The At…
Read the full article at: https://www.accountantsdaily.com.au/business/15254-attorney-general-floats-bankruptcy-changes-tougher-sanctions-against-untrustworthy-advisers
Insolvency Guardian Media Centre
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.
The Mumbai Bench of the National Company Law Tribunal (NCLT) has agreed to hear State Bank of Indias (SBIs) plea to initiate personal insolvency against Rajkumar Dhoot and Pradeep Kumar Dhoot, two relatives of Venugopal Dhoot, the founder and former chairman and managing director of Videocon Industries Limited (VIL). The bank is seeking recovery of approximately Rs 600 crore from Rajkumar Dhoot and Pradeep Kumar Dhoot for giving the personal guarantees, sources in the know told The Indian Express. The case will be next be heard on January 27.
A separate case of personal insolvency against Venugopal Dhoot is scheduled to be heard by the NCLT on January 29, one of the sources said. In the case filed before the Mumbai Bench of the NCLT, th…
Read the full article at: https://indianexpress.com/article/business/nclt-agrees-to-hear-case-against-rajkumar-pradeep-kumar-dhoot-7151941/
Clarks could soon be owned by ex-Olympic gymnast Li Ningsinvestment arm Viva China, which aims to buy up 51 per cent of the British footwear retailer for a consideration worth US$69 million (51 million).
Viva said it had earlier helped facilitate the acquisition of the business out of voluntary administration by funding a loan to LionRock, which allows Viva, to convert this debt into equity in Clarks.
LionRock said the founding Clark family would remain key shareholders in the business, and aimed to help the business reposition for future long-term sustainable growth.
According toCGTN, Clarks posted a US$111 million loss in 2019 and called in accountants to navigate a restructure through voluntary administration last November.
Viva sa…
Read the full article at: https://insideretail.com.au/news/international/li-ning-to-buy-up-clarks-footwear-for-us69-million-202101
Port Klang Authoritys (PKA) bid to claim part of its losses amounting to more than RM2 billion related to the Port Klang Free Zone (PKFZ) debacle have all but disappeared.
Despite the Shah Alam High Court ruling in September 2018 that its former general manager was liable for the losses, she has been declared a bankrupt…
Read the full article at: https://www.malaysiakini.com/news/559517
MEDFORD, Ore., Jan. 18, 2021 Rendering financial advisory services in the business turnaround, restructuring and bankruptcy practice areas requires both special knowledge and extensive relevant experience. In 1992, the AIRA established the Certified Insolvency and Restructuring Advisor (CIRA) program to recognize by public awareness and certification those individuals who possess a high degree of knowledge and proficiency across a spectrum of functions related to serving clients in situations involving distressed and/or insolvent entities. Such expertise includes accounting, operations, strategic, taxation, and finance issues related to business bankruptcy and insolvency.
Having completed the requirements for certification, the followin…
Read the full article at: https://www.prnewswire.com/news-releases/association-of-insolvency-and-restructuring-advisors-announces-8-cira-certification-awards-301210150.html
A leading barrister has claimed that large numbers of bankruptcy claims will be made by Irelands financial institutions as soon as the courts are allowed to resume normal service.
And according to Keith Farry, Irish farmers will be in the eye of the storm.
Farry spoke at a recent seminar on farm debt and personal insolvency, hosted by the Irish Creamery and Milk Suppliers Association (ICMSA). He explained:
Once the Covid-19 restrictions have been lifted, there is every prospect of the banks and other financial institutions moving to take legal action against account holders who are not repaying loans and a significant number of farmers will be caught up in this push.
Necessary support
Under such circumstances, farmers must immediately …
Read the full article at: https://www.agriland.ie/farming-news/tsunami-of-bankruptcy-cases-may-overwhelm-irish-agriculture-later-this-year/
Member Article
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Corporate insolvencies increased by 37.8% to 1,228 in December 2020 compared to Novembers figure of 891, and were 9.2% higher than December 2019s figure of 1,125.
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Personal insolvencies increased by 2% to 9,518 in December 2020 compared to Novembers figure of 9,328, and were 13.4% higher than December 2019s figure of 8,391.
