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.
Introduction Petitioner Insolvency Just and equitable Consequences of presentation of a petition Grand Court's discretion Introduction A Cayman Islands company
A Cayman Islands company may be wound up either voluntarily according to its articles of association or compulsorily by the Grand Court. This article provides an overview of the compulsory process. In certain circumstances, the Grand Court may recognise the appointment of foreign liquidators to a Cayman company, but this article focuses on winding-up proceedings within the Cayman Islands. Similarly, it is possible to seek in the Grand Court the winding up of a non-Cayman entity, but that is beyond the scope of this article.
A petition seeking the winding up of a Cayman company may be presented to the G…
When a young man walked into a payday lender in Tbilisi and took 19 people hostage on November 20, brandishing what appeared to be a rifle and hand grenades, it looked at first glance like a simple robbery.
But the would-be robber, 31-year-old carpenter Levan Zurabashvili, did not ask for money. Instead, he demanded the Georgian government implement several policy changes.
First off, gambling must be banned all across Georgia, Zurabashvili said, as the scene played out on live television. Second: annual interest rates on bank loans must be fixed at no more than 7%.
Some of the hostages interrupted, arguing that 7% would still be far too high. In the European Union the rate is about 3%, one man pointed out.
The government is likely to amend the Insolvency and Bankruptcy Code (IBC) to introduce pre-packs as a resolution mechanism, according to a government official aware of the developments.
A pre-pack is an agreement for a distressed companys debt resolution between secured creditors and investors instead of a public bidding process, as under the Corporate Insolvency Resolution Process (CIRP) of the IBC.
The Corporate Affairs Ministry, last year, formed a committee led by MS Sahoo, chairperson of the Insolvency and Bankruptcy Board of India, to look into including pre-packs as a resolution mechanism under the IBC. Pre-packs may also offer an alternative for creditors to initiate insolvency proceedings as the government has suspended initia…
A “steep increase” in insolvencies is expected as debt holidays come to an end and other government stimulus measures are wound back.
Relaxed insolvency laws which allowed businesses to trade without making a profit for six months expired on January 1, and the time frame has been reduced to 21 days.
Noosa-based insolvency expert and liquidator Jarvis Archer said during COVID-19 insolvency appointments had dropped by about 60 per cent compared to 2019.
The south London authority, which technically declared itself insolvent after revealing it had a 67 million budget black hole, wants to fit five automatic number plate recognition (ANPR) cameras and shut residential roads in Crystal Palace and South Norwood.
But its own survey about a temporary LTN it introduced in the area last year found 61 per …
Although restaurant chains have collectively closed hundreds of locations nationwide during the pandemic, here are the ones you can look forward to seeing back on the scene in 2021.
Capital markets regulator Sebi on Friday provided certain exemptions to alternative investment funds (AIFs) with regard to an investment committee framework.
The exemption in AIF rule is conditional upon a capital commitment of at least Rs 70 crore from each investor accompanied by a suitable waiver, Sebi said in a notification.
So far, manager was responsible for investment decisions of the alternative investment fund and the manager was required to constitute an investment committee to approve investment decisions of the AIF.
The members of investment committee were equally responsible as the manager for investment decisions.
Besides, the manager and members of the committee were required to ensure that the investments were in compli…
The positive outlook on the likely slower pace of companies going bust came from a survey of six leading insolvency and restructuring practitioners by Chanticleers colleague, John Kehoe.
The thinking among experts from Ashurst, Duff & Phelps, Clayton Utz, Baker McKenzie and Norton Rose Fulbright is that banks will continue to show leniency towards businesses that can viably restructure.
But thousands of other firms in hospitality, retail, tourism and real estate will inevitably go bust.
The wave of COVID-19-induced creative destruction in the corporate sector is likely to follow the trend of the past few years, whereby the first port of call for creditors of medium to large companies is voluntary administration.
Badminton World Federation (BWF) has handed a life ban to a representative of a sports brand for his role in match fixing, while separately eight Indonesian players have received sanctions for breaching rules related to match fixing, match manipulation and betting.
The BWF said the two integrity cases concluded in late 2020, with decisions reached by the BWF Independent Hearing Panel.
Malaysias Lim Ze Young was a representative of an equipment brand that sponsors international badminton players and had reportedly been under the BWF Integrity Unit investigation for several years.
Two whistleblowers informed the BWF that he had asked them to manipulate matches at the Japan Open back in 2014.
Accredited Debt Relief uses a process called debt settlement to help you get out of debt. With debt settlement, you’ll stop making payments on your credit cards and other bills, and instead begin setting aside extra money in a dedicated savings account. Once you have 40% to 50% of the amount of each debt saved up in your account, Accredited Debt Relief will work to settle your debts for less than you owe.
While the length of this process can vary, Accredited Debt Relief says each program typically requires 12 to 48 months of commitment. You may also see your first enrolled debt settled within the first four to six months of your program, depending on your situation. Also keep in mind that, while this company charges fees of 15% to 25%…
The Ministry of Corporate Affairs has proposed a framework for prepackaged insolvency resolution process that may be implemented in phases to give priority to Covid-related defaults for which the corporate insolvency resolution mechanism is not available and defaults that are anywhere between Rs 1 lakh and Rs 1 crore.
A draft proposal by the sub-committee of the insolvency law committee has recommended that the corporate debtor (CD) may initiate the prepack since it may prove difficult to implement if creditors are allowed to …
Public sector major Steel Authority of India Ltd (SAIL) has managed to reduce its net debt from peak levels over the past eight months. SAIL said on Friday that it had reduced net debt from a peak of Rs 52,290 crore as on April 30, 2020, to Rs 44,308 crore on Dec 31, 2020, a reduction of Rs 7,982 crore.
The company continues its efforts to deleverage further, it said. In April, SAIL had raised alarm bells over its financial position in a letter to plant and unit heads. With the nationwide lockdown to contai…
