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.
NEW DELHI: The pandemic and a shortage of members in the National Company Law Tribunal (NCLT) has slowed insolvency resolution by over 45% with cases taking nearly 593 days during the June quarter, latest data showed. As of March-end, it took 408 days from the insolvency commencement date to the approval of the resolution. A thrust of the law was to provide for a time-bound resolution ideally within 180 days, which could be extended by another 90 days. But with litigation in other forums excluded, it is now taking close to 600 days, according to data with the Insolvency & Bankruptcy Board of India. Nearly 75% of the cases have crossed the 270-day period. Since the Insolvency & Bankruptcy Code (IBC) came into force in December 2016, 4,541 …
SKSi Scotland has hired four senior insolvency staff in Scotland as it prepares for an insolvency Armageddon following the end of two key government Covid-19 support schemes.
Alistair Dickson, director and head of Scotland at the accountancy firm, is growing his team ahead of the the Furlough Scheme and the Corporate Insolvency and Governance Act both coming to an end this month.
In anticipation of the anticipated rise in insolvencies, SKSi has recruited Shona Maxwell, Scott Bastick, Donald Scott and Robin Panton, all of whom have previously worked together for a number or years within other Scottish insolvency practices.
Dickson said many businesses are limping along with the support of current legislation, which he warned is delaying…
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Tuesday adjourned till September 20 the hearing on a batch of petitions challenging the approval for the takeover of bankrupt-Videocon Industries by Anil Agarwal’s Twin Star Technologies. Through an interim order on July 19, the appellate tribunal had stayed the implementation of the resolution plan for Rs 2,962.02 crore-takeover of 13 Videocon group companies. The plan was approved through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC). A two-member NCLAT bench comprising Justice J K Jain and A K Mishra said the interim order would continue till the next date of hearing, that is September 20. On July 19, NCLAT directed to maintain …
The Insolvency and Bankruptcy Code (IBC), which has now turned five, has helped rescue as many as 396 companies till June 30 this year this is from the 4,541 corporate insolvency cases that had commenced between December 1, 2016, and June 30, 2021, official data showed.
A positive surprise
Rescue essentially means the resolution plans for these 396 companies have been approved. What has, however, come as a positive surprise is that the realisation from the resolution plan was as high as 174 per cent of the liquidation value, implying that excess recovery of 74 was a clear bonus from the code, say IBC observers. Any other option of recovery or liquidation would have recovered at best 100 minus the cost of recovery/liquidation, while the…
LAS VEGAS, NV / ACCESSWIRE / September 7, 2021 / 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 debt …
PwC has added to Business Restructuring Services (BRS) team with the appointment of Rob Asplin as a senior adviser.
Asplin 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. Asplin will be particularly focused on working with Private Equity-backed businesses and Private Equity owners in designing and deli…
In our How I Manage My Money series we aim to find out how people in the UK are spending, saving and investing money to meet their costs and achieve their goals.
This week we meet Akid Zolkifli, 31, a management consultant based in Greenwich who cleared his debts during the pandemic.
Income: Management consultant: 3,200; Etsy sales of travel prints: 150 Total: 3,350 Outgoings: Rent (including utility bills and council tax) 750; Groceries 60; Mobile phone 10; Eating out 100 Total: 920
My parents always taught me never to worry about money and were generous with their spending. This, unfortunately, had a bad impact on me and meant I spent beyond my means through university and got myself into some very bad debt totalling around 20,000.
Philippine Airlines (PAL) has said there is no certainty its business restructuring process will end by 2021, noting that a variety of factors will affect the timeline.
The carrier was responding to a news report by the Manila Bulletin, which cites PAL president and chief operating officer Gilbert Santa Maria as saying that the embattled carrier will exit restructuring by this year.
Santa Maria was speaking at a press briefing, days after the carrier filed for bankruptcy under Chapter 11 in New York, a move that had been long anticipated.
Only an asteroid hitting Manhattan can stop us from exiting Chapter 11 this year, he was quoted as saying.
The carrier, in a 7 September stock exchange filing, says Santa Maria was expressing a sta…
An extension to the loan-restructuring program for another year is expected to give banks and borrowers more breathing space, as fresh mobility restrictions (PPKM) dim Indonesias business recovery outlook.
The Financial Services Authority (OJK) announced on Sept. 2 that the end date of the program had been pushed back to March 2023, from the previous date of March 2022, which is itself an extension of the first expiry date of March 2021.
The restructuring program, initially introduced in March 2020 under POJK No. 48/2020, eased loan-restructuring requirements and allowed banks to classify COVID-19-de…
PwC has added to Business Restructuring Services (BRS) team with the appointment of Rob Asplin as a senior adviser.
Asplin 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. Asplin will be particularly focused on working with Private Equity-backed businesses and Private Equity owners in designing and deli…
