The Air Berlin bankruptcy reached a new level of complexity and uncertainty, after a creditor filed an application to declare Austrian subsidiary Niki bankrupt as well. The legal action, if successful, would likely torpedo previous rescue efforts and lead to the collapse of most, if not all, proposed transactions by potential investors to pick up…
Hassled homebuyers who had invested in Amrapali Group projects moved the Supreme Court on Wednesday against the insolvency proceedings initiated against the real estate firm. The petition, filed by Bikram Chatterjee and 106 others, says the company has neither given them possession of flats nor returned their hard-earned money spent to book homes in the…
Farmer heartbroken after cull exit Source: Ballarat Courier LAST week, third-generation farmer Keith Slorach gave the last of his guns away. Having just been declared bankrupt, the 60-year-old could no longer trust himself with the weapons after having just witnessed the rounding up of his precious merino flock for slaughter on his Mortchup farm near…
Three months after it was first declared bankrupt and then reopened, the saga of Spanish gastro restaurant La Boqueria has come to an end. Located in rue Erasme, Luxembourg-Kirchberg, its owners declared bankruptcy on 15 September, according to our sister site Paperjam. It was initially declared bankrupt on 2 June but reopened a week later…
After the recent dispute concerning Insolvency Law, which involved Jaypee Infratech and its flat buyers, there has been a debate on a possible amendment to the Insolvency and Bankruptcy Code (IBC). The IBC as should be well known is not a sectoral law. This means that it doesnt cater to the demands and needs of…
KPMG Baltics, the administrator of the to-be-liquidated Latvijas Krajbanka, recovered EUR 2.141 million in August 2017, which is 4.1 times more than a month before, informs LETA, according to a report published in the official gazette Latvijas Vestnesis. In August 2017, the whole sum was recovered from loans. This brings the total amount recovered in…
Currently awaiting royal assent, the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 amends the Corporations Act 2001 and aims to protect directors acting to undertake a company restructure in response to insolvency, where it will receive a better result for stakeholders. ASIC figures show 227 accommodation and food services businesses entered external administration in the…
Impressive displays were scattered throughout the store, but don’t expect a Ferris Wheel.Getty/Bennett Raglin Toys R Us has filed for bankruptcy. The company has said it is not closing any stores or altering any opening hours. The specialty toy store has struggled as it increasingly competes with online retailers in its two main businesses: baby goods and toys.…
Noor Nasimah conducts the briefing on Bankruptcy (Amendment) Bill 2016. MIRI: The Department of Insolvency hopes that the Bankruptcy (Amendment) Bill, 2016 will not only give fair treatment to all involved including creditors, debtors as well as bankrupt principal borrowers and guarantors, but also the department, once it is enforced. Its head here, Noor Nasimah…
KOTA KINABALU: The Sabah State Assembly is taking a wait-and-see stance regarding the bankruptcy proceedings against state opposition chief Datuk Lajim Ukin. Assembly Deputy Speaker Datuk Johnny Mositun said they had not received any formal notice that the Klias assemblyman and Parti Harapan Rakyat Sabah president had been declared a bankrupt. We will wait and…