Evans, Interim Wales Chair of R3, the UK’s insolvency and restructuring trade body, said:
“The month-on-month and year-on-year fall in corporate insolvency numbers is the result of a decrease in all corporate insolvency processes, with the exception of Receiverships.
When Swoop Aero touted a $100 million buyout in 2022, it was meant to signal that the drone delivery startup’s brightest days were ahead. Instead, it marked the beginning of the end.
Last Tuesday, the company was placed into liquidation, just a month after co-founder Eric Peck entered the company into voluntary administration, hoping for a revival. The collapse came two years after the startup raised a $16 million Series B from investors including Main Sequence and Folklore Ventures.
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Swoop Aero aimed to design, manufacture and manage a fleet of drones to deliver medical supplies to remote locations in countries like Malawi and the Congo, as well as conduct disaster and coastal…
Tuesday, 26 November 2024, 7:02 pm Press Release: SolarZero
Today, Tuesday 26 November, 2024 the directors of
SolarZero Limited (in liquidation) have requested its senior
lenders take enforcement action and appoint the standby
servicer, Verofi, as replacement servicer, and that its
shareholder appoint a liquidator.
SolarZero’s
customers will not be affected by today’s
announcement.
Ahead of the liquidation, the senior
lenders appointed Verofi as the replacement service provider
to ensure energy services to customers across the country
were uninterrupted.
The directors have advised company
employees that due to unsustainable operating losses, and
liquidity constraints, the business is…
“The month-on-month and year-on-year fall in corporate insolvency numbers is the result of a decrease in all corporate insolvency processes, with the exception of Receiverships.
