CHENNAI: Private power producer Ind Bharath Group has filed an insolvency petition against the States power utility Tamil Nadu Generation and Distribution Corporation (Tangedco) for non-payment of dues of over 700 crore under the Insolvency and Bankruptcy Code, 2016. This is the first time the insolvency route has been used to recover non-payment of dues…
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…
Business News Gigs & Festivals Live Business By Chris Cooke | Published on Friday 1 September 2017 The company behind the disastrous Fyre Festival has been put into bankruptcy by a US judge, according to the Wall Street Journal. Though its Fyre Festival LLC currently facing the bankruptcy proceedings, rather than parent company Fyre Media Inc.…
THE daughter of a Wide Bay Burnett cattleman, who was evicted and allegedly forced into bankruptcy, has had the stud Brahmans she bought from her parents seized by bank trustees. The 14 stud Brahman cows and calves are set to be sold, despite Brooke Dingle offering evidence of her full ownership. The females were originally purchased by Ms Dingles parents but were bought…
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…