Insolvent Banking

Saturday, 04 February 2023

Latest News for: Insolvent banking

Edit

DeFi’s role to maximise crypto adoption in 2023

Financial Express 04 Feb 2023

Follow Us. By Anurag Dixit ... We had experienced a similar situation in the recent past when a bank run was happening on multiple Centralized exchanges in the wake of FTX-Alameda insolvency issues ... Many DeFi platforms are built to be accessible to people who do not have access to traditional financial services such as bank accounts or credit cards ... .

Edit

Adani response to Hindenburg report: Embattled corporations invoking nationalism, or national sentiment, is not unheard of

Indian Express 04 Feb 2023

It was, in fact, an expression of the conjuncture at which the Indian nation-state finds itself ... But capital recognises no borders ... Wirecard grew exponentially in the last two decades, overtaking Deutsche Bank in market value in 2016. Now insolvent, all that remains of it is evidence of the worst case of fraud in Germany\u2019s post-war history.

Edit

No 2nd e-auction for RCap: NCLT

Financial Express 03 Feb 2023

The move would further delay the insolvency proceedings of the former Anil Ambani group firm, as the administrator and the committee of creditors (CoC) are slated to move the National Company Law Appellate Tribunal (NCLAT), sources close to the developments said ... Also ReadRBI seeks details of banks’ exposure to Adani Group.

Edit

DDE: State regulators accommodating fiscal slippages is what has brought us here – Prof. Bokpin

Joy Online 01 Feb 2023

Bokpin expressed concern that should the domestic debt exchange go on as planned, some banks that have been “coerced” into signing on to the programme would be rendered insolvent. “I have a lot of respect for those at Bank of Ghana, and I am just surprised that …and I’m sure the ...

Edit

Economic Survey 2023: Behavioural change among debtors a far-reaching spillover effect of IBC

Financial Express 31 Jan 2023

Behavioural change effectuated among debtors is one of the far-reaching spillover effects of the insolvency law, which is also facilitating the exit of distressed firms and thereby allocating scare economic resources for more productive use, the Economic Survey said on Tuesday.

Edit

Company insolvencies hit 13-year high in England and Wales

Reuters 31 Jan 2023

LONDON, Jan 31 (Reuters) - More companies suffered insolvency last year in England and Wales than any time since 2009, government figures showed on Tuesday, reflecting the end of coronavirus pandemic support that helped many smaller businesses stay afloat. Total insolvencies rose ...

Edit

Economic Survey: MSMEs’ Covid recovery evident in GST paid crossing pre-pandemic level

Financial Express 31 Jan 2023

“The finances of the public sector banks have seen a significant turnaround, with profits being booked at regular intervals and their Non-Performing Assets (NPAs) being fast-tracked for quicker resolution/liquidation by the Insolvency and Bankruptcy Board of India (IBBI),” the survey said reasoning growth bank credit to MSMEs.

Edit

Explainer: The GTL Saga: Forensic audit to CBI FIR

Financial Express 30 Jan 2023

In 2019, Canara Bank, one of the lenders to the company, had filed an insolvency plea before the National Company Law Tribunal (NCLT) for non-payment of dues of up to `534 crore ... The tribunal rejected the Canara Bank’s plea to initiate insolvency proceedings, contrary to the ...

Edit

New Jet owner told to pay staff dues

The Telegraph India 30 Jan 2023

Pardiwala reminded senior advocate Saurabh Kirpal appearing for the consortium that it was a fundamental principle of the Insolvency and Banking Code (IBC)that anybody stepping into the shoes of the original owner has to necessarily accept the liabilities of the erstwhile company which includes the dues of the financial and operational creditors ... .

Edit

The Indian middle class has never had it so good

Indian Express 30 Jan 2023

... nor a money bank for political parties ... The reforms in the banking sector including better asset quality, recapitalisation of PSBs, enactment of the Insolvency and Bankruptcy Code and the ease of credit flow have aided the banking sector to become \u201cwealth job creators\u201d.

Edit

Crypto firms acted like banks, then collapsed like dominoes

News-Press Now 29 Jan 2023

Crypto lending companies like Voyager, Genesis and BlockFi were trying to do what banks do in traditional finance ... As a result, much of the underlying collateral these firms were holding became worth less than the loans they had issued, effectively making several "crypto banks" insolvent ... depositors wanted their money back, and a bank run started.

Edit

Wyoming crypto bank’s Federal Reserve application denied

The Associated Press 28 Jan 2023

Crypto lending companies like Voyager, Genesis and BlockFi were trying to do what banks do in traditional finance ... As a result, much of the underlying collateral these firms were holding became worth less than the loans they had issued, effectively making several “crypto banks” insolvent ... depositors wanted their money back, and a bank run started.

Edit

The Fed’s already deep into climate policy — whatever Powell says

New York Post 28 Jan 2023

The Fed is building out its climate-regulatory regime by piloting a “climate stress test” for large US banks ... for large US banks ... Yet, as economist John Cochrane has, banks are mostly at risk from short-term, unexpected events that could quickly make them illiquid or insolvent.

Edit

£1,000 to invest? I’d buy bargain FTSE 100 shares in this stock market correction

The Motley Fool 28 Jan 2023

Investing £1,000 in FTSE 100 shares, or any amount for that matter, could be a prudent move for investors today ... Overleveraged companies with lacklustre financial reserves could very well be on the path of insolvency. And given that the Bank of England is likely to continue raising interest rates in 2023, the situation may continue to deteriorate ... .

Edit

Kishore Biyani steps down as chairman of Future Retail

Financial Express 27 Jan 2023

In his emotional farewell, Biyani, who was associated with Future Retail Ltd (FRL) since 2007 when it was incorporated, said it was facing CIRP (Corporate Insolvency Resolution Process) as a “result of unfortunate business situation” ... FRL was dragged into insolvency proceedings by its lender Bank of India after it defaulted on loans.