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.
MEDFORD, Ore., Jan. 18, 2021 Rendering financial advisory services in the business turnaround, restructuring and bankruptcy practice areas requires both
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…
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 …
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.
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…
Kenyan President Uhuru Kenyatta shakes hands with Chinese President Xi Jinping before the meeting at the Great Hall of People in Beijing, China on April 25, 2019. Kenzaburo Fukuhara/Pool via REUTERS
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.
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…
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…
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…
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, …
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.
In a statement issued on Saturday, the Egyptian parliament’s industrial committee said that the government’s decision to liquidate the 67-year-old Egyptian Iron and Steel Company should be a matter of careful study.
“The liquidation process should be based on a logical review of the company’s performance in terms of losses and profits in the last few years,” said the statement.
It argued that the government’s liquidation resolution has split society into proponents and opponents.
“So, there should not be a final scenario about the future of the company, but there should be a public debate supported by studies, figures, and scientific research about the capacities of the Helwan-based Egyptian Iron and Steel Company in the future,” s…
Rockwell said on Friday it had entered an acquisition and amalgamation agreement with Bristow’s wholly-owned 1274787 BC Ltd.
Under the deal, Rockwell shares – except those held by Bristow and any dissenting shareholders – would be exchanged for redeemable preferred shares in the amalgamated corporation, which would be immediately redeemed for C0.5c per share in cash.
Bristow had been acting CEO of Rockwell for six months to May 2011, joining the board later that year and currently holds about 2.4% of the JSE-listed company.
Bristow also led Africa-focused Randgold Resources before its merger with Barrick in 2018.
Rockwell was involved in alluvial diamond mining in South Africa but said its investments and mineral property interests i…
Agribusinesses and farmer creditors left out of pocket after the crash of failed Chinese-owned cotton marketer Weilin Trade have been paid 20 cents for every dollar they were owed.
Weilin’s administrators suggest there is a chance a further small dividend of maybe one cent more could follow after the receivership process winds up.
However, its parent or related company has retained irrigated property assets in southern NSW, despite having only contributed enough to cover about a fifth of its trading arm’s debts to growers and service providers.
Weilin Trade went into receivership in early July after it was caught by a $100 a bale market slump in February-March last year leaving it unable to pay growers for cotton it had contracted t…
