THEY knew there was a problem, but Linc Energy just “kept going” with devastating coal gasification activity. That is what a prosecutor has claimed as Linc faces five counts of causing serious environmental damage in Chinchilla.The energy company, in liquidation, is not in Brisbane District Court to defend the charges. Jurors on Tuesday heard allegations…
MUMBAI: The refinancing of bankrupt companies under the Insolvency and Bankruptcy Code would probably be the biggest opportunity for refinancing of loans of up to Rs 2 lakh crore this year. A few strong banks could scoop up the opportunity even as the state-run banks hold back and clean up their bad loans. Furthermore, the…
By Chris Thomson | posted on January 25, 2018 A RECENT purchase by Albanys Mount Romance sandalwood plant of a $3 million cache of wood has failed to stop the subsidiary that runs it, and parent company Quintis Ltd, going into voluntary administration. On Saturday, Quintis revealed that US hedge fund…
RJ Frometa 6 hours ago Entertainment 13 Views If you have many unsecured debts to consolidate, there are a lot of debt consolidation loan providers out there with plenty of options on offer. Go to their website or talk to the consultant…
Japanese imaging and electronics major’s Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities. The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said. “The company has come to a position where it is unable to meet…
Ailing department store chain The Bon-Ton Stores Inc. appears to be headed for a restructuring sooner rather than later. In a filing Monday with the U.S. Securities and Exchange Commission, Bon-Ton said it is engaged in discussions with debtholders regarding potential restructuring alternatives. While the company, co-headquartered in York and Milwaukee, noted there are no…
PUBLISHED: 12:29 29 January 2018 Ben Jolley Citizens Advice Rural Cambs expects January 31 to be busiest day for debt advice Archant The last day of January is expected to be the busiest day of the year for people seeking help with their debts, according to Citizens Advice Rural Cambs. Analysis of national data from…
MUMBAI:The government may consider resolving two of the biggest tax roadblocks looming over a successful conclusion of the insolvency process in the upcoming Budget, two people close to the development said. The government may allow carrying forward of losses for eight years for buyers of companies in the insolvency process. This is not allowed under…
Bidders looking to buy select assets of a distressed corporate under the Insolvency and Bankruptcy Code (IBC) process may be in for a disappointment. A recent ruling by the Mumbai Bench of the National Company Law Tribunal (the Adjudicating Authority under the Code) makes it plain that bidders have to acquire all the assets of…
Of the 525 cases with total underlying default of 1,28,810 crore so far admitted under the Insolvency and Bankruptcy Code (IBC), the steel sector is the single-biggest defaulter in terms of both number of defaulting corporates (45) and total underlying default (57,001 crore). Within the steel sector, corporate insolvency resolution process (CIRP) is on in…