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.
By Express News Service NEW DELHI:Housing Development and Infrastructure Ltd (HDIL), the Mumbai-based real estate company undergoing the corporate insolvency
It was pointed out that the settlement amount accepted by banks is even lower than the liquidation value of Siva Industries
NCLT Chennai has rejected the one-time settlement offer made by Siva Industries and ordered that the company will go into liquidation.
The NCLT Chennai Bench, comprising R. Sucharitha and Anil Kumar B., said in the order, The purported settlement plan proposed by the promoters of the Corporate Debtor is not a Settlement simpliciter, rather it is a Business Restructuring Plan.
As per the plan, there is no final offer made by the promoter of the corporate debtor and also the acceptance made by the CoC in this regard.
There is no finality reached between the promoter of the Corporate debtor and the CoC of the Se…
By law, Canadian homeowners are required to refinance their mortgages every five years. But there is no limitation to how often you can refinance, and there are many good reasons not to stick to the five-year interval – for example, many homeowners opt to refinance every time interest rates drop to secure lower payments and save money.
But refinancing your home isn’t just about getting a lower interest rate. Refinancing can be a great way to improve your financial position bytaking advantage of your home equity– so if you are exploring your options for debt consolidation, but are having a hard time trouble securing a debt consolidation loan, refinancing could actually be the best way to do so.
It is certain that the Sarajevo company GRAS will go bankrupt in the following period, and manyother entities fromthat sector could go that route as well.
AzizSunje, a professor at the Faculty of Economics in Sarajevo and anexpert on public companies, statedthat there is a real moment when bankruptcy should be declared, and in the specific case of GRAS, that was ten years ago.
Sunje explained that the bankruptcy had to happendue to poor management, but that with the right bankruptcy trustee and the right vision, everything can be brought to a good state.
In theexample of GRAS, it would be better if the bankruptcyoccurred much earlierwhen the value of the debt exceeded the value of the property. That was about ten years ago, he pointed …
A 74-year-old farmer from Carlow has saved his land from sale through a personal insolvency arrangement (PIA).
The farmer owed a number of debts totaling 215,000, 100,000 of which was secured over the 60ac farm which is now being farmed by his son.
A secured creditor had instigated the process of selling the land, but the sale was stopped and the farmer had a proposal put to all creditors to repay the debt by personal insolvency practitioner Gary Digney of PKF-FPM Accountants Ltd.
In a first-of-its-kind agreement, income from the farm, which is now run by the farmers son, will repay the debts owed by his father under the terms of the arrangement.
This has meant that the lands will not be sold and all creditors will get paid over a 10-…
MATTOON Tonya Reynolds was the guest speaker at a recent Kiwanis Club of Mattoon meeting.
Reynolds is a teacher with the Prevention Initiative Birth-3 Program with the Mattoon Community Unit School District 2. The program promotes bonding with families of children from birth to 3 years of age and assists with prenatal care and parental education.
According to Reynolds, about 75 percent of language skills are learned in the first three years of life, making those formative years very important. They are also important in determining positive or negative social and emotional development. The program is funded by the Illinois State Board of Education.
KITCHENER The grand Spanish-style venue that was home to the now-bankrupt Hacienda Sarria wedding and event business is on the market for nearly $8 million.
Originally a sugar beet factory, the late Ron Doyle transformed the Union Street property into an opulent, award-winning event space featuring beautifully-landscaped gardens and a light-bathed, two-storey atrium ringed with balconies.
His daughter, Nadine Doyle, ran the event business, which declared bankruptcy last fall, leaving more than $1 million in debt. Much of that represented deposits paid to secure the venue for more than 100 weddings, graduations and parties booked through the end of 2021.
The Kitchener property is owned by a numbered company, which listed Ron Doyle and N…
NEW DELHI:Housing Development and Infrastructure Ltd (HDIL), the Mumbai-based real estate company undergoing the corporate insolvency resolution process, is likely to be liquidated after no bidders showed interest in acquiring the stressed company. The resolution professional received no resolution plan even as the threshold of 270 days got over on April 28, 2021.
According to sources, no bidders showed interest in acquiring HDILs assets as the latter is facing multiple litigations. Expromoters of HDIL are also involved in the PMC Bank loan scam. According to sources close to the resolution process, committee of creditors accounting for 80% of vote share are in favour of liquidation, and that the process is on ho…
Hollandse Hoogte / Hans van RhoonThe number of corporate bankruptcies, adjusted for court session days, has decreased. There were 12 fewer bankruptcies in July than in the previous month, according to Statistics Netherlands (CBS). The number of bankruptcies pronounced in the first seven months of 2021 is more than half lower than in the first seven months of 2020.
Number of bankruptcies of businesses and institutions (excl…
Dewan Housing Finance Corporation (DHFL) on Friday reported an over four-fold jump in its consolidated net profit at Rs 314.43 crore for the quarter ended June 2021.
Dewan Housing Finance Corporation (DHFL) on Friday reported an over four-fold jump in its consolidated net profit at Rs 314.43 crore for the quarter ended June 2021.
The company had posted a net profit of Rs 70.10 crore in the same quarter a year ago and Rs 96.75 crore in the preceding quarter ended March 2021.
The total income, however, fell by 14 per cent to Rs 2,001.36 crore during Q1 FY22, as against Rs 2,328.86 crore in Q1 FY21 as interest income fell, DHFL said in a regulatory filing.
Interest earned in the June 2021 quarter fell to R…
What would happen if a property and casualty insurer were to go bust?
Last week, thousands of Florida home owners were left scrambling for coverage when during peak hurricane season Sarasota-based Gulfstream Property & Casualty announced its liquidation to customers.
In 2018, Californias Camp Fire left Merced Property & Casualty in ruins, unable to pay millions of dollars to policyholders and in 2011, the powerful earthquake that killed 185 people in Christchurch, New Zealand, caused two large insurers to declare insolvency.
Prepared for disaster In Canada, when an insurance company is declared insolvent and can no longer pay claims, the Property and Casualty Insurance Compensation Corporation (PACICC) steps in to protect policyholder…
Over the past five trading sessions, the performance of major bank stocks has depicted a bullish stance as various economic data including employment report and inflation indicated that economic recovery is on track. Rise in expectations that the Federal Reserve might soon reveal plans for tapering its bond buying program further boosted sentiments.
This led the rate on both 10-year and 30-year Treasury bonds to rise over the past week despite concerns over increase in cases due to Delta variant of the COVID-19 virus. The rate on the 10-year Treasury bond stands at 1.36%, while that for the 30-year Treasury bond is 2.00%.
Thus, the steepening yield curve is expected to benefit major banks net interest margins amid a low interest rate envi…
A Serbian glass manufacturer has declared bankruptcy and ordered insolvency administrators to commence with its liquidation sale.
The Serbian Glass Factorys Parachin Glassworks has been in operation since 1907, producing glass containers production facility including bottles and jars.
The sale also includes a tableware glass production plant as well as its “Plana” limestone quarry, which provided the plants complete limestone requirements, as well as dolomite processing for its own needs.
As of 12th July 2021, the court declared the company bankruptcy and ordered the sale of estate without delay.
Subsequently, an assessment of the value of the companys assets will be made and after that, a decision on the manner and method of sale.
