The National Company Law Appellate Tribunal (NCLAT) on 17th December rejected a plea by the former promoters of real estate developer Spaze Towers, seeking to confine the Corporate Insolvency Resolution Process (CIRP) to a single project, Spaze Arrow. The appellate tribunal upheld the decision of the National Company Law Tribunal (NCLT), which had initiated insolvency…
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Administrators have been appointed after former Socceroos captain Lucas Neill was declared bankrupt in the UK. Neill, who is believed to have earned about $40 million playing in England for 15 years, was declared bankrupt in January. London-based Insolvency experts Begbies Traynor were appointed trustees to the bankruptcy last week. “Mr Neill is due to…
When a publicly listed company ceases operations and goes into liquidation, the company’s shareholders may be entitled to a portion of the assets, depending on the type of shares they hold. However, the stock itself is usually worthless. The owners of common stock shares are last in line for a share of the firm’s liquidated assets, so…
NEWS » Business » Armenian deputy Tigran Stepanyan declared bankrupt based upon plea of VTB Bank (Armenia) In compliance with the order by Armenia’s Court of Cassation from May 29, 2013, Tigran Stepanyan, the deputy of Armenian Parliament from Prosperous Armenia party, is declared bankrupt, VTB Bank (Armenia) reported Thursday. YEREVAN, July 11./ARKA/. In compliance…
No matter which way you look at the numbers, they tell the same story: in the Global South – the name now given to the developing world – Pakistan is one of the most heavily indebted countries. Let me start by looking at some numbers for Pakistan. As of June 2023, Pakistan’s total public debt…
KTM’s MotoGP Team is Reportedly Safe for 2025 Amid Parent Company’s Bankruptcy and Restructuring Road & Track Read the original article here
Calypso Destinations fell over with $2.3 million in unsecured creditors including Tyler himself, who is listed as claiming $924,000 in “loans to the company” that he made. The liquidator’s report said Tyler may have a defence against insolvent trading claims because of advances made to the company that were under continuing investigation. Tyler declined to…
There’s a classic scene in the movie The Naked Gun that reminds me of KTM’s current predicament, and accurately sums up my feelings toward the Austrian manufacturer. It shows the film’s lead, Leslie Nielsen, right after chasing the film’s bad guy and watching him careen into a fuel tanker. He’s followed by an ICBM, then followed…
The insolvency proceedings of KTM AG reached an important milestone with the holding of the first meeting of creditors on Friday. The meeting provided an opportunity to take stock of the company’s situation and to define the next steps in the restructuring. Today was the big day for KTM AG at the regional court in…