MUMBAI: As potential bidders queue up for buying companies under dedicated bankruptcy proceedings, insolvency professionals are roping in forensic investigators to scrutinise past transactions of customers, group companies, and financial and operational creditors. There are concerns that some of the past transactions could be fraudulent, and that the authenticity of claims by creditors may be…
SHERMAN OAKS, Calif.–(BUSINESS WIRE)–Woodbridge Group of Companies, LLC and certain of its affiliates and subsidiaries (together the Company or Woodbridge), responded to objections filed by the Securities and Exchange Commission (SEC), stating the following: Since the Independent Manager took control of the Company and appointed a Chief Restructuring Officer on December 1, 2017, all fund…
AdvertisementPhoenix Solar Incorporated, a subsidiary of Phoenix Solar AG, filed for Chapter 7 protection with the U.S. Bankruptcy Court in the District of Arizona, case number 17-15240. The Company is located in San Ramon, CA and led by Timothy P. Ryan, President. It is represented in bankruptcy proceedings by Thomas J. Salerno of Stinson Leonard…
by Mark Vandevelde Steinhoff International, the South African retailer, has warned that accounting irregularities began at least a year earlier than previously acknowledged. The company may be forced to restate its results for years before 2015. The global retail group, which owns Britain’s Poundland, America’s Mattress Firm and Australia’s Freedom and Snooze furniture chains, has been…
Family owned and operated local business Peters Coaches went into liquidation owing more than $3.7 million to creditors the Australian Securities and Investments Commission has reported. The business closed up shop on December 11th, 2017. It was then placed into liquidation at the direction of shareholders. It is believed that the business began to experience financial…
New Delhi:The government is looking into the application of the amended insolvency law for medium and small enterprises, and a decision will be made based on the recommendations of a committee set up the review the law, finance minister Arun Jaitley said on Tuesday. Replying to a debate on the Insolvency and Bankruptcy Code (Amendment)…
The idiom debt hangover may not belong to the mainstream vocabulary, but among debt consultants in Canada, it has become everyday parlance. Its the term that describes a common ailment that afflicts thousands of people in this country right around this time of the year. Story continues below Common symptoms of a debt hangover include…
Editors Note: The following is the first in a three-part series running today, Wednesday and Thursday on the grey area of offshore online gambling. Its being called the new crack cocaine of the gambling world, luring those already hooked on games of chance and making addicts of an entirely new generation of players. Meet online…
NEW DELHI: The liquidation value of a company undergoing insolvency proceedings will be kept confidential, a change that seeks to maximise the realisation for creditors.The Ministry of Skill Development & Entrepreneurship, which funds the sector skill councils through the National Skill Development Corporation, has told them to ensure that their industry partners provide jobs to…
Will the 2017 Dogs of the Dow Rebound in 2018? PART 3 OF 7 By Peter Barnes | Jan 2, 2018 10:45 am EST What ails GE? General Electric (GE) is a highly diversified, global industrial (XLI) conglomerate. The stock fell more than 40% in 2017, making GEs story far from rewarding in the past…