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of Decembers corporate and personal insolvency statistics for England and Wales:
Decembers increase in corporate insolvency numbers has been driven by a rise in administrations and Creditors Voluntary Liquidations. It is the first time since F…
Read the full article at: https://bdaily.co.uk/articles/2021/01/18/december-2020-corporate-and-individual-insolvency-statistics-r3-response
NAIROBI (Reuters) – China stands ready to help Kenya deal with its debt challenges and both sides are holding smooth talks over the issues, the Chinese embassy in Nairobi said on Monday.
China attaches great importance to debt suspension and alleviation in African countries including Kenya, the embassy said in a statement.
The East African nations revenues have been pummelled by the coronavirus crisis, at a time when more of its debts are falling due and as it is still grappling with gaping fiscal deficits.
China is one…
Read the full article at: https://www.reuters.com/article/uk-kenya-debt-china/china-says-its-ready-to-help-kenya-deal-with-its-debt-challenges-idUSKBN29N0HJ
The Delhi High Court on Monday issued notice in a petition challenging Section 10A of the Insolvency and Bankruptcy Code 2016. The petition was filed by Getamber Anand, the Chairman and Managing Director of the ATS Group, through Advocate Kartik Nayar, KN LEGAL, Advocates and Solicitors.
On December 2020, the petitioner received a notice from Xander Finance Pvt Ltd which sought to initiate insolvency resolution process against the petitioner in his capacity as the personal guarantor to a loan provided by Xander Finance to ATS Infrastructure.
Senior Advocate Rajiv Nayar, who appeared for the petitioner, contended that the demand is incorrect and untenable while challenging Section 10A of the Insolvency and Bankruptcy Code 2016 insof…
Read the full article at: https://www.indialegallive.com/top-news-of-the-day/news/insolvency-bankruptcy-code-delhi-high-court-personal-guarantor/
Egypt’s Iron and Steel Company workers in the country’s Helwan city organised a protest on Sunday at the company’s headquarters, against a recent decision to liquidate the state-owned organisation.
The protestors called on the government to intervene to stop the liquidation move, which they told Youm7 would displace some 8,000 employees. They also demanded the state to: “Inject funds into the company’s development.”
According to the local website, the workers called on the Egyptian government to “modernise the company and preserve its assets,” which were estimated at 120 billion Egyptian pounds ($7.6 billion).
In recent days, the extraordinary general assembly chaired by President of the Holding Company for Mineral and Mining Indus…
Read the full article at: https://www.middleeastmonitor.com/20210118-workers-of-egypts-iron-and-steel-company-protest-against-liquidation/
A property developer linked to a number of stalled developments in Liverpool has been declared bankrupt.
Kerry Tomlinson, 52, a well known figure in Liverpool’s property sector, was the director of Primesite Developments. The company was behind a number of ambitious property schemes but went into liquidation last March.
In recent years Mr Tomlinson has been associated with the controversial Herculaneum Quay development in Dingle.
Mr Tomlinson, who lives in the Ormskirk area, was made bankrupt during a hearing at Liverpool County Court on January 5.
The bankruptcy petition was brought by Lendy Limited and Saving Stream Security Holding Ltd. Lendy, an online crowdfunding company, collapsed into administration in 2019 following action by…
Read the full article at: https://www.liverpoolecho.co.uk/news/liverpool-news/developer-linked-liverpools-stalled-sites-19614321
In a recent judgement which could have wide-reaching ramifications, the National Company Law Appellate Tribunal (NCLAT) upheld the order of the National Company Law Tribunal (NCLT) that set aside termination of a power purchase agreement (PPA) between the corporate debtor, Lanco and the Gujarat distribution licensee, GUVNL. It held that the Insolvency and Bankruptcy Code, 2016 (IBC) will override existing contracts during the corporate insolvency resolution process (CIRP).
The termination was set aside citing importance of the PPA for the corporate debtors long-term economic and financial viability, which, in turn, is necessary for maximization of the value of assets. NCLAT was of the view that the PPA converts the physical asset namely, …
Read the full article at: https://economictimes.indiatimes.com/small-biz/legal/can-ibc-override-existing-contracts-why-giving-primacy-to-insolvency-law-may-set-a-wrong-precedent/articleshow/80322886.cms
Business
Changes to the personal insolvency system, including reducing the default period of bankruptcy from three years to one year and tougher sanctions against dodgy advisers, have now been floated by the government.
Business Jotham Lian 18 January 2021
1 minute read
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