NEW DELHI: Creditors of debt-ridden Videocon Industries Ltd will be taking nearly 96 per cent haircut on their loans and the bidder is “paying almost nothing” for the company, NCLT has observed while approving Anil Agarwal’s Twin Star Technologies’ Rs 2,962.02 crore-bid under the insolvency resolution process.Videocon Industries and its 12 group companies had a…
Member Article May 2021 insolvency statistics, R3 response Corporate insolvencies increased by 8.8% to 1,011 in May 2021 compared to Aprils figure of 929, and increased by 6.9% compared to May 2020s figure of 946. Personal insolvencies fell by 14% to 8,482 in May 2021 compared to Aprils figure of 9,864, and were 38.7% lower…
Datuk Seri Najib Razak. -Bernama filepic KUALA LUMPUR: Former prime minister Datuk Seri Najib Razak is not bankrupt despite a court ruling dismissing his application for a stay on a summary judgment that requires him to pay RM1.69bil in tax arrears to the Inland Revenue Board (LHDN). Lawyer Mohamed Haniff Khatri Abdulla said there was…
HOT SPRINGS — The old Social Security Administration Office here needs to be preserved, U.S. Sen. John Boozman, R-Rogers, said after a recent tour of the vacant building. The two-term Republican senator was joined on the tour by Garland County Judge Darryl Mahoney, County Attorney John Howard and former County Judge Larry Williams, who serves…
Good morning, here’s what you need to know today. Key Highlights Najib closer to bankruptcyFormer prime minister Najib Abdul Razak failed to stay a court ruling for him to pay RM1.69 billion in taxes to the Inland Revenue Board (IRB).This clears the way for the IRB to move forward with the bankruptcy proceeding against him,…
Msinfosys Support Ltd and MS Global Support Ltd were wound up in the public interest in the High Court on 9 March before Judge Barton. The Official Receiver has been appointed liquidator of the companies. The court heard that the two IT companies generated unsolicited pop-up error messages and when people phoned-up to check what…
The conference will take place on 19 November 2021 and the purpose is to: provide a platform for current insolvency research and technical discussion facilitate a stronger link between academia, the insolvency sector and policy-makers encourage comment and feedback from interested parties The working title and theme of the conference are: Forward Thinking: Insolvency strategies…
A deceased estate is insolvent when the deceased persons liabilities exceed the value of their assets. This leads to creditors being owed money by the estate, which must be repaid as far as funds allow. A hierarchy of payment exists for deceased insolvent estates. The executor, or personal representative, is responsible for ensuring debts are…
HOT SPRINGS — The old Social Security Administration Office here needs to be preserved, U.S. Sen. John Boozman, R-Ark., said after a recent tour of the vacant building. The two-term Republican senator from Rogers was joined on the tour by Garland County Judge Darryl Mahoney, County Attorney John Howard and former County Judge Larry Williams,…
EVER wondered what goes on in the mind of a person who has been served a bankruptcy notice or even declared bankrupt? The likelihood of the mind being enveloped with fear, lack of information and misplaced pessimism of losing a family home, car, life savings and the inability to restart afresh is high. It can…