NEWCASTLE has the highest rate of personal insolvency in regional NSW according to figures released by the Australian Financial Security Authority. Across the Hunter there were 215 cases of personal insolvency in the June quarter of 2017, with Newcastles 43 debtors the largest in the state outside of Sydney. Across Australia there were 7,729 debtors who entered a…
ICICI Bank‘s win on Friday against defaulter Innoventive Industries in the Supreme Court could set a precedent for other insolvency cases. The apex court ruled that Insolvency and Bankruptcy Code (IBC) is superior to the Maharashtra Act and that management of a company undergoing bankruptcy proceedings cannot continue in its role and must step aside.…
18:03 31/08/2017 MOSCOW, August 31 (RAPSI) The Ninth Commercial Court of Appeals has upheld the bankruptcy of Vneshprombanks ex-president Larisa Markus, sentenced to 8.5 years in a penal colony for embezzling 113.5 billion rubles (about $2 billion), the courts database reads on Thursday. The court has dismissed an appeal of the Deposit Insurance Agency (DIA)…
Nigeria: Restructuring & Insolvency Review 2017 September 2017 Etigwe Uwa SAN, Streamsowers & Köhn In legal parlance, restructuring of a corporate entity is effected upon a declaration of insolvency or to avert insolvency or in some cases for the expansion of the business base of such organisation. In the case of statutory…
The killers behind four execution-style murders in Melbourne, including the death of horse trainer Les Samba, are unlikely to ever be known, police concede. State coroner Sara Hinchey on Thursday ruled the murders of Mr Samba, brothers Vincenzo and Gerardo Mannella and businessman John Furlan would remain unsolved unless new evidence came to light. South Australian horse…
Leading Senior Constable King Taylor, the counsel assisting the state coroner, recommended the files be closed, as police had investigated as far as they could. Les Samba The South Australian-based trainer was in Melbourne for horse sales when on the night of February 27, 2011 he organised to meet someone in Middle Park and was…
MUMBAI: The government may be forced to put its state-run bank consolidation push on the back burner since at least a dozen of them are staring at a big hole in the balance sheet this fiscal year after RBI told them to get cracking on resolving as many as 50 bad loan accounts or initiate…
A WOMAN found the job of trying to pay Kleenmaid’s creditors “so stressful she only lasted six weeks”, a prosecutor has told jurors. Barrister Stephen Keim said Andrew Eric Young, accused of dishonestly getting a $13 million loan, was an “important” part of Kleenmaid businesses when the relevant firms were in dire straits. Mr Keim…
It started with the shock resignation of WA Greens senator Scott Ludlam in July. A surprise New Zealand citizenship – a legacy from his childhood – had rendered him invalidly elected under Section 44 of the Constitution. In the weeks that followed, foreign-born and second-generation MPs and senators from across the political spectrum poured through…
THE Sydney lawyer Robert William Cameron, one of a large group of barristers revealed eight years ago as former bankrupts and serial tax defaulters, has been struck off the roll of legal practitioners. But it has taken more than six years to do so. The executive director of the NSW Bar Association, Philip Selth, blamed…