Ambit Flowers ARC, an asset restructuring joint venture between Mumbai-based brokerage Ambit Capital and US private equity firm JC Flowers, plans to raise up to $1 billion from global investors to invest in distressed assets under insolvency proceedings. The asset reconstruction company plans to raise $150-250 million in the first tranche, two persons familiar with…
Unfortunately, insolvency is no stranger to IT companies. Although it has never been one of the most at-risk industries, failure rates in the information and communication sector have traditionally been quite high, with some businesses, such as IT consultancies and software developers, suffering more than most. The majority of these failures have been among smaller…
Jaiprakash Associates Ltd. today submitted before the Supreme Court a proposal to hive off its Yamuna Expressway project to raise Rs 2500 crore that it has to deposit to cover its liability towards homebuyers of Jaypee Infratech Ltd. The apex court has asked the company to also submit this proposal to the Attorney General of…
Air Berlin PLC (AB1.XE) has reported first-half results, but warned that they don’t provide a true or fair view of its financial situation. The airline said that the results cover the period in which it still had backing from Etihad Airways ETAIR …
October 23, 2017: Bhushan Steel shares rallied as much as 20 per cent on Monday as a media report said that ArcelorMittal has showed interest in buying the company. Global steel giant ArcelorMittal has evinced interest in buying debt-laden Bhushan Steel, which has been referred by the Reserve Bank of India for liquidation under the…
Accountant Myles Kirby of Kirby Healy Chartered Accountants was appointed as liquidator of Ebise Patrick Street Limited following a creditors meeting on September 11, papers filed with the Companies Office show. His role is to recover any assets available to discharge liabilities, and in addition to assess the conduct of directors prior to insolvency. Accounts…
Newcastle fraudster Lemuel Page continues to live the high life flaunting his taste for fine cars. If the holidays to the Greek Islands and luxury beachfront unit weren’t infuriating enough for his creditors, they were apoplectic at Page’s latest toy: a Ferrari 458 Italia V8 worth up to $500,000. Newcastle fraudster Lemuel Page, pictured with his partner Renay Bull, has been…
Accountant Myles Kirby of Kirby Healy Chartered Accountants was appointed as liquidator of Ebise Patrick Street Limited following a creditors meeting on September 11, papers filed with the Companies Office show. His role is to recover any assets available to discharge liabilities, and in addition to assess the conduct of directors prior to insolvency. Accounts…
Under the IBC, appointment of a resolution professional marks the onset of insolvency resolution in a debtor company Sudipto Dey Last Updated at October 22, 2017 23:54 IST … Read the full article at: http://www.business-standard.com/article/opinion/why-directors-should-be-wary-of-insolvency-and-bankruptcy-code-117102200729_1.html
The Greek government has moved to have the countrys largest shipyard Hellenic Shipyards declared bankrupt. The insolvency proceedings were filed under the country’s revised bankruptcy code, which foresees the rapid sale of assets and the withdrawal of old shares. The governments petition has brought a strong reaction from the yards owner, Privinvest Group of Lebanon…