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The U.K. government announced sweeping tax increases and spending cuts on Thursday, becoming the first major Western economy to start sharply limiting its spending growth after years of ramped-up fiscal stimulus during the pandemic and recent energy subsidies, the Wall Street Journal reported. The measures mark a second major shift in U.K. economic policy in just a matter of months, after previous British Prime Minister Liz Truss spooked financial markets by pledging to jump-start growth with tax cuts funded by more borrowing.
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Banks, financial institutions and other creditors of stressed companies have realised Rs 2.43 lakh crore through NCLT-supervised insolvency resolution processes against total claims of Rs 7.91 lakh crore till September 30, 2022, the Economic Times of India reported. So far 532 CIRPs (Corporate Insolvency Resolution Process) yielded resolution plans, said the quarterly report of the Insolvency and Bankruptcy Board of India (IBBI). "Till September 30, 2022, the creditors have realised Rs 2.43 lakh crore under the resolution plans.
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The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against realty firm Ansal Properties & Infrastructures on a petition filed by 126 flat buyers of one of the company's housing projects, the Economic Times of India reported. A two-member bench of the insolvency tribunal had admitted the plea moved by 126 flat/villa buyers of Ansal API's real estate project The Fernhill located at Sector 91, Gurgaon.
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The funding crunch afflicting Sweden’s leveraged property sector intensified late on Wednesday after a privately owned landlord signaled it needed more time to repay bonds that fall due next year, Bloomberg News reported. In what may be among the first instances of real-estate worries spilling over to the country’s bond market, little-known property developer Sehlhall Holding AB turned to its creditors to amend terms on its debt.
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Croydon Council claims it has been forced pull funding from dozens of local charities as it works to balance its books after the borough had to declare bankruptcy. The authority said it will not renew its community fund when it comes to end in March 2023, MyLondon.com reported. Documents from 2020, when the fund was rolled out, shows the £2.6 million fund gave cash to more than 50 organisations and projects.
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FTX Digital Markets, the Bahamas-based unit of the recently collapsed cryptocurrency trading platform, has filed for bankruptcy protection in the U.S., CNN reported. The company filed Tuesday in New York court under chapter 15. The move comes after the crypto exchange’s U.S.-based arm, FTX Group, abruptly filed for bankruptcy Friday after facing a “severe liquidity crisis.” FTX founder Sam Bankman-Fried resigned as CEO the same day. FTX’s rapid collapse marked a stunning downfall for one of the biggest and most powerful players in the crypto industry.
Liquidators for FTX's Bahamas unit, FTX Digital Markets, have asked a New York City court to recognize its bankruptcy in the Bahamas, saying they "reject the validity" of the cryptocurrency exchange's U.S. bankruptcy proceedings, Saltwire reported. The Bahamas liquidators, who were appointed on Nov. 10 by the Securities Commission of the Bahamas, filed a chapter 15 petition late Tuesday in U.S. bankruptcy court in New York, asking the court to help them obtain records from FTX and block asset transfers to protect creditors of the Bahamas-based company.
Troubled Mexican nonbank lender Credito Real is in talks with foreign bondholders, prompting creditors to delay their request for an involuntary U.S. bankruptcy hearing, according to two sources close to the matter, Reuters reported. Credito Real collapsed after it defaulted on a 170 million Swiss franc ($176 million) bond in February, prompting bonds to shed 99% of their value. The talks are centered on establishing what assets the company still had left and are viable for recovery, offering a rare chance for transparency, one source directly involved told Reuters Wednesday.
Groupe Sélection, which operates several retirement residences in Montréal and on the West Island (Sélection Retraite West Island in Pointe-Claire and Sélection Retraite Le Cambridge, also in Pointe-Claire), has filed for bankruptcy protection, The Suburban reported. The banking group that handles Groupe Sélection’s finances, which includes Banque Nationale, has appointed the accounting firm of PriceWaterhouseCoopers to handle the company’s turnaround.
Yemen’s internationally recognized government is on the verge of bankruptcy after Houthi attacks on oil facilities in southern Yemen halted all oil exports, and it may not be able to pay public employees in areas under its control in the near future, officials have warned, Yemenonline.com reported. A government source told Arab News public employees in liberated provinces might not receive their salaries in the coming months, adding that the country could experience severe fuel shortages and protracted power outages as a result of attacks forcing the government to stop importing fuel.