Puerto Rico, already trying to dig itself out of a historic financial crisis, is now facing a direct hit by a major hurricane that could destroy any progress the U.S. territory has made under a year-old economic rehab plan and set it back further. Hurricane Maria is forecast to hit Puerto Rico early Wednesday, testing…
Safe-harbour reforms that deliver greater protection for directors of financially-stressed companies have passed through both houses of federal parliament. Currently awaiting royal assent, the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 amends the Corporations Act 2001 (Cth) and aims to protect directors acting to undertake a company restructure in response to insolvency where it will…
In a significant order that could have far-reaching implications on the start-up ecosystem in the country, a Division Bench of the National Company Law Tribunal (NCLT) in Chennai has ordered the initiation of corporate insolvency resolution process against Inasra Technologies Private Ltd. Inasra is the parent company of Stayzilla, an online homestay aggregator. The petition…
FRANKFURT (Reuters) – Germanys SolarWorld SWVKk.DE, once Europes biggest solar power equipment group, said on Wednesday it would file for insolvency, overwhelmed by Chinese rivals who had long been a thorn in the side of founder and CEO Frank Asbeck, once known as the Sun King. SolarWorld SWVKk.DE was one of the few German solar…
The good news for exporters is that insolvencies in the Central and Eastern European region continue to decline but at least one sector is still causing major headaches. According to a new report by Coface, a global leader in risk management and credit insurance, company insolvencies in the region dropped by 14% in 2015 and…
The partys lookin like being over, pals. Beloved and enduring toy giant brand Toys R Us is reportedly on the precipice of declaring bankruptcy, amid growing concerns the retail giant may be locked out of supply this coming holiday season. The toy giant has struggled to keep its head above water ever since a leveraged buyout over…
PTI: The Supreme Court today asked around 400 homebuyers of embattled Jaypee group to intervene in the main matter in which several buyers have moved the court seeking relief in the issue relating to the insolvency proceedings. Flat buyers, under the Insolvency and Bankruptcy Code of 2016, do not fall under the category of secured…
Publishing Date : 18 September, 2017 Author : TAPELA MORAPEDI Member of Parliament (MP) for Selebi Phikwe West, Dithapelo Keorapetse says that Pula Steel Casting and Manufacturing Plant was created exclusively for looting funds. The Botswana Congress Party (BCP) MP says that the creators of the company instead of demanding money at gun point,…
Retail businesses still face insolvency risks despite new safe harbour laws, according to an insolvency expert. New safe harbour legislation which passed through Federal Parliament last week will be unlikely to settle the personal liability fears of current and aspiring company directors in the retail industry. Currently awaiting royal assent, the Treasury Laws Amendment (2017 Enterprise…
Taking a stern view against the intimidation and bullying of Insolvency Resolution Professionals (IRPs) by defaulting companies, the National Company Law Tribunal (NCLT) has ruled that the IRP is the supreme authority once the Tribunal has admitted a case in the bankruptcy court. Two benches of the Tribunal, as a warning to errant promoters, has…