Earlier this month, NBCC and Mumbai-based Suraksha group submitted their revised bids to acquire Jaypee Infratech through an insolvency process TopicsJaypee Infratech|Jaypee Infratech bid Jaypee Infratech’s lenders have asked state-owned NBCC Ltd and Suraksha group to improve their bid and offer more land parcels under an insolvency process to acquire debt-laden realty firm. Earlier this…
By David Milliken 2 Min Read LONDON, April 15 (Reuters) – More businesses and individuals across Britain were declared insolvent last month than earlier in 2021 though levels remained mostly below those of a year ago as government support muted the impact of the coronavirus pandemic. Britains economy shrank by almost 10% last year and…
A man whose bankruptcy saw 37 social houses go to auction has found himself before Tweed Heads Local Court. Geoffrey John Hirning purchased the Downs Housing company, previously Downs Aboriginal and Islander Housing Company, in 2016 before filing for bankruptcy a year later. As a result of the bankruptcy the 37 houses in Toowoomba, all…
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The administrators said it did not appear that the Australian group had been insolvent from a balance sheet perspective for any length of time before they were appointed, but said they needed to do detailed investigations examining whether it traded insolvent from a cash flow perspective. They noted the company was highly illiquid, but this…
SNG Chee Hua, the high-flying Sarawak politician notorious for his party-hopping antics, has been made bankrupt by his younger brother. A bankruptcy search at the Department of Insolvency showed Sng Chee Kian had on March 24 filed a petition in the Kuching High Court to have his millionaire businessman brother and father to Julau MP…
Grant Thornton also said that if the company goes into liquidation, the liquidators would investigate several transactions between Greensill Capital Pty Ltd – the Australian parent company – and the Greensill family and farming companies, as well as several director-related transactions. Our findings in relation to unreasonable director related transactions, while only preliminary, have identified…
Credit Suisses group chief executive officer, Thomas Gottstein, said on Tuesday that the bank would learn serious lessons from losses incurred at Archegos as well as the liquidation of its supply-chain finance funds as he warned investors of a CHF4.4 billion ($6.15 billion) charge and confirmed the departure of the banks chief risk officer, dual…
The total of 10,941 personal insolvencies for March included 1,591 DROs and 1,028 bankruptcies. The bankruptcies were made up of 937 debtor applications and 91 creditor petitions. The numbers of DROs and bankruptcies in March 2021 were both 31% lower than in March 2020. There were, on average, 6,388 IVAs registered per month in the…
There are a high proportion of zombie companies in the UK. The COVID-19 pandemic has created the perfect environment to create more. The UK has had a zombie problem for some time now. Companies that simply exist, shambling onwards without ever turning a profit or contributing meaningfully to the economy. These zombie companies have played…