Insolvency Guardian Media Centre
In the three months after the suspension on triggering insolvency was lifted on March 24, a total of 126 new corporate insolvency cases were admitted, according to the latest data released by the Insolvency and Bankruptcy Board of India (IBBI).
Till June, about 47 per cent of the corporate insolvency resolution processes (CIRPs), which were closed, yielded orders for liquidation. Against this, 14 per cent ended up with a resolution plan.
The IBBI, however, stressed that 75 per cent of the CIRPs ending in liquidation were earlier with the Board for Industrial and Financial Reconstruction (BIFR) or defunct. These companies on an average had assets valued at around 7 per cent of the outstanding debt amount.
The economic value in mos…
Read the full article at: https://www.business-standard.com/article/companies/3-4th-of-liquidated-companies-were-in-bifr-or-defunct-ibbi-data-121090801530_1.html
PwC has added to its business restructuring serviceswith the appointment of Rob Asplin as a senior adviser.
He brings two decades of expertise in the restructuring and private equity sectors, specialising in protecting and creating value in turnaround situations. Previously he has been a partner in a special situations fund, a portfolio chief restructuring officer, a non-executive director and he has held senior roles in corporate finance and banking.
His appointment at PwC will centre on supporting UK businesses of all sizes to maximise value through the critical post-Covid recovery period.
He will be particularly focused on working with private equity-…
Read the full article at: https://www.thebusinessdesk.com/westmidlands/news/2054976-people-pwc-strengthens-business-restructuring-services-senior-team-expands-at-computer-specialist-and-more
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Even before the Covid-19 pandemic, consumer debt was at an all-time high according to the Federal Reserve. So if you have credit card debt, youre not alone.
What may surprise you is that you are uniquely situated to negotiate your credit card debt on your own. We tend to rely on professionals to address challengescar mechanics, lawyers, trainers. But it doesnt take a finance degree to successfully develop a payment plan with your credit card provider.
Being proactive about your debt can help you avoid a charge off and protect your current credit score. More importantly, taking…
Read the full article at: https://www.forbes.com/advisor/credit-cards/how-to-negotiate-credit-card-debt/
NEW DELHI: Financial creditors have realised Rs 42,630 crore or 25.46% of their total claims under the insolvency resolution process in the April-June period of the current financial year (FY22), showed the latest quarterly newsletter of the Insolvency and Bankruptcy Board of India (IBBI).
As many as 4,541 CIRPs (Corporate Insolvency Resolution Process) were initiated till the end of June and out of them, 2,859 were closed. As of June 2021, the lenders could recover just Rs 2.45 lakh crore or 36% of the total claims amounting to Rs 6.82 lakh crore from 396 companies that were resolved till June 30.
During the quarter of April-June 2021, 62 CIRPs ended in orders for liquidation, taking the total CIRPs ending in li…
Read the full article at: https://www.newindianexpress.com/business/2021/sep/08/ibbi-financial-creditorsrealised-just-25-of-total-claims-under-insolvency-2355838.html
Norwegian offshore vessel owner DOF is facing hurdles as it tries to negotiate a debt restructuring deal. Smaller shareholders have partnered up looking to put a stop to a restructuring plan that they believe would leave the company in the hands of incoming investors and large shareholders.
According to Norwegian business daily Finansavisen, the group of shareholders is aiming to get support from a third of the shareholders and block the rescheduling of debt as part of the restructuring struggle.
In a statement on Wednesday, DOF addressed its minority shareholders saying that a robust long-term financing solution is required for the group to maintain its status as a going concern and that, in the meantime, it is dependent on continued …
Read the full article at: https://splash247.com/minority-shareholders-voice-concerns-over-dof-debt-restructuring/
My family back home has needed extra financial help from me for the past couple of months. This has meant I have missed two monthly credit card payments.
It is the first time I have missed making a payment on the card and I am worried the bank will file a police case against me. However, I dont know how many payments you have to miss before this happens. So far, I have only received payment reminders.
Currently, I owe Dh10,000 on the card and was paying the minimum monthly amount on it. Already, I am noticing the amount I owe has risen very quickly because of the interest and penalty fees and it is now nearing its limit.
I am hoping to get back on track with my finances very soon but I am also worried about the effect it will have on m…
Read the full article at: https://www.thenationalnews.com/business/money/2021/09/08/the-debt-panel-how-many-payments-can-i-miss-before-a-police-case-is-filed/
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.
