A group of aggrieved shareholders in Merlin Diamonds planning a board spill say they will report the company to the corporate watchdog after their fellow investors voted to increase the shareholdings of the family of recent bankrupt “Diamond” Joe Gutnick. On Tuesday, the majority of Merlin shareholders voted to approve parts of a $2.3 million recapitalisation proposal…
The Supreme Court today came down hard on real estate developer Supertech saying that it must return the money to 17 flat buyers of its Emerald Court project in Noida even if the company is declared bankrupt, or dead. We dont care. It has to refund its buyers, the court observed. In its order, the…
Sept. 5, 2016 11:56 p.m. ET SEOULSouth Koreas Hanjin Group said it would put up 100 billion won ($90 million) to help out Hanjin Shipping Co. 117930 25.23 % , as the troubled shipping affiliate struggles to get its stalled supply chain moving. Although the company is already under court receivership, weve decided to help…
In the recent wave of coal company bankruptcies, CEOs have been awarded multi-million dollar bonuses, while at the same time the companies are seeking release from their decades-old obligation to cover lifetime health benefits for retirees who are members of the United Mine Workers Union of America. The union says a bill in Congress that…
HMRC is chasing the former BHS owner Dominic Chappell for unpaid bills and has started legal proceedings against him. The tax authority filed a petition at the high court to wind up Swiss Rock Limited, Chappells personal business that was paid at least £1.6m by BHS as part of his controversial acquisition of the retailer.…
One of the top 15 tour operators in Romania, Mareea, filed for insolvency on Friday, September 2, due to cash-flow issues. About 1,100 of the companys clients, who had paid for holidays, will not be served, according to Romanias National Tourism Authority ANT. The total value of the contracts that Mareea cant honor is EUR…
TORONTO, Sept. 2, 2016 /PRNewswire/ – iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (ISD.V) (ISDSF), a leading provider of interactive mobile advertising solutions that serves brands, commercial locations, retailers and service providers throughout North America today provides an update to its previous announcement on the late filing of its annual audited financial statements, management discussion…
New data released by Vision-Net.ie shows that this August saw an average of just under two companies being declared insolvent each day – down slightly on the previous August when 70 companies ceased trading. The professional services sector was hardest hit this August and accounted for 14 (23%) of the insolvencies recorded. The construction sector…
Nigeria: Restructuring & Insolvency Practice Area Review 2016 September 2016 By Etigwe Uwa, 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…