Published 7 February 2019 High Court Permanent TSB (PTSB) has lost an appeal against a Personal Insolvency Arrangement (PIA) which was confirmed in the Circuit Court in 2017. PTSB had voted against the terms of the PIA, in which the Personal Insolvency Practitioner proposed that the mortgage debt be written down, and the remaining…
– Company cost structure expected to be reduced by $70 to $75 million in 2019 – Approximately $100 million in cash and marketable securities at December 31, 2018 DUBLIN, Ireland, Feb. 07, 2019 (GLOBE NEWSWIRE) — Avadel Pharmaceuticals plc (Nasdaq: AVDL), today announced a corporate restructuring to assure the financial health required to maximize the…
Varun Marwah February 7 2019 The Supreme Court in a recent judgment has categorically held that commercial wisdom of the Committee of Creditors (CoC) is sacrosanct and not subject to judicial review. Besides, the commercial wisdom of the CoC has been given paramount status without any judicial intervention, for ensuring completion of the stated processes…
In a bid to facilitate resolution process under insolvency law, the RBI Thursday proposed to permit bidders to raise funds through external commercial borrowing for repayment to the existing lenders. As per the existing guidelines, the proceeds of External Commercial Borrowing (ECB) denominated in either foreign currency or Indian Rupee, are not permitted to be…
Phil Chronican, a non-executive director who has been appointed acting CEO, is a safe pair of hands, having had a lengthy career at Westpac before ending his executive career running ANZs Australasian businesses. Having a temporary CEO and a chairman simply warming the chair until the new CEO is found is, however — at this…
MUMBAI: The Reserve Bank of India (RBI) has made a special provision for companies bidding for stressed firms under the insolvency and bankruptcy code (IBC) with a view to make funds cheaper for such companies. RBI said bidding companies can now raise foreign currency funds through foreign banks abroad and use these proceeds to repay…
Gordon Currie Aaron Fleming tried to extort 500 from the man he met on the dating appALAMY A blackmailer who threatened to expose a married man to his unsuspecting wife after meeting on a gay dating app was ordered to carry out 240 hours of unpaid work yesterday. Aaron Fleming used the Grindr app to…
A retail chain in the midst of voluntary administration has had half of its store network closed down with the stroke of a pen, citing a need to rightsize the business for sale. Administrator Worrells Solvency & Forensic Accountants announced that 28 of the 56 Napoleon Perdis stores had closed their doors permanently as of…
Reliance Communications (RCom) has stated that it will file for fast-track insolvency resolution with the Indian National Company Law Tribunal. The operator group has taken the decision following a board review of its 2017 debt resolution strategy which found that despite the passage of over 18 months, lenders have received zero proceeds from the…
CIRP HAS BEEN INITIATED UNDER THE PROVISIONS OF THE IBC, 2016 BY AN ORDER of HONORABLE NCLT, MUMBAI.NCLT HAS APPOINTED MR. SUNIL KUMAR CHOUDHARY (IP REGISTRATION NO. IBBI/IPA-001/IP-P01243/2018-19/11895) AS INTERIM RESOLUTION PROFESSIONAL (IRP) OF THE COMPANY.PUBLIC ANNOUNCEMENT WITH RESPECT TO ABOVE, CLASS OF CREDITORS UNDER CLAUSE (b) of SUB SECTION OF SECTION 21 OF IBC…