Headlines

Legal experts say that while the government, courts and the Insolvency and Bankruptcy Board of India (IBBI) have been advancing the cause of Insolvency and Bankruptcy Code (IBC), 2016, they need to introduce stringent guidelines and provide better infrastructure in 2024 to ensure cases are disposed on time, MoneyControl.com reported.

As Go First remains grounded, billionaire Nusli Wadia has blamed faulty engines by P&W for the loss of ₹10,000 incurred by the company, the Hindustan Times reported. The hope for flight operations continues to look bleak for Go First, as all the planes of the airlines are grounded. Amid bankruptcy calls, the Wadia Group chairman has pointed a finger at aerospace company Pratt & Whitney for the fate of Go First.

In the intricate web of multinational ownership, the renowned retail giant Selfridges lands in a precarious situation. This iconic department store, situated on London’s bustling Oxford Street, is now seeking additional financial support from its parent company, Central Group, BNNBreaking.com reported. This pressing need emerges as one of its major stakeholders, Signa, flounders in the murky waters of insolvency. The owner of Selfridges, Cambridge Properties Holding Limited, is currently in active discussions with the Thai-based Central Group.

The new findings warn that almost 30,000 businesses will go bankrupt in 2024, with the vast majority being small companies, BusinessNews.com reported. PwC experts claim there will be a 'significant' increase in businesses collapsing, with companies in the hotels and catering, manufacturing, and transport and storage sectors likely to suffer the most. The findings said that the impact of high energy prices, sluggish economic growth and high interest rates is likely to hit again this year.

Electric scooter rental giant, Bird, amidst bankruptcy proceedings in the United States, has conveyed that its Canadian operations will remain unscathed, BNNBreaking.com reported. The assurance comes from Bird Canada’s COO, Alex Petre, who confirmed to CBC News that the Canadian branch operates independently of the U.S. filing. Alex Petre emphasized the significance of the Canadian market for the company and reassured that the availability of scooters in cities like Windsor would endure unimpeded. Bird Global, the parent company, is currently navigating a restructuring phase.

Oxurion NV, a biopharmaceutical company headquartered in Leuven, announced on Dec. 28 that it has avoided bankruptcy by entering into a binding letter of intent (LOI) with Atlas Special Opportunities LLC (Atlas) and an addendum to the existing subscription agreement for convertible bonds with Atlas, AfternoonHeadlines.com reported.

China’s factory activity shrank in December to the lowest level in six months, fueling expectations the government may have to act soon to add impetus to the economy, Bloomberg News reported. The official manufacturing purchasing managers index declined to 49, the National Bureau of Statistics said in a statement on Sunday. That was weaker than the median forecast of 49.6 by economists in a Bloomberg survey, and matched the reading seen in June.

China's "reunification" with Taiwan is inevitable, President Xi Jinping said in his New Year's address on Sunday, striking a stronger tone than he did last year with less than two weeks to go before the Chinese-claimed island elects a new leader, Reuters reported. The Jan. 13 presidential and parliamentary elections are happening at a time of fraught relations between Beijing and Taipei. China has been ramping up military pressure to assert its sovereignty claims over democratically governed Taiwan.

Another real estate company belonging to Austrian investor René Benko's ailing Signa Group has filed for insolvency. According to the Vienna Commercial Court, a corresponding application was submitted today by Signa Development Selection AG, IndoNewYork.com reported. The company, which specializes in project developments, is therefore aiming for self-administration restructuring proceedings, as announced by Signa on Thursday. The company should be continued and creditors should be offered a quota of 30 percent payable within two years, it said.