Insolvency Guardian Media Centre
Sir, Your article Master of High Court flattered after debt cases removed from remit (January 25th) repeats the sick joke claim by Edmund Honohan that the Abhaile scheme which serves to assist distressed mortgage borrowers was . . . .merely a voucher for 200 worth of legal advice before you go to the Circuit Court.
The Citizens Information Board would like to remind distressed borrowers that Abhaile is much, much more than a voucher; while the scheme provides 500 vouchers for the services of a personal insolvency practitioner or an accountant for financial advice, it has many other elements. Th…
Read the full article at: https://www.irishtimes.com/opinion/letters/abhaile-s-help-for-borrowers-is-no-joke-1.3770872
The Insolvency and Bankruptcy Board of India (IBBI) has mandated resolution applicants to furnish performance security in corporate insolvency process. This has been stipulated to ensure that corporate resolution plans, once approved, are not withdrawn on a whim.
The idea is to encourage only those resolution applicants who are genuine, credible, and capable of submitting and implementing the resolution plans. Performance security would need to be furnished only in those cases where the resolution plan has been approved by the Committee of Creditors (CoCs).
For mandating performance security, insolvency regulator IBBI has now amended the existing Corporate Insolvency regulations. The amended regulations now specify that the CoC will have…
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/performance-security-a-must-for-corporate-resolution-says-ibbi/article26092754.ece
The resolution professional would also have to attach the evidence of the performance security while submitting the resolution plan with NCLT for approval.Months after UK-based Liberty House failed to meet its payment commitment to acquire stressed Amtek Auto, the insolvency regulator has tightened regulations to mandate that successful resolution applicants will have to provide a performance security and a default may also cost them the chance to bid in future. The winning bidder will forfeit the security if it fails to implement the resolution plan under the Insolvency and Bankruptcy Code (IBC) or contributes to its failure once the National Company Law Tribunal (NCLT) approves it.
Not just that, the Insolvency and Bankruptcy Board of I…
Read the full article at: https://www.financialexpress.com/economy/insolvency-regulations-ibbi-tightens-noose-around-default-by-winning-bidders/1455268/
How are businesses in the U.K. faring as Brexit looms? Not well, if a boom in insolvency and restructuring advice and the level of unpaid tax bills are any guide.
Members of the trade body R3, which represents restructuring advisors, are anecdotally reporting increasing demand for help and advice from businesses and individuals, according to Stuart Frith, president of the group. These pressures are likely to continue as Theresa May tries to find a Brexit compromise that can get through the British Parliament.
Brexit will be an unknown factor this year, Frith said in an email to Bloomberg. Uncertainty around the shape of the final exit deal and future EU-U.K. trading relationship is already forcing businesses to put off de…
Read the full article at: https://www.accountingtoday.com/articles/restructuring-advice-unpaid-taxes-show-brexit-business-impact
NEW YORK, Jan. 24, 2019 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of The Goldman Sachs Group, Inc., Nova LifeStyle, Inc., Yangtze River Port and Logistics Limited, and YRC Worldwide Inc. Stockholders have until the deadlines listed below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
The Goldman Sachs Group, Inc. (: GS)
Class Period: February 28, 2014 – December 17, 2018
Lead Plaintiff Deadline: February 19, 2019
The complaint alleges that throughout the class period defendants made materially false and misleading statements regarding the companys business, operatio…
- IKEA US President Lars Petersson is set to retire at the end of August 2019.
- Javier Quiones, the retail manager of the chains UK and Ireland divisions, will take his place.
- Petersson worked at IKEA for 36 years and will remain with the company through the summer as a senior advisor.
IKEA US President Lars Petersson is retiring after a 36-year career with the furniture retailer.
An IKEA spokesperson confirmed the news with Business Insider on Friday. Petersson has worked for the retailer since taking a job at its store in Malm, Sweden, in 1983. He has served as president and retail country manager of the companys US market since 2015.
Taking Peterssons place is Javier Quiones, the companys re…
Read the full article at: https://www.businessinsider.com.au/ikea-us-president-retiring-2019-1
The Supreme Court on January 25, 2019 upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC).
A Bench headed by Justice R.F. Nariman upheld the constitutional validity of the code in its entirety. However, the apex court said that related parties in the Act should mean a person connected with the business.
