From pv magazine Germany
Germany-based Nice Solar Energy has opened the proceedings for self-administered insolvency at the Heilbronn District Court, in Germany. The insolvency proceedings under self-administration have been possible since 2012 under German insolvency law. Various PV companies have already used this process.
The CIGS thin-film photovoltaics specialist will now have three months to present a restructuring plan. In the meantime, business operations continue …
Read the full article at: https://www.pv-magazine.com/2021/02/10/nice-solar-energy-files-for-insolvency-under-self-administration/
Lenders to Kishore Biyanis Future Group are planning to proceed with the restructuring of the debt owed by group companies under the Reserve Bank of Indias one-time restructuring scheme, three people with direct knowledge of the matter said.
Lenders led by State Bank of India have asked for restructuring plans to be submitted so they may conclude the process under the scheme by March 31. The scheme was invoked in November 2020, giving lenders time till May 2021 to implement a plan.
The companies seeking debt restructuring include flagship Future Retail Ltd., fast-moving consumer goods company Future Consumer Ltd., apparel company Future Lifestyle Fashions Ltd., logistics firm Future Supply Chain Solutions Ltd, among others, according to…
Read the full article at: https://www.bloombergquint.com/business/future-group-lenders-look-to-restructure-debt-by-march-31
Pakistan plans to ask China for relief on payments for power projects Beijing financed over the past eight years, the latest developing nation thats struggling to repay debt under President Xi Jinpings Belt and Road Initiative.
In informal talks, Pakistan and China have discussed easing terms on the repayment of debt on about a dozen power plants, according to a person with knowledge of the matter, who said Islamabad hasnt made a formal request yet. The parties have canvassed Beijings willingness to stagger debt payments, as opposed to lowering equity returns, the person said, requesting anonymity as the plan is private.
An enormous build-out of Chinese-financed power plants in Pakistan, which was originally intended to solve its electrici…
Read the full article at: https://economictimes.indiatimes.com/news/international/world-news/pakistan-to-seek-debt-relief-from-china-belt-and-road-loan/articleshow/80780441.cms
The founder of debt relief charity Christians Against Poverty (CAP) is stepping back from his role, 25 years after the organisation was set up.
The Archbishop of Canterbury, the charitys patron, described CAP founder John Kirkby as having a passion for financial justice.
The organisation was founded in Bradford, Yorkshire, in August 1996 and works with a network of churches.
It has a commitment to its services being available to all, regardless of religion or belief.
Over the past decade or so, the charity has helped more than 20,000 people clear their debts. As well as the UK, the organisation is also established in Australia, the United States and Canada.
Read the full article at: https://www.eveningexpress.co.uk/news/uk/debt-relief-charity-founder-with-passion-for-financial-justice-stepping-back/
Luke Knights Adelaide sign printer Swift Signs is being liquidated, three months after it went into voluntary administration.
Swift was hit by a winding-up order from the ATO in October after failing to pay its tax bill, with the order coming on top of a previous winding-up order from creditor Ramair Packaging.
Creditors were given the option by the administrator of putting the company into a DOCA, giving it back to the owner, or liquidation.They chose the latter.
Based in the SA suburb of Stepney, Swift Signs produced the full gamut of signage with large format digital printing producing banners, vehicle wraps and graphics, real estate signage, and shop si…
Read the full article at: https://www.print21.com.au/sign-and-display/swift-signs-administrator-pulls-the-plug
The journey of a pre-pack starts with an informal understanding, engages stakeholders, and ends with a judicial blessing of the outcome
The pre-packaged scheme, touted as the next stage in the evolution of the Insolvency and Bankruptcy Code (IBC), 2016, will attempt a balancing act, as lawmakers put together an informal arrangement with a debtor-in-possession and creditor-in-control model, as suggested in the draft proposal of the sub-committee of Insolvency Law Committee.
The scheme involves a step before the insolvency resolution, where creditors and the promoter agree on a plan to resolve the stressed company before ad…
Read the full article at: https://www.business-standard.com/article/economy-policy/pre-pack-scheme-for-insolvency-banks-on-fair-debtor-creditor-ties-121021000051_1.html
Landlords getting tough with so-called rent rebels could force 5,834 companies out of business and trigger 326m-worth of insolvent debt that further decimates city centres.
That is according to analysis from Stockport-based insolvency scorecard Red Flag Alert.
