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.
Finance and Corporate Affairs Minister Nirmala Sitharaman on Tuesday introduced a bill in the Lok Sabha to amend the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code (Amendment) Bill, 2025 has been referred to a select committee, which will make a report by the first day of the Winter Session of the Parliament.
The long-awaited Bill has introduced several amendments to the IBC, including creditor-initiated insolvency resolution process by amending Section 54A of the Act, group insolvency as well as cross-border insolvency.
“The proposed amendments aim to reduce delays, maximise value for all stakeholders, and improve governance of all processes under the Code. They seek to modify existing provisions to…
A quiet reshuffling of budget lines in several Russian regions is revealing how the Kremlin is using a federal debt write-off programme to subsidise military recruitment, according to Janis Kluge, fellow at the Stiftung Wissenschaft und Politik (SWP), Eastern Europe and Eurasia Group.
In mid-June, Tomsk Oblast cut its official spending on “payments to citizens participating in the special military operation” from RUB1.1bn to RUB300mn. Almost simultaneously, a new line item appeared: “Activities related to the special military operation…
Liquidators of China Evergrande Group – the world’s most indebted property developer – said on Tuesday they have sold about $255 million of its assets.
After a year and a half of China’s largest debt liquidation process, the liquidators said in a filing that they have taken control of more than 100 of the company’s subsidiaries, while receiving creditor claims totalling $45 billion – much higher than liabilities of $27.5 billion in 2022 in the last disclosure.
The liquidation of the world’s most indebted property developer has proved challenging, as the majority of Evergrande’s units and assets are onshore and many of them have been seized by creditors.
Burrington Estates’ Maer View housing development in Bude, Cornwall(Image: Google)
A major Devon-based housebuilder has gone bust with debts of nearly £30m likely to be unpaid. Exeter-headquartered Burrington Estates Group Ltd has entered liquidation with creditors given until the end of this week to submit proof of their debts.
The holding company, which traded from Windslade House in Clyst St Mary, was involved in the construction and sale of residential properties in the South West and Midlands. Its new homes division Burrington Estates (New Homes) Ltd ceased trading last year and has also gone into liquidation with debts of more than £17m…
Finance Minister Nirmala Sitharaman on Tuesday (August 12) introduced the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 in the Lok Sabha, aiming to make the corporate insolvency framework faster, more efficient, and aligned with global best practices.
The Bill has been referred to a select committee of Parliament for further examination, following a request from the minister.
The amendments seek to address delays in resolution, maximise value for stakeholders, and reduce the burden on the judiciary.
Key provisions include a creditor-initiated insolvency resolution process, an out-of-court initiation mechanism for genuine business failures, and a group insolvency framework to deal with complex corporate structures.
FTI Consulting has been brought in as an administrator in the event Thames fails to secure funding from lenders.
Contingency plans could see Britain’s biggest water firm placed into a special administration regime (SAR), meaning it would be put into an insolvency process.
Environment Secretary Steve Reed signed off the appointment, which would still need to be approved in court, according to Sky News which first reported on the move.
A spokeswoman for the Department for Environment, Food & Rural Affairs (Defra) said: “The Government will always act in the national interest on these issues.
“The company remains financially stable, but we have stepped up our preparations and stand ready for all eventualities, including applying…
FTI Consulting has been brought in as an administrator in the event Thames fails to secure funding from lenders.
Contingency plans could see Britain’s biggest water firm placed into a special administration regime (SAR), meaning it would be put into an insolvency process.
Environment Secretary Steve Reed signed off the appointment, which would still need to be approved in court, according to Sky News which first reported on the move.
A spokeswoman for the Department for Environment, Food & Rural Affairs (Defra) said: “The Government will always act in the national interest on these issues.
“The company remains financially stable, but we have stepped up our preparations and stand ready for all eventualities, including applying…
Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive’s editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually.
Prior to Proactive, Ian helped lead the business output at the Daily… Read more
About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is…
Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive’s editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually.
Prior to Proactive, Ian helped lead the business output at the Daily… Read more
About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is…