The Bench disposed of a batch of pleas filed by companies challenging various provisions of the IBC.
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Insolvency is a situation where an individual or company is unable to repay their outstanding debt to creditors. A bankrupt entity is a debtor who has been declared as bankrupt by an adjudicating authority. As per the law, the National Company Law Tribunal (NCLT) is the adjudicating authority for compa… Read the full article at: https://www.jagranjosh.com/current-affairs/supreme-court-upholds-constitutional-validity-of-insolvency-and-bankruptcy-code-1548416816-1 When is BTs earnings date?BT Group will report third quarter (Q3) results on Thursday 31 January. This will cover the three months to the end of December 2018. Who is BT Groups new chief executive Philip Jansen?The results mark the end of Gavin Pattersons two year tenure as CEO of BT as he hands over the reins to his replacement, Philip Jansen, who is leaving his role running Worldpay to join the business. He was at the payment processing company when it was spun out of the Royal Bank of Scotland (RBS) and went on to manage Worldpays floatation in London. His appointment swiftly follows the completion of Vantivs $10 billion acquisition of Worldpay earlier this month, paving the way for Jansen to exit on a high and take on a new challe… Read the full article at: https://www.ig.com/au/news-and-trade-ideas/shares-news/bt-group-results–q3-earnings-preview-190125
Kerala Governor P Sathasivam Friday came down on the Union government for “penalising” the state for its achievements in various fields and sought a restructuring of Centre-state relations. Delivering his customary policy address in the state Assembly marking the beginning of its 14th session, he said the restructuring should be in such a way that it would enrich both the Centre and the state.
The imbalance caused by the detrimental effects of “unhealthy” centre-state relations in general and the fiscal relations in particular have put Kerala at a “great disadvantage” in furthering the advances it has already made in several sectors, he said. “It is rather unfortunate that the state has been pen… Read the full article at: https://www.business-standard.com/article/pti-stories/ker-guv-seeks-restructuring-of-centre-state-relations-119012500626_1.html The economy could see more businesses becoming insolvent, with the number of trade credit insurance claims shooting up 41% in the December quarter from a year earlier. Data collected by National Credit Insurance (NCI) puts the value of each claim at about $97,000. Last year insurers paid out $64 million in trade credit claims, which was up 19% from 2017. Our findings reveal a higher level of defaults from overdue payments and collection activity, NCI MD Kirk Cheesman said. Generally, an increase in these areas typically results in increased insolvency activity within 6-12 months. The data indicates businesses are becoming caught up in the patchy economic conditions, which saw many retailers closing down during the December quarter… Read the full article at: https://www.insurancenews.com.au/daily/trade-credit-claims-spike-points-to-growing-insolvency-risk HYDERABAD: The National Company Law Tribunal (NCLT), in a first, has passed orders restraining others from using the brand name and trademarks of a corporate debtor — Servomax India — currently undergoing corporate insolvency resolution process (CIRP). NCLT has stepped into the issue of brand protection and trademark enforcement responding to the plea of resolution professional (RP) seeking to restrain the suspended directors of the corporate debtor and others from using brand name and trademarks pending CIRP. The intervention of the Tribunal to protect the intangible assets is evolving jurisprudence in the insolvency resolution ecosystem, said VK Sajith, counsel for the RP. Servomax India is currently under CIRP following the orders o… Read the full article at: https://economictimes.indiatimes.com/small-biz/sme-sector/nclt-restrains-use-of-brand-trademarks-of-servomax-india/articleshow/67690498.cms The Insolvency and Bankruptcy Code, 2016 provides for corporate insolvency resolution process for invitation, receipt, and consideration of resolution plans; and approval of a resolution plan to resolve insolvency of the corporate debtor. It envisages that a resolution plan, once approved, must be implemented. In furtherance of this, the Insolvency and Bankruptcy Board of India ( IBBI ) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019 today to discourage persons, other than genuine, capable and credible resolution applicants, to submit resolution plans. The amendment mandates that the request for resolution plans shall require the resolut… Read the full article at: http://www.taxscan.in/ibbi-insolvency-resolution-process-corporate/32935/ Go to Top Call Now Button |