Insolvency Guardian Media Centre
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/
In a major setback for Vijay Mallya, the London court on Monday declared the fugitive businessman bankrupt. The verdict will help the consortium of Indian banks led by the State Bank of India in recovering debt from loans worth Rs 9,000 crore by seizing his assets.
Read the full article at: https://www.latestly.com/quickly/india/news/fugitive-businessman-vijay-mallya-declared-bankrupt-by-london-high-court-2678878.html
NEW DELHI: Fugitive businessman Vijay Mallya was declared bankrupt by a UK court on Monday, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines.
“As at 15.42 [UK time], I adjudicate Dr Mallya bankrupt,” chief insolvencies and companies court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court in London, news agency PTI reported.
The 65-year-old businessman remains on bail in the UK while a “confidential” legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings.
Mallya,…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/vijay-mallya-declared-bankrupt-by-uk-court/articleshow/84762125.cms
MedMens dispensary at 110 S. Robertson Blvd. in Beverly Hills.
Culver City-based cannabis retailer MedMen Enterprises Inc., which has struggled financially for several years, is pinning its hopes on a turnaround specialist whos already making progress with a difficult restructuring.
Tom Lynch was made the permanent chief executive of MedMen on July 15 after more than a year as interim CEO.
The executive has a long history of righting troubled companies, including Fredericks of Hollywood Group Inc., an iconic lingerie retailer based in Hollywood, and Davids Bridal, a Conshohocken, Pa.-based wedding dress company he led out of bankruptcy.
Now Lynch looks to bring that Midas Touch to potentially his biggest corporate challenge yet.
MedMen w…
Read the full article at: https://labusinessjournal.com/news/2021/jul/26/struggling-medmen-seeks-restructuring-turnaround/
The Finance Minister Nirmala Sitharaman on Monday introduced a Bill in the Lok Sabha to provide statutory backing to pre-packaged insolvency resolution process (pre-pack) regime for companies classified as micro, small and medium enterprises (MSMEs).
This Bill Insolvency and Bankruptcy Code (amendment ) Bill 2021 once passed by Parliament would replace an ordinance that Centre had promulgated in April this year for introduction of pre-packaged insolvency for MSMEs.
Currently, India has about 6-7 lakh companies that are classified as MSMEs and potentially these many could benefit from the newly introduced pre-packaged insolvency framework.
The objective of introducing pre-pack for MSMEs is that it is a cost-effective mechanism and quick…
Read the full article at: https://www.thehindubusinessline.com/economy/policy/pre-packs-for-msmes-fm-introduces-insolvency-amendment-bill-in-ls/article35536565.ece
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Somebody tell me where Ken Liangs breakfast is so I can dip my balls in it, yelled David Sambur. So begins chapter 30 of The Caesars Palace Coup. That kind of remark passes for humour in the rarefied atmosphere of the Midtown conference rooms of New Yorks finest law firms. Sambur, a partner at Apollo Global Management, was railing at one of the principals of Oaktree Capital, a lender to Caesars, with whom they were in dispute.
I am not as lithe as I was, but I wonder if, even in my youth, I could have managed the manoeuvre Sambur envisaged. David Tepper of Appaloosa Capital, another debt investor who figures largely in this tale, was nothin…
Read the full article at: https://www.ft.com/content/6ad07e9d-5ef2-47ec-91b9-1f4ed851e659
West Midlands businesses are being urged to take swift action if their finances are under pressure after new Government figures reveal corporate insolvencies have hit their third highest monthly total since the start of the pandemic.
The warning comes from insolvency and restructuring body R3 and follows statistics published by the Insolvency Service which show that corporate insolvencies in England and Wales increased by 19% to 1,207 in June 2021 compared to Mays figure of 1,014, and rose 62.9% compared to June 2020s figure of 741.
R3 Midlands chair Eddie Williams, a partner at PwC in the region, said: The surge in corporate insolvencies between May and…
Read the full article at: https://www.thebusinessdesk.com/westmidlands/news/2053792-west-midlands-corporate-insolvencies-surge
With more than 18 years experience in the insolvency sector, David joins from an accountancy and business advisory services firm in Glasgow where he spent almost four years as an insolvency manager, having previously worked for another chartered accountancy practice in the city for nine years.
David has a broad range of experience covering insolvency and debt solutions, including helping struggling individuals and businesses on matters such as trust deeds, sequestrations and Debt Arrangement Schemes.
From his base in Glasgow, David will work with the team to provide personal insolvency expertise to clients across Scotland from Begbies T…
Read the full article at: https://www.scotsman.com/business/business-people-on-the-move-3317133
1. How big is the problem?
Chinese defaults were at a record pace by mid-year with more than $25 billion in onshore and offshore payment failures. That compares to $29.9 billion for all of 2020. Defaults in the private sector in China actually dropped early last year, largely due to pandemic-related pressure valves such as delaying repayments, swapping bonds or canceling early repayment. However, the year ended with 140.1 billion yuan ($21.6 billion) in onshore defaults, almost matching the record of more than 143.6 billion yuan in 2019. (The 2018 total of 122 billion yuan was itself more than quadruple the level in 2017.)
2. Where are defaults hitting?
Real estate firms ma…
Read the full article at: https://www.washingtonpost.com/business/energy/how-defaults-in-china-are-reshaping-its-credit-market-quicktake/2021/07/15/45e8d3d8-e5e8-11eb-88c5-4fd6382c47cb_story.html
Multi-cloud technology services provider Rackspace Technology this week unveiled restructuring that will result in the laying off of about 10 percent of the companys US workforce.
Rackspace said it is investing between US$65 million and US$70 million to re-align resources towards fast-growing product and services offerings, including towards cloud services focused on such initiatives as cloud migration, elastic engineering, cloud-native application development, artificial intelligence, machine learning, and security services.
However, the company said in a Thursday regulatory filing, about 10 percent of its workforce are expected to be laid off, with about 85 percent of those roles slated to be replaced via Rackspaces offshore service c…
Read the full article at: https://www.crn.com.au/news/rackspace-laying-off-10-percent-of-us-workforce-567842