Ahmedabad: The Gujarat High Court on Monday dismissed Essar Steels plea against the RBI directive to the banks to start insolvency proceedings against it, refusing to grant any relief to the steel major. A bench of Justice S G Shah pronounced its verdict on the Essar Steel plea and refusing to accede to it, said…
The existing insolvency rules in the UK have been recast with the aim to “modernize and consolidate” the procedural framework for insolvency processes in the UK and promote efficiency. The Insolvency (England and Wales) Rules 2016 (the New Rules) came into force on April 6, 2017. A key feature of the New Rules is…
Both the Australian Securities and Investments Commission (ASIC) and the Law Council of Australia have supported struggling companies being able to access professional advice to get them back on track. Both organisations have used submissions to the Senate Economics Committee inquiry into proposed new legislation around corporate insolvency to acknowledge that companies should be able…
First NBC Bank founder and former president Ashton Ryan Jr. has asked a federal bankruptcy judge to let him begin collecting from insurance policies long held by the failed bank to cover mounting legal costs tied to his role there. The bank was seized by the government in April. Well before then, the bank had…
Boris Becker continues to work as a tennis broadcaster. BANKRUPT Wimbledon legend Boris Becker may have lost a chunk of his $167 million fortune through poor investments in Nigerian oil. A report by Germanys Spiegel magazine, based on documents the publication says it was shown by whistleblowing website Football Leaks, claims the 49-year-old former tennis…
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Pisit, who offered his legal service to the girls mother for free, told police that he deducted a Bt500,000 lawyers fee from the Bt4 million compensation he had received on the victims behalf, city police chief Lt-General Sanit Mahathavorn told a press conference on Monday. He claimed the money was to fund his PhD education,…
MUMBAI: An order passed by a bankruptcy court set a precedent by ruling that a promoter cannot escape the liquidation of personal assets by simply filing for bankruptcy that indemnified the firm against all legal proceedings will have rich promoters worried. The court has ordered lenders to go after the personal properties of M/s Schweitzer…
Former executive assistant Amber Harrison is liable to pay Seven West Media’s legal costs after a court found she acted unreasonably in contesting Seven’s case against her. On Monday afternoon NSW Supreme Court Justice John Sacker ordered Ms Harrison to pay Seven’s legal costs on an indemnity basis meaning she is liable for up to…
Beena Parmar Moneycontrol News Essar Steel will undergo insolvency proceedings as the Gujarat High Court dismissed the company’s plea against the Reserve Bank of India (RBI). According to a senior lawyer, “Now, Essar Steel has the option of going to the Supreme Court. They will take a decision in a day or to as time…