Insolvency Guardian Media Centre
Many businesses and industry groups are currently advocating for the Treasurer to extend the temporary six month exemption from insolvent trading liability for directors – due to expire on 25 September 2020 – and to also adopt other interim relief measures such as a prohibition on liquidators recovering unfair preference payments to creditors. It had been anticipated that the Treasurer would do so as part of the Australian Government’s Economic Update on 23 July, but an announcement was not forthcoming.
While these measures are argued to relieve the pressure on directors continuing to struggle to navigate the economic impact of the pandemic, and to enable companies to trade on, the risk is that they perpetuate…
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The National Company Law Appellate Tribunal (NCLAT) held that the Industrial and Commercial Bank of China Limited (ICBC) was not entitled to retain a fixed deposit of Rs. 27.60 crore belonging to Reliance Communication Infrastructure Limited (RCIL), as no dues were owed by the corporate debtor and the lien letter did not extend to the liabilities of other group companies.
The appeal arose from an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench, directing ICBC to lift the lien marked on RCIL’s fixed deposit and release the amount with interest to the Resolution Professional (RP) of RCIL.
The fixed deposit had been made by RCIL on 27 March 2017, and on the same day, the company issued a lien letter…
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Star Entertainment is in talks to replace its debt with a new lender syndicate that could involve billionaire pub baron and major shareholder Bruce Mathieson.
The casino giant on Tuesday reached an agreement with its lenders over debt waivers after a month-long dispute. It is now seeking to replace a $430 million loan with a bigger and cheaper debt package, which would give it more funds to pile into its ailing business.
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The Madras High Court recently ruled that provident fund dues are excluded from the liquidation estate of a company under Section 36(4)(a)(iii) of the Insolvency and Bankruptcy Code, 2016, and thus cannot be denied to claimants on grounds of delay.
The instant case arose from the liquidation proceedings of K.N. Interior Designs and Engineering Pvt. Ltd., as ordered by the NCLT on 19 September 2022. Pursuant to this, the liquidator published a notice calling upon all creditors to submit their claims on or before 19 October 2022.
The EPFO filed its claim on 21 October 2022, seeking recovery of provident fund dues amounting to ₹21,94,745. The liquidator rejected the…
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‘No choice’: National manufacturer collapses after 30 years Herald Sun
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COLOMBO (News 1st); Sri Lanka’s sovereign debt restructuring process is almost complete, marking a significant milestone in the country’s economic recovery.
According to an IMF Working Paper titled “Sri Lanka’s Sovereign Debt Restructuring: Lessons from Complex Processes” by Peter Breuer, Sandesh Dhungana, and Mike Li, the restructuring has helped normalize domestic financing conditions and stabilize the economy.
However, the IMF cautions that restructuring alone is not enough to ensure long-term debt sustainability.
The paper stresses the need for continued fiscal discipline, prudent macroeconomic policies, and stronger institutions under and beyond the current Extended Fund Facility (EFF) arrangement.
“There is no room for…
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The Star Entertainment Group has confirmed it has reached an agreement over debt waivers which will allow it to publish audited results.
The Australian casino operator had faced a battle to waive covenants on a AU$430m loan as it looks to shore up its finances.
Previous reports from the Australian Financial Review claimed that The Star’s Senior Facility Agreement (SFA) lenders had refused an initial offer of a “small fee” – around one per cent of the loan value.
In response, The Star said it deemed offers it had received from the SFA “unacceptable.”
Now, though, the Australian Financial…
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Facebook App: Open links in External Browser
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Millions in council tax debt could be written off to help ‘families trapped in cycles of poverty’ Aberdeen Live
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Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.
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