Concerns are mounting that April will see companies fighting for survival after a COVID-19 moratorium on evictions ends on March 31, and business rates start again after a 12-month tax break for retail, hospitality and leisure businesses.
The end of these support measures is likely to see landlords demanding quarterly rent payments on April 1, and taking tougher action against non-payers, which forces struggling companies out of business.
Red Flag Alert managing director, Mark Hal…
Read the full article at: https://www.thebusinessdesk.com/northwest/news/2073677-warning-that-calling-time-on-rent-rebels-could-signal-end-for-5800-companies
Pakistan plans to ask China for relief on payments for power projects Beijing financed over the past eight years, the latest developing nation thats struggling to repay debt under President Xi Jinpings Belt and Road Initiative.
In informal talks, Pakistan and China have discussed easing terms on the repayment of debt on about a dozen power plants, according to a person with knowledge of the matter, who said Islamabad hasnt made a formal request yet. The parties have canvassed Beijings willingness to stagger debt payments, as opposed to lowering equity returns, the person said, requesting anonymity as the plan is private.
An enormous build-out of Chinese-financed power plants in Pakistan, which was originally intended to solve its…
Read the full article at: https://www.business-standard.com/article/international/belt-and-road-initiative-pakistan-to-seek-debt-relief-from-china-121021000054_1.html
THOUSANDS of people across England and Wales are being forced into bankruptcy because they do not meet the threshold for a Debt Relief Order (DRO), which is significantly cheaper, Christians Against Poverty (CAP) has estimated.
The national debt charity works through its network of more than 580 churches in the UK to provide debt advice to 12,500 clients.
DRO is a form of insolvency which offers a simple, accessible, and inexpensive path to debt relief for people in otherwise insurmountable financial distress. It is much more affordable and more timely, certain, and less stigmatised, CAP says than bankruptcy: it costs 90 apply for a DRO, while a bankruptcy application is 680.
The Individual Voluntary Arrangement (IVA), for people who …
Read the full article at: https://www.churchtimes.co.uk/articles/2021/12-february/news/uk/christians-against-poverty-urges-debt-relief-reform-to-meet-pandemic-needs
The High Court has declined to approve a Personal Insolvency Arrangement (PIA) that would have allowed a car sales executive to write off approximately190,000 in debt mainly owed to financial institutions.
The PIA was sought in respect of Keith Cremin of Subulter, Cecilstown, Mallow, in County Cork.
He owed money to Pepper Finance Corporation DAC, which opposed the PIA, Bank of Ireland, Everyday Finance and the Revenue Commissioners.
In a judgement, Mr Justice Mark Sanfey held that it would be unfair to impose the PIA, involving a very substantial write off of a preforming loan where no default arises, on the objecting creditor.
Mr Cremin, the judge said, has no other pressing insolvency issues and the application for a PIA, which was…
Read the full article at: https://www.waterfordlive.ie/news/home/608618/high-court-declines-personal-insolvency-arrangement-for-car-sales-executive.html
The High Court has declined to approve a Personal Insolvency Arrangement that would have allowed a car sales executive write off about 190,000 in debts, mainly owed to financial institutions.
The PIA was sought in respect of Keith Cremin, Subulter, Cecilstown, Mallow, Co Cork. He owed money to Pepper Finance Corporation DAC, which opposed the PIA.
His other creditors are Bank of Ireland, Everyday Finance and the Revenue Commissioners.
Default
In a judgment published this week, Mr Justice Mark Sanfey held it would be unfair to impose a PIA, involving a very substantial write off of a performing loan where no default arises, on the objecting creditor.
Mr Cremin has no other pressing insolvency issues and the application for a PIA, formula…
Read the full article at: https://www.irishtimes.com/business/financial-services/high-court-refuses-to-approve-personal-insolvency-for-car-salesman-1.4480281
The 2020 pandemic sent many businesses scrambling to protect their employees and pivot their operations to retain their customers. This crisis presented more challenges and opportunities over the course of a few months than most businesses see in a decade.
While many managed to stabilize their business through these efforts, a select group were able to thrive depending on factors like their industry, location or existing business model.
But for those that only managed to buy some time and are still struggling, its time for Phase 2 of their response, one that requires making fundamentally tougher decisions about restructuring the business or even selling it before things go further south.
This applies particularly to middle-market companie…
Read the full article at: https://www.marketwatch.com/story/how-to-decide-whether-to-close-a-business-during-the-pandemic-11612812773