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Category Archives: Bankruptcy

Dexter Nduna declared bankrupt – Bulawayo24 News (press release) (blog)

BankruptcyBy Insolvency GuardianNovember 24, 2017

Chegutu West member of the Parliament Dexter Nduna and his wife Schalastica have been declared bankrupt after failing to repay a $231 000 debt owed to Standard Charted Bank. In his ruling High Court judge Justice David Mangota said the two failed to satisfy granted in 2011 while the final order was issued in September…

Defaulting promoters can’t get company back at cheap price – Times of India

BankruptcyBy Insolvency GuardianNovember 24, 2017

NEW DELHI: An unsettling experience with the first insolvency verdict where someone related to the defaulting promoter of an auto components manufacturer managed to grab the company at dirt cheap price provided the trigger for the government to seal the opening for a repeat of similar sleighs which, along with a fraud on the exchequer,…

EU’s relations with its eastern neighbours demand more attention – Financial Times

BankruptcyBy Insolvency GuardianNovember 24, 2017

November 24, 2017 Dalibor Rohac Experimental feature Listen to this article Play audio for this article Pause 00:00 00:00 Experimental feature Give us your feedback Thank you for your feedback. What do you think? Ill use it in the future I dont think Ill use it … Read the full article at: https://www.ft.com/content/fa8ebc92-d068-11e7-9dbb-291a884dd8c6

Sebi may ease takeover rules for stressed companies – Economic Times

BankruptcyBy Insolvency GuardianNovember 24, 2017

MUMBAI: The Securities and Exchange Board of India (Sebi) plans to ease takeover rules to speed up the resolution of insolvency proceedings for stressed companies as local lenders seek to recover about ?9 lakh crore from entities rendered unviable by the mounting debt pile. The capital markets regulator will likely allow the demerged units of…

England’s Dan Cole insists paying Samoa’s players would be unethical – ESPN.co.uk

BankruptcyBy Insolvency GuardianNovember 24, 2017

Nov 22, 2017 Dan Cole sympathises with the plight of Samoa’s players but insists it would be unethical for England stars to give them a portion of their match fee ahead of Saturday’s autumn international. Anthony Watson revealed recently that the possibility of donating part of the £23,000 earned for each Test — as recently…

President assent for Ordinance to check backdoor buying back of insolvent firms – Deccan Herald

BankruptcyBy Insolvency GuardianNovember 23, 2017

New Delhi, DHNS: President Ram Nath Kovind has given his assent to the Ordinance to amend the Insolvency and Bankruptcy Code, 2016, to prevent wilful defaulters from buying back their stressed assets. The Ordinance amends sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new sections 29A and 235A in the…

New insolvency ordinance: Will it hurt small companies? – Economic Times

BankruptcyBy Insolvency GuardianNovember 23, 2017

MUMBAI/KOLKATA: Debt resolution for smaller companies may see higher challenges and number of companies going for liquidation may rise once the proposed changes to the Insolvency and Bankruptcy Code (IBC) become a law, resolution professionals dealing with smaller companies said. The proposed law may prevent wilful defaulter from buying out their their own units post…

Well-known Lincoln accountant declared bankrupt with £4.5m of debts – LincolnshireLive

BankruptcyBy Insolvency GuardianNovember 23, 2017

A Lincoln accountant who has been declared bankrupt had £4.5m of debt. The head of Russell Payne & Co, Russell Payne, was interviewed by the Insolvency Service Official Receiver after a bankruptcy order was made earlier this year. It was found that he failed to disclose that he had disposed of assets in the lead…

Lincoln accountant with £4.5m debt borrowed to fund gambling addiction – The Lincolnite

BankruptcyBy Insolvency GuardianNovember 23, 2017

Lincoln accountant Russell Payne failed to disclose assets in the lead up to his bankruptcy, with £4.5 million of debt, investigators have found. Mr Payne, who was head of Russell Payne & Co, was interviewed by the Insolvency Service Official Receiver after a Bankruptcy Order was made in June 2017. He failed to disclose that…

IBC ordinance: India bars defaulters from bidding to buy back assets – Livemint

BankruptcyBy Insolvency GuardianNovember 23, 2017

The RBI had in June put out a defaulter list of 12 largest NPA accounts in its attempts to fix the bad loans problem in Indias banking sector. Photo: Pradeep Gaur/Mint New Delhi/Mumbai: President Ram Nath Kovind gave his assent to an ordinance amending the Insolvency and Bankruptcy Code on Thursday, barring errant promoters of…

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