Plea filed by Alcock Ashdown said it could not repay debt of Rs 600 cr; this is the second state PSU to approach NCLTGujarat government-run company Alcock Ashdown (Gujarat) Limited (AAGL) has filed an application with the Ahmedabad bench of the National Company Law Tribunal (NCLT) for insolvency, saying it was not in a position…
Article 0 Comments An application for an order of liquidation has been filed in a Travis County, Texas, district court for a Houston-based nonstandard auto insurer now in receivership. With the agreement of its board of directors, ACCC Insurance Co. was placed into receivership on Oct. 21 by Travis County District Judge Tim Sulak at…
Arcadia’s administration would be the UK’s highest-profile retail insolvency in a sector that has already lost more than 125,000 roles in the country since January. It would also mark a stratospheric fall from grace for Sir Philip, who was once dubbed “King of the High Street”. Arcadia would follow Debenhams, the struggling department-store retailer, which…
Written by Aashish Aryan , Edited by Explained Desk | New Delhi | Updated: November 2, 2020 6:52:26 pm The Supreme Court on Friday transferred to itself all the petitions challenging the Insolvency and Bankruptcy Code (IBC) provisions relating to initiation of insolvency proceedings against personal guarantors. The Supreme Court on Friday transferred to itself…
Early action is the key to businesses avoiding or surviving financial difficulties. This guidance covers: how to recognise issues when they arise, what advice to seek and who to approach. It explains the role of licensed insolvency practitioners, the six signs an organisation is in distress and the seven stages of business recovery. Most people…
Even by the brutal standards of big business and the political arena, it is a spectacular fall from grace. Lord Magan of Castletown, a former Tory party treasurer who owned one of Irelands grandest estates, has been declared bankrupt. His debts are estimated at 14 million and his marriage appears to be over. A search…
Controversial Sydney businessman Salim Mehajer is back behind bars after his bail was revoked ahead of a sentence hearing for perverting the course of justice. The 34-year-old was found guilty at a judge-alone trial in October and on Friday faced a detention application in the NSW District Court. Judge Peter Zahra refused bail for the…
SEBASTIAN SHAKESPEARE: Former Tory party treasurer Lord Magan – who lived a dazzling opulent life and was once said to be worth 200m – is declared bankrupt By Sebastian Shakespeare for the Daily Mail Published: 11:49 AEDT, 27 November 2020 | Updated: 12:03 AEDT, 27 November 2020 View comments After a successful financial career, he…
(Yicai Global) Nov. 26 — Bankrupt Brilliance Auto Group’s headquarters in Shenyang, northeastern Liaoning province are a hive of activity as creditors line up to claw back funds, a visiting reporter from Yicai Global said. China Merchants Securities, Hana Bank, Huaxia Bank, Harbin Bank and Shengjing Bank had all signed into the building within a…
The Insolvency and Bankruptcy Boards proposal to allow companies to withdraw from the process of voluntary liquidation is pragmatic. It will facilitate revival. This also makes the case for a pre-packaged insolvency resolution all the more compelling. Pre-packs entail a debtor-initiated reorganisation plan beforehand with creditors on board instead of a financial bidding process for…