New Delhi, DHNS: President Ram Nath Kovind has given his assent to the Ordinance to amend the Insolvency and Bankruptcy Code, 2016, to prevent wilful defaulters from buying back their stressed assets. The Ordinance amends sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new sections 29A and 235A in the…
The Queensland state government is paying a higher interest rate than most Queenslanders are on their mortgages. To make matters worse, debt is becoming problematic in rural areas with incomes and asset values down, and debts, unemployment and underemployment up. Without improved state government debt arrangements, and policies to alleviate stressed industries and communities, Queenslanders…
The Automotive Holdings Group Limited (ASX: AHG) share price was up by 7 per cent on Thursday as the company announced it has entered into an agreement to sell its refrigeration businesses to a Chinese buyer. Automotive Holdings plans to sell its refrigerated logistics business, consisting of the operations of Rand Transport Refrigerated Logistics, Harris Refrigerated,…
MUMBAI/KOLKATA: Debt resolution for smaller companies may see higher challenges and number of companies going for liquidation may rise once the proposed changes to the Insolvency and Bankruptcy Code (IBC) become a law, resolution professionals dealing with smaller companies said. The proposed law may prevent wilful defaulter from buying out their their own units post…
A Lincoln accountant who has been declared bankrupt had £4.5m of debt. The head of Russell Payne & Co, Russell Payne, was interviewed by the Insolvency Service Official Receiver after a bankruptcy order was made earlier this year. It was found that he failed to disclose that he had disposed of assets in the lead…
Lincoln accountant Russell Payne failed to disclose assets in the lead up to his bankruptcy, with £4.5 million of debt, investigators have found. Mr Payne, who was head of Russell Payne & Co, was interviewed by the Insolvency Service Official Receiver after a Bankruptcy Order was made in June 2017. He failed to disclose that…
BERLIN/LONDON (Reuters) – A restructuring of Siemens (SIEGn.DE) declining turbines business could trigger labor unrest across the German industrial group, trade union IG Metall warned on Thursday as workers rallied in Berlin in protest over planned job cuts. Siemens employees and union members protest with a banner that reads “Siemens = social responsibility” outside a…
The RBI had in June put out a defaulter list of 12 largest NPA accounts in its attempts to fix the bad loans problem in Indias banking sector. Photo: Pradeep Gaur/Mint New Delhi/Mumbai: President Ram Nath Kovind gave his assent to an ordinance amending the Insolvency and Bankruptcy Code on Thursday, barring errant promoters of…
Cardiff-based Ticketline (UK) placed into liquidation 23 November 2017 From the section South East Wales Image copyright Google Image caption The company provides tickets for live shows, sporting events and day trips Customers with outstanding tickets from Ticketline (UK) could miss out as the company is placed into liquidation. Insolvency firm CVR … Read the…
Several companies whose assets are facing insolvency proceedings today said they were not wilful defaulters and would like to participate in the bidding process if permitted. Legal experts were of diverse opinion, with some saying that barring companies from bidding would further depress the price of such assets resulting in more losses to the banking…