May 18, 2017 - Insolvency Guardian

Insolvency and Bankruptcy Code: Here’s why resolution must be strictly time-bound – Financial Express

LiquidationBy Insolvency Guardian May 18, 2017

Consider corporate insolvency resolution process (CIRP). If a corporate becomes insolvent, a financial creditor, an operational creditor, or the corporate itself may initiate CIRP. As stated in its preamble, the Insolvency and Bankruptcy Code, 2016 (Code) provides for re-organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner for maximisation…

Double act legend and I’m A Celeb star Tommy Cannon declared bankrupt after being hit with £800k tax bill – The Sun

BankruptcyBy Insolvency Guardian May 18, 2017

Cannon ‘n Bawl Tommy said that he hasn’t worked since a panto job over Christmas and was struggling to pay off an £8000,000 tax bill TELLY double act comic Tommy Cannon has been declared bankrupt. The Cannon and Ball legend, 78 who made millions as one of ITVs biggest stars yesterday admitted he was skint.…

Greece to approve new cuts to secure cash, debt relief – TheBull.com.au

Debt HelpBy Insolvency Guardian May 18, 2017

Greece’s parliament on Thursday was to approve a new round of austerity cuts, hoping to secure a pledge of debt relief and loan disbursements by the country’s EU-IMF creditors this month. Leftist Prime Minister Alexis Tsipras has a slim majority in parliament sufficient to pass the bill in the vote expected around midnight. Overall, the…

China gains new economic traction on path of restructuring – China Daily

RestructuringBy Insolvency Guardian May 18, 2017

BEIJING – While the Chinese economy returned to a stabilizing trend in April after a stronger-than-expected first quarter, the traction behind its firm steps is somehow different from what it used to be. Though the official April economic indicators were basically flat or even softened slightly from the March level, strides are being made on…

Tree Children owner Sara Raider went bankrupt owing $600000 – Stuff.co.nz

BankruptcyBy Insolvency Guardian May 18, 2017

ALDEN WILLIAMS/FAIRFAX NZ Tree Children’s Sara Raider declared bankruptcy owing hundreds of thousands of dollars. The former owner of Tree Children went bankrupt owing more than $600,000 to an array of creditors, financial backers and artisans, most of whom will never see their money. Sara Raider was the sole director and shareholder of the quirky…

Greece to approve new cuts to secure cash, debt relief – gulfnews.com

Debt HelpBy Insolvency Guardian May 18, 2017

Prime Minister Tsipras grudgingly accepts to legislate another round of pension cuts and lower tax breaks Athens: Greeces parliament on Thursday was to approve a new round of austerity cuts, hoping to secure a pledge of debt relief and loan payment approval by the countrys EU-IMF creditors this month. Leftist Prime Minister Alexis Tsipras has…

Restructuring plan drags CESC 15%, announces stock split … – Moneycontrol.com

RestructuringBy Insolvency Guardian May 18, 2017

Moneycontrol News Shares of CESC slipped 15 percent on Thursday on the back of announcement of restructuring plan. The company has announced restructuring scheme which includes amalgamation of CESC Infra, Spencer’s Retail & Music World Retail with the company. The company is going to list Haldia Energy, RP-SG Retail and RP-SG Business Process Services on the…

CESC announces business restructuring scheme – Daijiworld.com

RestructuringBy Insolvency Guardian May 18, 2017

Kolkata, May 18 (IANS): Power utility CESC Ltd, a flagship company of RP-Sanjiv Goenka Group, on Thursday announced a business restructuring scheme based on demerger of certain existing businesses. “This (the restructuring scheme) will lead to four entities focusing on generation, distribution, organised retail and other ventures,” Group Chairman Sanjiv Goenka said. All four entities will…

Joinery firm directors face disqualification for up to 10 years – Irish Times

BankruptcyBy Insolvency Guardian May 18, 2017

Two directors of a joinery firm which traded while hopelessly insolvent could be disqualified from involvement in companies for between five and 10 years, a High Court judge has said. Mr Justice Robert Haughton said he would hear submissions later concerning what period of disqualifications he would impose on Patrick McGowan and Vincent Fox, directors…

Man stole perfume and cosmetics worth 6k to pay off gambling debt, court hears – Irish Independent

Bankruptcy, GamblingBy Insolvency Guardian May 18, 2017

Craig Bergin (31), who made no attempt to disguise himself during the thefts, was captured on CCTV footage of the incidents. He was wearing distinctive blue casts on his two broken arms. Bergin, formerly of Griffith Court, Marino, pleaded guilty at Dublin Circuit Criminal Court to theft at Boots and at Holland & Barrett, both…

Daily Archives: May 18, 2017