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.
New Delhi: Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital said on Friday that the planned amendments to the bankruptcy law will lead to faster resolution of stressed companies.
Finance and corporate affairs minister Nirmala Sitharaman introduced amendments to the Insolvency and Bankruptcy Code (IBC) last week with a framework for creditor-initiated resolution involving mostly out-of-court processes. The amendments also proposed frameworks for cross-border insolvency and corporate group bankruptcy.
The amendment bill presented in the Lok Sabha was referred to a select committee. These were the first set of amendments to the IBC moved by the government since 2021.
Speaking at an Assocham event in the national capital,…
New Delhi: Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital said on Friday that the planned amendments to the bankruptcy law will lead to faster resolution of stressed companies.
Finance and corporate affairs minister Nirmala Sitharaman introduced amendments to the Insolvency and Bankruptcy Code (IBC) last week with a framework for creditor-initiated resolution involving mostly out-of-court processes. The amendments also proposed frameworks for cross-border insolvency and corporate group bankruptcy.
The amendment bill presented in the Lok Sabha was referred to a select committee. These were the first set of amendments to the IBC moved by the government since 2021.
Speaking at an Assocham event in the national capital,…
One of the UK’s last remaining steel companies has been pushed into compulsory liquidation – and will fall into government control.
Speciality Steels UK (SSUK), part of the Liberty Steel empire owned by metals tycoon Sanjeev Gupta, employs nearly 1,500 people at sites in Rotherham and several other locations across South Yorkshire.
Behind Tata Steel and British Steel, it is the third-largest steel producer in the country.
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Sky News reported that negotiations had been underway for a deal to rescue the firm, however, they seem to have been rendered unsuccessful.
Liberty Steel has called a High Court decision to send its speciality steel business into compulsory liquidation “irrational” and says it put forward plans to create a “sustainable operational platform.”
Official Receiver, Gareth Allen, has been appointed as liquidator with Teneo Financial Advisory Limited appointed as Special Managers of the company to assist the Official Receiver with the liquidation.
Jeffrey Kabel, LIBERTY Steel Group’s Chief Transformation Officer, said: “The decision to push Speciality Steel U.K. into compulsory liquidation,…
British Indian tycoon’s Speciality Steels UK pushed into compulsory liquidation by the UK government. 1500 jobs at risk.
London, Aug 21 (PTI) Speciality Steels UK, the country’s third-largest steelworks part of British Indian metals tycoon Sanjeev Gupta group, was on Thursday pushed into compulsory liquidation.
The UK government-run Insolvency Service confirmed it will be acting as the liquidator after a High Court ruling.
Liberty Steel said the decision to put the firm into compulsory liquidation was “irrational”, which puts 1,500 jobs at risk.
Following an application made by the Official Receiver, the court has also appointed Matthew James Cowlishaw, Hywel Phillips and Robert Fishman of Teneo Financial Advisory Limited as Special…
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If you are experiencing financial difficulties, there is help available.
Banks have long supported non profit credit counselling…
The National Company Law Appellate Tribunal (NCLAT), Principal Bench in New Delhi, has dismissed two appeals filed by the Central Bank of India, upholding the orders of the Adjudicating Authority that approved a resolution plan for Neptune Developers Private Limited. The Central Bank of India had challenged two orders, dated January 21, 2025, and March 25, 2025, issued by the National Company Law Tribunal (NCLT) in Mumbai.
The case, which involved two appeals, Company Appeal (AT) (Insolvency) No. 713 of 2025 and Company Appeal (AT) (Insolvency) No. 486 of 2025, centered on the Corporate Insolvency Resolution Process (CIRP) of Neptune Developers, a real estate company. The Central Bank of India, which had initiated the CIRP,…
One of the UK’s last remaining steel companies has been pushed into compulsory liquidation.
Speciality Steels UK (SSUK), part of the Liberty Steel empire owned by metals tycoon Sanjeev Gupta, employs nearly 1,500 people at sites in Rotherham and several other locations across South Yorkshire.
Behind Tata Steel and British Steel, it is the third-largest steel producer in the country.
Sky News reported that negotiations had been underway for a deal to rescue the firm, however, they seem to have been rendered unsuccessful.
The government-run Insolvency Service confirmed it will be acting as the liquidator. It added that Teneo Financial Advisory Limited would be assisting run the company…
BURLINGTON – Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), alongside 10 Senate colleagues, sent a letter to Education Secretary Linda McMahon expressing outrage over the Trump administration’s decision to indefinitely pause student loan forgiveness under the Income-Based Repayment (IBR) plan.
The senators asked for clarity for the thousands of affected borrowers who have repaid their student loans for over 20 years and now face financial harm.
Joining Sanders on the letter are Sens. Mazie Hirono (D-Hawaii), Elizabeth Warren (D-Mass.),…
