Beleaguered German airline Air Berlin has had to cancel flights en masse after it was swamped by pilots ringing in sick. On Tuesday, about 200 of the 1500 pilots due to fly that day called in sick, the airline said. Today is a day that the existence of Air Berlin is threatened, wrote Air Berlin…
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…
The recent SC order against Jaypee Infratech raises serious concerns regarding the Code’s adequacy in dealing with defaulting realtors Photo: Reuters … Read the full article at: http://www.business-standard.com/article/economy-policy/insolvency-code-home-buyers-plight-and-how-realty-firms-should-be-treated-117091200223_1.html
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…
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 airline German was declared insolvent in mid-August and looking for buyer The airline German Air Berlin, declared insolvent a few weeks ago, has been forced on Tuesday to cancel about 70 flights -own and operated for Eurowings – after many of ir pilots is that y are sick. The company is in process of…
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…
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…
Written by Sunny Verma | New Delhi | Published:September 12, 2017 1:50 am The Court also asked the interim resolution professional (IRP) in the case to take over its management and work out a plan to protect the interests of homebuyers and creditors. Illustration: C R Sasikumar The initiation of insolvency process in the case…
Tata Steel UK on Monday announced it has received confirmation from Britains Pensions Regulator about the approval of a Regulated Apportionment Arrangement (RAA) in respect of the British Steel Pension Scheme (BSPS). The BSPS has now been separated from Tata Steel UK and a number of affiliated companies, the company said in a statement. Estimated…