Minister of Justice, Abubakar Malami Formal insolvency law procedures are usually collective and centralised, overriding certain pre-insolvency agreements in order to achieve laid down objective(s) for the benefit of all creditors. In contrast, arbitration favours privity of contracts and party autonomy. Parties agreement to arbitrate their dispute is considered as sacrosanct regardless of the circumstances.…
Roberta Williams, the former wife of serial killer Carl Williams, has been declared bankrupt after the Australian Tax Office pursued her for almost $300,000 in unpaid taxes in the Federal Court. The court handed down an order on Tuesday morning that backdated Ms Williams’ bankruptcy to May 17 and allowed the ATO to claim costs of $7203.80 against her…
HOUSTON–(BUSINESS WIRE)–Dynegy Inc. (Dynegy) (NYSE: DYN) and Illinois Power Generating Company (Genco), an indirect, wholly owned subsidiary of Dynegy, launched a restructuring transaction today with respect to Gencos outstanding indebtedness (the Restructuring), consisting of either (a) an out-of-court offer to exchange (the Exchange Offer) Gencos outstanding 7.00% Senior Notes, Series H, due 2018, 6.30% Senior…
The City of Edmonton in Alberta, Canada, is trying to get back some of its $9.4 million investment in Greys Paper Recycling Facility, which declared bankruptcy earlier this year. The citys investment helped the company with costs for land, equipment and the building located at the Edmonton Waste Management Centre. While the city hoped a…
Charles Johnson’s celebrated National Book Award-winning 1990 novel, “Middle Passage,” reconfigured classic allegorical stories of 19th-century seafaring life, a la Herman Melville, through the complex late-20th-century lenses of race, class and gender. That may sound like heavy going, but Johnson’s book is also a ripping yarn, a thrilling bildungsroman and rich in comic detail, with…
Royal Bank of Scotland will announce on Tuesday that it is setting up a scheme to compensate some of the small business owners that allegedly suffered at the hands of its restructuring unit in the aftermath of the financial crisis. The state-controlled bank is expected to admit some wrongdoing over the way its Global Restructuring…
Published: 7 Nov 2016, 09:45 By: The saga of The Solar Cloth Company (TSCC) has taken a further twist after Base Structures, the company which acquired the failed installers assets, filed for liquidation itself. Crowdcube-funded TSCC entered administration in June this year, however various parties immediately stepped forward and expressed an interest in acquiring its…
(Combines stories, adds German, Commission comment, background) By Jan Strupczewski and Francesco Guarascio Nov 7 The euro zone cannot set the details of medium-term debt relief for Greece now because they will depend on what happens by 2018, the chairman of euro zone finance ministers said on Monday, as pressure grows on the bloc to…
Cape Town – The Western Province Rugby Football Union confirmed today that it had applied for, and obtained, an order for the provisional liquidation of Western Province Rugby (Pty) Ltd, in which it is a 75% shareholder. President Thelo Wakefield and Group CEO Paul Zacks said that the Union had retained expert legal and accounting…
The bankruptcy application from US fund Cerberus to have independent TD and former property developer Mick Wallace placed in bankruptcy adds a new layer to what is already a complex relationship. Wallace has used his position as a public representative to attack relentlessly the State-owned National Asset Management Agency (Nama) and how it has gone…