The Turkish exile owner of the British luxury smartphone brand Vertu plans to put its manufacturing arm into administration to wipe out heavy debts. Representatives of Paris-based Murat Hakan Uzan met concerned staff at Vertu Corporation Ltd (VCL) headquarters in Hampshire this afernoon, to reveal plans for a pre-pack deal. He will attempt to secure…
Banca Monte dei Paschi di Siena expects to close the sale of 26bn of bad loans within days following a last-ditch bid from Italys industry-backed rescue fund to revive a deal that looked to have collapsed. A deal to would unlock billions of euros of public funds to recapitalise MPS, save the Tuscan bank from…
PTI New Delhi , June 29, 2017 16:03 IST Updated: June 29, 2017 16:04 IST “; var device = “”; for ( var type in WFClientTypeDef) { if (window.matchMedia(WFClientTypeDef[type]).matches) { switch (type) { case “xlarge”: device = ‘desktop’; break; case “large”: device = ‘desktop’; break; case “medium”: device = ‘tab’; break; case “small”: device =…
New Delhi, June 29: Top lender SBI and other creditors have moved insolvency proceedings against Kolkata-based Electrosteel Steels at the National Company Law Tribunal (NCLT). State Bank of India initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said…
Top lender SBI and other creditors have moved insolvency proceedings against Kolkata- based Electrosteel Steels at the National Company Law Tribunal (NCLT). State Bank of India initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said in a regulatory…
NEW DELHI/KOLKATA: The Insolvency and Bankruptcy Board of India (IBBI), the regulator overseeing bad-loan resolutions, is scaling up its capability-assessment procedures to ensure that quality Insolvency Professionals are deployed in the potentially Rs 8-lakh-crore exercise, seeking to win over an ecosystem that remains skeptical about the efficiency of the recovery infrastructure. “Inspection and investigation are…
Labor is reeling after an adviser resigned amid revelations that the party bankrolled its 2016 federal election campaign with the help of up to $140,000 in donations from gold dealers linked to a multimillion-dollar tax scam. The resignation from NSW Labor of rising star, 2016 Senate candidate and gold trader Simon Zhou, comes as respected…
By Kayleigh Giles For Mailonline Published: 01:03 +10:00, 29 June 2017 | Updated: 01:44 +10:00, 29 June 2017 e-mail 3 View comments He was declared bankrupt after failing to repay millions of pounds in debt last week and has also been hit by claims that his marriage to wife Lilly is on the rocks. So,…
Amtek Auto Ltd. said on Friday that two of its board members had resigned. Within 24 hours, the auto parts maker brought them back as presidents. The company is among the dozen stressed accounts identified for insolvency proceedings by the Reserve Bank of India. Once the process begins and an insolvency professional is named to…
The National Company Law Tribunal has rejected insolvency proceedings sought by Leo Duct Engineers & Consultants under the the Insolvency and Bankruptcy Code(IBC), which clears the way for banks to recover assets under the Sarfaesi Act, which was the law of choice before IBC came into existence. The move will help lenders Standard Chartered Bank…