Insolvency Guardian Media Centre
Ministers take control of Speciality Steel after insolvency The Times
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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,…
Read the original article here
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,…
Read the original article here
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.
Politics live: New migrant stats released
Sky News reported that negotiations had been underway for a deal to rescue the firm, however, they seem to have been rendered unsuccessful.
The…
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UK Government to Take Control of Sanjeev Gupta Steel Assets Bloomberg.com
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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,…
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UK’s third-largest steel producer pushed into compulsory liquidation MSN
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British Indian tycoon’s Speciality Steels UK pushed into compulsory liquidation by the UK government. 1500 jobs at risk.
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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Article
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Banks have long supported non profit credit counselling…
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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,…
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Donald Trump’s tariffs are weighing heavily across industries and the number of bankrupt companies is increasing.
U.S. President Donald Trump imposed tariffs on foreign countries to boost America, but the move seems to…
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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.
Politics live: New migrant stats released
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…