Insolvency Guardian Media Centre
TOLEDO, OHIO – General Motors will end production this week at the first of five North American plants it wants to close by early next year as part of a companywide restructuring.
The last American-made Chevrolet Cruze will come off the assembly line Wednesday at GMs sprawling Ohio assembly plant near Youngstown, GM spokeswoman Kim Carpenter said Monday.
The plant closings come as the Detroit-based automaker moves toward shifting its focus to making trucks, SUVs and electric and autonomous vehicles.
The United Auto Workers has sued GM over the closings, which still must be negotiated with the union.
Ohios political leaders along with union officials and workers are leading a campaign to save the Lordstown plant, but more than 300 alre…
Read the full article at: https://www.japantimes.co.jp/news/2019/03/05/business/gm-restructuring-production-ending-ohio-plant-week-last-chevy-cruz-rolls-off-line/
Analysts said the MCA notification helps clear the ambiguity regarding who can approach NCLT for CIRP.The government has allowed trustees, estate administrators, persons authorised by a companys board of directors etc to
initiate corporate insolvency resolution process (CIRP) against a corporate debtor before the NCLT, on behalf of financial creditors under the Insolvency and Bankruptcy Code (IBC), 2016.
In a notification, the ministry of corporate affairs (MCA) said a guardian, an executor or administrator of an estate of a financial creditor, a trustee (including a debenture trustee) and a person duly authorised by board of directors of a company may file an application for initiating CIRP against a corporate debtor before the adjudicati…
Read the full article at: https://www.financialexpress.com/economy/insolvency-and-bankruptcy-code-govt-says-trustees-too-can-approach-ibc-against-corporate-debtors/1505097/
Divorce is not the only scenario in which you can be affected by whether you married in community of property or out of community of property, according to attorney Simon Dippenaar.
He points out that another major event to consider is insolvency.
What is insolvency?
He explains that insolvency is not the same as bankruptcy, although the terms are often used to mean the same thing. One is a financial state; the other is a legal procedure.
Someone is insolvent when they are unable to pay their debts, either because their liabilities exceed their assets, or because they have insufficient cash flow.
Bankruptcy
Bankruptcy, on the other hand, occurs when one of the following takes place:
- A person or legal entity – that is a close corporation or comp…
Read the full article at: https://www.fin24.com/Money/Debt/how-insolvency-affects-a-spouse-and-a-business-20190304
Carlyle Group is to provide funding to restructuring US-based Nordam to enable the aerostructures manufacturer and repair provider to emerge from Chapter 11 bankruptcy protection.
But the Siegfried family, which founded and still owns Nordam, will continue as a shareholder of the Tulsa-based company.
The Siegfried family will retain its 50-year ownership and oversight of the business, and continue to lead the company forward, Carlyle Group says.
No financial details of the transaction have been released; it is scheduled to be completed by June.
Carlyle Group says that it will provide equity and new debt financing to de-lever the business and position the company for continued growth.
Nordam entered Chapter 11 bankruptcy protectio…
Read the full article at: https://www.flightglobal.com/news/articles/carlyle-group-backs-nordam-restructuring-efforts-456313/
The Insolvency and Bankruptcy Board of India (IBBI) has come up with a charter of responsibilities for Insolvency Resolution Professionals (IRPs) and Committee of Creditors (CoC) so that stakeholders have a complete and clear understanding of their roles and responsibilities in a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
This charter, which is not mandatory, has been prepared in consultation with the three insolvency professional agencies that have been set up by the CA Institute, the Institute of Company Secretaries and the Cost Accountants Institute.
This charter is only indicative and meant for the sole purpose of educating the stakeholders, said an IBBI official.
While specifying th…
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/corporate-insolvency-charter-of-responsibilities-for-irps-coc-unveiled/article26432294.ece
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