When a little-known company Shiv Sneha Associates advertised that it would file bankruptcy proceedings against the NYSE-listed MakeMyTrip, valued at $3 billion, to recover its dues, it showed how a new law can become a tool to intimidate businesses. A number of frivolous petitions at the National Company Law Tribunal (NCLT), which administers the Insolvency…
A SCOTS lawyer and former hedge fund manager accused of defrauding property investors out of millions of pounds has been declared bankrupt. Gregory King, of Glasgow, is accused by regulators of being behind an alleged £6 million property scam where investors money was used to buy land from him at massively inflated prices. Mr King,…
With the NCLT admitting ICICI Banks petition against ABG Shipyard, the companys board of directors will be dissolved. The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Tuesday admitted the insolvency petition against ABG Shipyard filed by ICICI Bank under the Insolvency and Bankruptcy Code (IBC). The bench has appointed Sundaresh Bhat of…
Law firm Howes Percival is targeting further national expansion of its insolvency team following the acquisition of Summers Nigh Law, and the recruitment of Michael Green, Weightman’s former national head of Restructuring/Insolvency. Summers Nigh Law is a niche insolvency firm with a significant number of local and national clients in the development & construction, manufacturing,…
Bankruptcy filings in the first half of 2017 were down 1.5% from the same time a year ago in Wisconsin.(Photo: Journal Sentinel file photo) Wisconsin posted its fewest bankruptcy filings in a decade in the first half of 2017, a reflection of an improved economy and the availability of jobs. The 8,921 bankruptcy petitions filed…
If the orders are granted, all nine individuals could be disqualified from holding any role to do with the running or control of a company for periods of between two and a half and six years, according to a statement from the Insolvency Service. Director disqualifications run for a minimum of two and a maximum…
MUMBAI: Indias Rs 7-lakh crore debt recovery isnt an exclusive opportunity for IIT-IIM alumni or top CAs to burnish their CVs: Thousands of ordinary graduates, with experience in the financial domain, may be part of the unprecedented exercise that requires a huge number of support staff to assist the decision-makers. The government is planning to…
MUMBAI: The National Company Law Tribunal (NCLT) has admitted Mumbai-based Guruashish Construction for insolvency proceedings as the company has failed to repay a Rs 250 crore debt with the lender – Union Bank of India hoping to recover the soured loan. It is evident that the corporate debtor defaulted in repaying the loan availed and…
Horst Piepenburg has been appointed as insolvency administrator after having conducted the preliminary proceedings. Piepenburg said last week he was in talks with a potential investor for the takeover of SolarWorlds German factories in Freiberg and Arnstadt. According to Reuters, the potential investor is the companys largest shareholder, which is Qatar Foundation. SolarWorld CEO Frank…
THE FORMER chief executive and manager of Grays Athletic has been declared bankrupt reports the London Gazette. Michael Henry Woodward, aged 55, of The Bungalow in Purfleet Road, Aveley had a petition filed against him on November 21st 2016. The bankruptcy order was made on June 6th, 2017. The petition was made by HM Revenue…