Bankruptcy Code: 28 solvent firms initiate voluntary liquidation – The Indian Express

Written by Sunny Verma | New Delhi | Published:September 13, 2017 3:13 am The law requires majority of directors of a company to initiate the process of voluntary liquidation. Apart from permitting initiation of insolvency resolution process for highly indebted companies that are unable to pay back their debts, the Insolvency and Bankruptcy Code, 2016…

Air Berlin Says Grounding Looms Unless Pilots Return to Work – Bloomberg

A sick-out by Air Berlin Plc pilots is threatening an immediate grounding of the insolvent airline. What happened today massively jeopardizes the entire insolvency proceedings, Frank Kebekus, the airlines general representative appointed by a court, said in a statement Tuesday. Unless the situation changes in the short term, we will have to end operations and all…

Jaypee case: SC order exposes lacuna in insolvency code, necessitates amendment – Hindustan Times

The Supreme Court order in the Jaypee insolvency case is a clear indication that the government must amend the Insolvency and Bankruptcy Code (IBC) and give adequate representation to homebuyers interest. Enacted last August, the IBC aims to first restructure the debt of a company, failing which, it goes into liquidation. The Code has made…

The Australian government wants to introduce director identification numbers to prevent phoenix companies – Business Insider Australia

Members of boards of directors will now have to have unique director identification numbers as a way of combating phoenix companies where businesses are sent broke but their assets rise again in another company. The federal government says illegal phoenixing costs the economy up to $3.2 billion a year. Among the latest measures are making…

Company ‘phoenixing’: New laws to target dodgy company directors – ABC Online

Tough new laws will be introduced in a bid to crack down on dodgy company directors and their advisers. Key points: Company directors will be given unique ID numbers in a bid to stop “phoenixing” The Directors Identification Numbers (DINs) will allow authorities to track activities through various government databases Suspected phoenixers could also…