The Insolvency and Bankruptcy Code (IBC) introduced by the Narendra Modi government in December 2016 to fix the banking sectors bad loans problem has over the last 16 months been a mixed bag, with borrowers and disgruntled bidders increasingly exploiting vagueness in some key provisions of the code to stall bankruptcy proceedings.…
A rival investor group that includes two mall owners also hopes to buy The Bon-Ton Stores in a bankruptcy court-supervised auction today and keep the business alive, but faced a setback in court last week. U.S. Bankruptcy Judge Mary Walrath in Delaware decided the investment group alternative asset manager DW Partners, commercial real estate investment…
Mobility solutions developer and consulting firm, Airdata, has gone into administration after more than a decade in operation. The Sydney-based company, which makes a range of software solutions for mobility and Internet of Things (IoT) applications, claims Motorola, Microsoft, Apple and Datalogic among its vendor partners. The company entered into voluntary administration on 9 April,…
Jamie Olivers dream of buying back the farm in Australia is over. The Jamie Oliver Restaurant Group (Australia) Pty Ltd collapsed on Monday, with the company being placed in the hands of voluntary administrators less than 12 months after the British celebrity chef visited Australia to relaunch the six local restaurants bearing his name. Oliver…
Canadians Increasingly Feeling the Impact of Higher Interest Rates The MNP Consumer Debt Index is now at an all-time low, dropping four points since December. MNP Ltd. CALGARY, Alberta, April 16, 2018 (GLOBE NEWSWIRE) — The latest MNP Consumer Debt Index research foreshadows trouble ahead for indebted Canadians underlining widespread concern over rising interest rates.…
Besieged department store Myer has brought in high-profile restructuring and insolvency administrator Mark Korda to help it try to squeeze out from under suffocating leases. It is understood Mr Korda, a partner at KordaMentha who has worked on collapses spanning from Ansett to last year’s Network Ten administration, was brought in about three weeks ago to…
NEW YORK–(BUSINESS WIRE)–Richards Kibbe & Orbe LLP announced today that Christopher Andrew Jarvinen, an accomplished bankruptcy attorney possessing nearly two decades of experience handling complex business and litigation issues arising in the context of corporate restructurings, has joined the firm as a partner in its New York office. Over the course of his career, Christopher…
The Insolvency and Bankruptcy Board of India has penalised the interim resolution professional of Electrosteel Steels Ltd., Dhaivat Anjaria, for neglecting the claims of an operational creditor of the company. IBBI has directed Anjaria to deposit one tenth of his total fee as resolution professional in the corporate insolvency resolution process of Electrosteel Steels within…
April 16 (Reuters) – Alok Industries Ltd: * SAYS APPLICATION HAS BEEN PREFERRED BY RESOLUTION PROFESSIONAL FOR LIQUIDATION OF COMPANY * ALOK INDUSTRIES SAYS APPLICATION FILED WITH NATIONAL COMPANY LAW TRIBUNAL AT AHMEDABAD ON APRIL 16 Source text for Eikon: bit.ly/2H4u1NG Further company coverage: (Mumbai newsroom) Read the full article at: https://www.reuters.com/article/brief-indias-alok-industries-says-applic/brief-indias-alok-industries-says-application-filed-with-nclt-for-liquidation-of-co-idUSL3N1RT4WU
Besieged department store Myer has brought in high-profile restructuring and insolvency administrator Mark Korda to help it try to squeeze out from under suffocating leases. It is understood Mr Korda, a partner at KordaMentha who has worked on collapses spanning from Ansett to last year’s Network Ten administration, was brought in about three weeks ago to…