Personal residential insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate according to a July 22 order signed by the Florida Office of Insurance Regulation.
The Florida Department of Financial Services must agree to receivership before the liquidation process can formally begin. Once the DFS signs off, Gulfstream customers will have 30 days to find new coverage.
In the OIRs Consent To Order Of Receivership, Commissioner David Altmaier wrote that the office has determined that one or more grounds exist for the initiation of delinquency proceedings, which include Gulfstreams admission of insolvency.
The liquidation process caps off a tumultuous stretch for the Sarasota-based insurer.
Gu…
Read the full article at: https://www.insurancejournal.com/news/southeast/2021/07/26/624361.htm
Following London High Court declaring businessman Vijay Mallya as bankrupt, the fugitive said the Enforcement Directorate is attaching his assets worth Rs 14,000 crores against debt of Rs 6,200 crores. He also levelled allegation that the banks are making him bankrupt since they have to return money to the ED.
ED attach my assets worth 14K crores at behest of Govt Banks against debt of 6.2K crores. They restore assets to Banks who recover 9K crores in cash and retain security over 5K crores more. Banks ask Court to make me Bankrupt as they may have to return money to the ED. Incredible, Mallya said in a tweet on Monday.
ED attach my assets worth 14K crores at behest of Govt Banks against debt of 6.2K crores.They restore assets to Bank…
Read the full article at: https://www.news18.com/news/india/vijay-mallya-twitter-ed-london-high-court-bankrupt-4011350.html
Fugitive Indian businessman, the 65-year-old chairman of UB Group, Vijay Mallya was declared bankrupt on Monday by the Insolvency and Companies Court of the London High Court.After being declared bankrupt by the British court allowing Indian banks to pursue his assets worldwide, Vijay Mallya launched a tirade on Twitter accusing lenders of making him bankrupt.
Meanwhile, Union Finance Minister Nirmala Sitharaman on Monday introduced Insolvency and Bankruptcy Code (Amendment) Bill 2021 in Lok Sabha. Many small and medium businesses have been severely affected due to the COVID-19 pandemic and hence this bill was necessary to ease the financial stress.
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, was promulgated by Presi…
Read the full article at: https://www.dnaindia.com/explainer/report-dna-explainer-vijay-mallya-is-going-bankrupt-know-what-is-bankruptcy-process-in-india-bankruptcy-code-bill-2902699
Vijay Mallya, who fled to the UK and has been fighting on multiple fronts to avoid extradition to India, owes more than 9,000 crore to the consortium of banks in principal and interest.
After being declared bankrupt by a British court allowing Indian banks to pursue his assets worldwide, Vijay Mallya launched a tirade on Twitter as he accused lenders pursuing of making him bankrupt. “ED attach my assets worth 14K crores at behest of Govt Banks against debt of 6.2K crores.They restore assets to Banks who recover 9K crores in cash and retain security over 5K crores more.Banks ask Court to make me Bankrupt as they may have to return money to the ED. Incredible,” Vijay Mallya tweeted on Monday.
Also read | Vijay Mallya extradition: Sh…
Read the full article at: https://www.hindustantimes.com/world-news/declared-bankrupt-vijay-mallya-launches-rant-on-twitter-101627363244382.html
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed Micro, Small and Medium Enterprises (MSMEs).
The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for the initiation of pre-packaged resolution process. The government has already prescribed the threshold of Rs 10 lakh for this purpose.
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, which was introduced by Corporate and Finance Minister Nirmala Sitharaman, will replace the ordinance that was promulgated on April 4 as part of efforts to provide relief for MSMEs adversely impacted by the pandemic.
The bill, which was i…
Read the full article at: https://yourstory.com/smbstory/fm-introduces-bill-make-amends-insolvency-bankruptcy-code/amp
Sydney, July 27, 2021 The latest Business Stress Report released by insolvency specialist firm, Dissolve, highlights a significant and unexpected downturn in corporate and personal insolvencies in Australia since the Covid outbreak.
But rather than be a cause for celebration regarding the impact of Covid on Australian businesses, the Dissolve report identifies several underlying factors that it believes represent an ongoing threat To the Australian economy.
