JOHANNESBURG – Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Joostes Mayfair Speculators, the company that, until this week owned South Africas best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. READ: Steinhoff shares plunge 60% after CEO…
There’s a place online where UK residents go to confess their fears: faulty goods, debt, unemployment, migration, legal troubles. This place is the search bar of the Citizens Advice website. To the charity’s staff, the 450,000-plus annual entries provide an insight into the nation’s day-to-day apprehensions. “We know what the most common worries are at…
The Reserve Bank of India has advised banks to file for insolvency proceedings on their own rather than waiting for its instructions. The regulator has said that prompt action by lenders will help realise best value of these stressed assets. The RBI in its report on trends and progress in the banking industry has also…
JOHANNESBURG – Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Joostes Mayfair Speculators, the company that, until this week owned South Africas best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. READ: Steinhoff shares plunge 60% after CEO…
Indian conglomerate Adani Enterprises Ltd. needs as much as A$3 billion ($2.3 billion) in debt financing to help start producing Australian coal from one of the worlds largest mines, after major banks from Sydney to New York said they dont want to lend to polluting fossil-fuel projects. The company is seeking A$2 billion to A$3…
Indias new bankruptcy law is getting maximum traction from an unusual set of lenders, those with the least to gain from pushing companies into the insolvency process. Operational or unsecured creditors, who have dues that are not backed by any collateral, would be last in queue to be repaid once an insolvency plea succeeds in…
With effect from 15 December 2017 Metalyst Forgings announced that the application filed by State Bank of India under section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC 2016’) read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 before National Company Law Tribunal, Mumbai has been admitted by…
Troubled online sport apparel retailer Surfstitch, which slipped into voluntary administration four months ago, no longer has a chief executive. The retailer’s administrators from FTI Consulting have announced that Mike Sonand will cease his role CEO as of Friday and will not be replaced at this time. Mr Sonand will continue as a director of…
AN ESTABLISHED Coast company has been wound up just days before Christmas. DT & WM Bodkin Pty Ltd, trading as Signarama Sunshine Coast South, went into liquidation on Thursday. The Australian Securities and Investments Commission’s insolvency notices website advised liquidator Dane Hammond of Worrells Solvency and Forensic Accountants was appointed this week. The insolvency notice…
Alphabet Inc said on Thursday its Executive Chairman Eric Schmidt will step down in January, ending a 17-year-run in which he played a central role in building a promising startup called Google into a global technology powerhouse. Mr. Schmidt will continue to serve on the Alphabet’s Board of Directors and act as an adviser on…