The Greek government has moved to have the countrys largest shipyard Hellenic Shipyards declared bankrupt. The insolvency proceedings were filed under the countrys 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…
Some companies keep trading and operating their business, even when it is clear to them that they are bankrupt and are unable to continue. When this happens to a business or company, that business or company is said to be insolvent. This can put the business owner or company director into a lot of trouble.…
Two months after a National Company Law Tribunal (NCLT) issued an order initiating corporate insolvency proceedings against debt-ridden Orchid Pharma, numerous potential suitors, including top private equity players and domestic peers are eyeing the Chennai based company as part of a resolution plan under the provisions of the insolvency and bankruptcy code, multiple sources familiar…
A St Austell coach holiday boss who blamed Brexit, terrorism and his divorce for the collapse of his business has been declared bankrupt. David Hamilton, director of Hamilton’s Coach Holidays, lost holidaymakers thousands of pounds at the end of September after cancelling dream trips with only a couple of days’ notice. Disappointed customers arrived at…
HYDERABAD: Empee Sugars and Chemicals has withdrawn the insolvency petition it filed before the National Company Law Tribunal’s (NCLT) Hyderabad bench after its main lenders agreed to assign their outstanding loans to leading stressed loans buyer Edelweiss Assets Reconstruction Company. Empee Sugars and Chemicals earlier this month submitted before the NCLT that its secured lenders,…
A former director of a failed Victorian dairy business has told a court hearing into the company’s collapse that she had no experience in the dairy industry and did not understand her obligations as a company director. Key points: Violetta Esposito questioned over money transferred from dairy company which was used for cosmetic surgery…
The federal government has tabled a bill to amend Australia’s bankruptcy laws that could see the mandated bankruptcy period cut by two years. The bill, which was tabled for hearing in the senate last week, would see bankrupt individuals discharged from bankruptcy after a one-year period, rather than three years. Individuals would no longer be…
Two directors of a company that traded in fine wines have been disqualified for a combined 20 years, following an Insolvency Service investigation, after scamming its customers out of nearly £1 million. Explosion of a glass with red wine The investigation by the Insolvency Service found that Crimson Fine Wines Limited, based initially in London…
Published on Friday, January 6, 2017 A report coming out later this month will show that nearly four in 10 travel companies are now in ‘significant’ financial distress. Data analysed by insolvency firm Begbies Traynor found 2,679 businesses in the travel sector – thought to be made up of around 7,000 companies – were experiencing…
Tata Steel and the Ruias themselves have put in bids for debt-laden Essar Steel after the company was put up for sale under the Insolvency and Bankruptcy Code (IBC). Sajjan Jindal-led JSW Steel, aggressive in bidding for Monnet Ispats and Bhushan Steels businesses, is said to have skipped submitting a resolution plan for Essar…