As expected from a new set of laws for a complex subject, the Insolvency and Bankruptcy Code is evolving. And as is frequently also the case, the changes in a complex law can get confusing. ET gives a snapshot of where things stand now, and how that affects stakeholders. Legislation/SC Judgement:First IBC Amendment (Nov 2017)…
Certain gamblers are clich, right? The business person playing table games during a work trip to Las Vegas, or the retired couples who pour their pensions into the slots in exchange for buffet passes. But who wouldnt you expect to see at the casino? 1. A Tale of Two Nuns Everyone knew that Sisters Mary…
A man ordered to pay Sh18 million compensation to the family of a businessman he killed in road rage has lost bid to be declared bankrupt. Albert Mbogori, who served 14 months in jail for manslaughter, had pleaded with the court to declare him bankrupt because he didnt have cash to pay the award. He…
A personal insolvency arrangement (PIA) which involves writing down a 343,785 mortgage debt by more than half has been approved by the High Court for a woman who ran into mortgage arrears due to her husbands gambling problem. Permanent TSB objected to the arrangement, insisting the proposed write down of some 343,785 to 160,000, the…
NEW YORK, Feb. 11, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the…
Mars One, a Dutch company that planned to send humans on a one-way trip to Mars and start the first human colony on the Red Planet, hasbeen declared bankrupt. The declaration was made in a Swiss court on Jan. 15and posted on Reddit this past weekend officially dissolving Mars One Ventures AG. Bas Lansdorp, company…
A High Court ruling clarifying a provision of the Personal Insolvency Acts is good news for a large number of debtors appealing decisions that their applications for court approval of personal insolvency arrangements were made out of time. Mr Justice Denis McDonald granted an appeal by a debtor against a Circuit Court finding last October…
Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) lost 10.67% in the previous trading session here is the reason why the stock is hitting new lows. The pharmaceutical company has also set records right regarding its corporate restructuring activities, which have been under massive speculation. According to the companys interim Chief Executive Officer, Greg Divis, the restructuring will…
PG&E is restructuring its board following the deadly wildfires that caused severe and extensive damage in California last year. The company, which is Californias biggest utility, expects just five out of 10 of its current directors to stand for re-election at an annual shareholder meeting scheduled for May 21, the Associated Press reports. We fully…
MANY families are bearing the burden of problem debt as households see their outgoings surpass their income for the first time in nearly 30 years. The average person has outgoings of 26,800 a year but only has a disposable income of 20,200, says the Office for National Statistics (ONS). This means they need 6600 a…