The Dissolve report shows the number of companies entering formal insolvency administrations for the year up to May 2021 was down by 49% on the numbers for the same period last year. Similarly, personal insolvencies of around 2,500 for the quarter ended March 2021 are dramatically d…
Read the full article at: https://getthewordout.com.au/press-release/press-release-record-low-insolvency-numbers-hide-underlying-threats/
Now that we are on the road to recovery from the pandemic, what trends are you seeing around restructuring and bankruptcy filings?
Rallis: With the end of lockdowns and the reopening of the economy, state and local governments will soon end, or have already ended, their eviction and foreclosure moratoriums, which will allow evictions and foreclosures to restart after being on pause for more than a year. It is expected that landlords and lenders will already be ready to move on day one after the expiration of the moratoriums, potentially causing bankruptcy filings to spike as distressed companies threatened by an eviction or foreclosure can procure a temporary reprieve by filing bankruptcy and obtaining the benefits of the automatic s…
Read the full article at: https://labusinessjournal.com/news/2021/jul/26/bankruptcy-restructuring-roundtable-discussion/
The G20 leading economy grouping should adopt more adventurous policies on lending to hard-hit developing nations to help overcome global divergence generated by Covid-19. That was a principal message from the joint National University of Singapore-OMFIF seminar on 26 July onDebt sustainability and the future: Rebooting development finance.
Professor Meghnad Desai, chairman of the OMFIF advisory council, said the world had to make the best of a shift away from orthodox monetary policies after the 2008 financial crisis. A time for demand for adventurous banking coincides with the supply of adventurous central bank lending. We can convey the benefits of adventurism to those who wish to use it, declared Desai, emeritus professor at London …
Read the full article at: https://www.omfif.org/2021/07/how-financial-adventurism-can-boost-debt-hit-nations/
Law360 (July 26, 2021, 4:33 PM EDT) — A New Jersey federal judge vacated a $29 million judgment for a Garden State enterprise that sued a Singapore business over defaulted loans, reasoning that the foreign company’s liquidation proceedings stripped its principals of the authority to take action in the litigation.
Chief U.S. District Judge Freda L. Wolfson on Friday granted the motions by the liquidator of defendant Wayne Burt PTE Ltd., siding with his argument that he was Wayne Burt’s legal representative. Therefore, it had been improper of Wayne Burt directors TGS Mahesh and R. Krishnan to receive the complaints brought by Vertiv Inc. and agree to the judgment,…
Read the full article at: https://www.law360.com/newjersey/articles/1406011/nj-judge-vacates-29m-judgment-over-co-s-defaulted-loans
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs.
Punishment would be meted out for offences related to pre-packaged insolvency resolution process
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs.
The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already prescribed the threshold of Rs 10 lakh for this purpose.
The Insolvency and …
Read the full article at: https://www.business-standard.com/article/pti-stories/govt-tables-bill-in-lok-sabha-to-amend-insolvency-law-121072601517_1.html
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs.
The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already prescribed the threshold of Rs 10 lakh for this purpose.
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 — which was introduced by Corporate and Finance Minister Nirmala Sitharaman — will replace the ordinance that was promulgated on April 4 as part of efforts to provide relief for MSMEs adversely impacted by the pandemic.
The bill, which was introduced in the Lower House amid Opposit…
Read the full article at: https://economictimes.indiatimes.com/news/india/govt-introduces-bill-to-amend-insolvency-law-in-lok-sabha/articleshow/84756028.cms
The Nassau County Industrial Development Agency has agreed to help the retired community in Port Washington recover from a second bankruptcy for the first time in seven years because of concerns about the welfare of the elderly.
The split IDA Board last week resolved to issue additional bonds and give Amsterdam on the harborside an additional tax deduction. Nonprofits need help rebuilding their existing $ 140 million debt and paying admission refunds to the deceased residents of 33 families.
IDAs support consists of up to $ 41 million in taxable bonds, up to $ 128 million in tax exemptions, and up to $ 1.3 million in mortgage record taxes, officials said.
In addition, Amsterdam sponsor Manhattans nursing home of the same name has agree…
Read the full article at: https://floridanewstimes.com/bankrupt-amsterdam-retirement-community-gave-more-ida-help/312185/