Seventy million Americans struggle with debt in collections status according to a study by the Consumer Financial Protection Bureau. So, if you have past-due credit card debt of your own, it might comfort you to know that youre not alone.
Despite the fact that having debt in collections is somewhat common, it could still trigger unpleasant consequences. If you default on your credit card debt and are unable or unwilling to work out an arrangement with your credit card company, you risk being on the receiving end of a debt collection lawsuit.
Getting sued by a creditor or colle…
Read the full article at: https://www.forbes.com/advisor/credit-cards/what-to-do-when-you-get-sued-for-credit-card-debt/
NEW DELHI: Financial creditors have realised Rs 42,630 crore or 25.46% of their total claims under the insolvency resolution process in the April-June period of the current financial year (FY22), showed the latest quarterly newsletter of the Insolvency and Bankruptcy Board of India (IBBI).
As many as 4,541 CIRPs (Corporate Insolvency Resolution Process) were initiated till the end of June and out of them, 2,859 were closed. As of June 2021, the lenders could recover just Rs 2.45 lakh crore or 36% of the total claims amounting to Rs 6.82 lakh crore from 396 companies that were resolved till June 30.
During the quarter of April-June 2021, 62 CIRPs ended in orders for liquidation, taking the total CIRPs ending in li…
Read the full article at: https://www.newindianexpress.com/business/2021/sep/08/ibbi-financial-creditorsrealised-just-25-per-centof-total-claims-under-insolvency-2355838.html
Photo by WJFW Newswatch 12
Story By Morgan Johnson
Local News Published 09/07/2021 2:56PM, Last Updated 09/07/2021 5:56PM
Park Falls – The Park Falls paper mill has been sold, as of August 31, to Wisconsin Paper Personal Property LLC, and Wisconsin Paper Real Property LLC, which is a subsidiary of Maynard Industries.
The mill, which is over 100 years old, has been sitting at a “warm idle” since April, when the previous owners went into receivership.
Park Falls Mayor Michael Bablick says that, since April, the mill’s basic operations are still ongoing to keep machines in a ready state.
“The basic maintenance of the mill is going to be continuing,” said Bablick. “The water treatment plant is still running to a degree. There’s a lot of…
Read the full article at: https://www.wjfw.com/storydetails/20210907145654/park_falls_paper_mill_sold_again_this_time_to_liquidation_company
It also said it was seeking a liquidation of the company’s assets, but hoped Apple Daily may live on in Taiwan, where it still has an online edition, under new owners.
Read the full article at: https://www.cnn.com/2021/09/06/media/next-digital-apple-daily-liquidation-intl-hnk/index.html
LAS VEGAS, NV, Sept. 07, 2021 (GLOBE NEWSWIRE) — Alkame Holdings, Inc. (OTC PINK: ALKM), is pleased to announce that management continues the strengthening of its balance sheet with the execution of a debt restructuring agreement with Blue Citi LLC.
The Company’s strategic debt restructuring with Blue Citi LLC, has resulted in an agreement to restructure four convertible notes held by Blue Citi. The notes, totaling $988,000 in principle also carried accrued interest of approximately $350,000.00. Blue Citi has agreed to a restructuring of the loans and the nullification of all accrued interest, and elimination of further interest accruals going forward.
“This major debt restructuring coupled with last week’s conversion of $100k in deb…
Read the full article at: https://au.finance.yahoo.com/news/alkm-alkame-holdings-restructures-even-150200101.html
Following the tribunals August 6 insolvency commencement order, Aditya Khaitan, promoter of the tea company, had appealed to the National Company Law Appellate Tribunal (NCLAT) for a stay on the CIRP initiation. NCLAT, however, hadnt granted a stay but admitted the plea.
In a major relief to the financially-stressed Williamson Magor group, the National Company Law Tribunal (NCLT) has given its approval to withdrawal of corporate insolvency resolution process (CIRP) against its group company McLeod Russel after its promoters reached a settlement with Techno Electric & Engineering, one of its financial creditors.
Earlier, NCLT, New Delhi, vide its order dated August 6, had admitted the insolvency application filed by Techno Electric & En…
Read the full article at: https://www.financialexpress.com/industry/mcleod-russel-nclt-allows-withdrawal-of-cirp-after-promoter-creditor-settlement/2325999/