The Supreme Courts intervention in the bankruptcy proceedings against Jaypee Infratech (JIL) is a legal mess. To begin with, the case brings out a deficiency in the Insolvency and Bankruptcy Code, in that it does not provide for resolution of real estate development firms, and so, does not recognise the legitimate claims of homebuyers and…
MANILA, Philippines Toys R Us stores in the Philippines remain open for business and are not affected by the financial restructuring of Toys R Us Inc, the largest toy store in the United States. In the Philippines, Toys R Us Philippines is managed and operated by Robinsons Toys Inc, a wholly owned subsidiary of the…
Datuk Lajim Ukin (front right) was declared bankrupt for a week. Picture by Julia ChanKOTA KINABALU, Sept 21 After a week of being declared bankrupt, Sabah opposition leader Datuk Lajim Ukin has cleared his outstanding debt of RM185,000 and the status has been lifted as of today. Lajim was also forced to vacate the position…
21 Sep – Businessman Yuan Bayuan, husband to Chinese actress Kitty Zhang, has dismissed rumours that he is currently millions in debt. As reported on Apple Daily, it was alleged that Yuan owed the employees of his fashion business about RMB 4 million in wages, but decided to gamble it away instead of paying his…
Insolvency and Bankruptcy Code, 2016 (the, Code) is a crucial legislation passed by the Parliament which has the potential to be a game changer in the insolvency and bankruptcy regime in India. Since the Code is in its nascent stage, it is of paramount importance that interpretational issues are settled at the earliest in order…
09:30 21/09/2017 MOSCOW, September 21 (RAPSI) The Moscow Commercial Court has declared Tropicano Business Club controlled by businessman Telman Ismailov bankrupt, according to court records. On September 1, the court dismissed petitions filed by two Cypriot companies to include 59.3 billion rubles (about $1 billion) owed by Tropicano Business Club in the creditors’ list. Aquila…
As many as 107 home buyers moved the Supreme Court on Wednesday challenging the order of the National Company Law Tribunal (NCLT) that admitted insolvency petition against Amrapalis Silicon City project in Noida and demanded protection on equal footing as other stakeholders in the project. Represented by advocate ML Lahoty, the petitioners sought enforcement of…
Toys R Us Canada wants to continue to pay its foreign suppliers, while leaving its North American suppliers to collect whatever money is left at the end of the insolvency process, according to documents filed Tuesday in Ontario Superior Court. The move would ensure the Canadian subsidiary of the global toy retailer which applied for…
Rosie Baker, editor of Paint and Panel sister publication AdNews, looks into the current restructuring taking place within IAG. IAG is restructuring its marketing department to allow for a new brand strategy across the business. As a result, Jane Merrick, general manager of marketing at IAG, has exited the insurance firm after eight years. CMO…
Banks are likely to reject bankruptcy-facing Essar Steel‘s demand for Rs 1,000 crore of working capital loans as the lenders are easing the other monetary restrictions they imposed on the company to safeguard their interests, said two people familiar with the developments. Banks have decided to do away with the so called Rs tagging’ of…