While the speed with which the government has brought about the new legislation deserves to be applauded, the absence of many significant provisions takes the sheen off an otherwise much-needed piece of reform. The Bombay Stock Exchange. Source: BSE The passing of the Insolvency and Bankruptcy Code by parliament has finally paved the way for…
Struck-off dentist Alan Morrison declared bankrupt 13 May 2016 From the section Glasgow & West Scotland Image copyright PA A dentist who put 6,000 patients at risk by using dirty equipment has declared himself bankrupt. Alan Morrison, who ran surgeries in Ayrshire, is facing a £1m lawsuit from 750 of his former patients. He sparked…
Liepajas Osta LM stevedore was declared insolvent in a written procedure at the court in Liepaja port city in Latvias south-west on May 12th, writes LETA. Zanda Kokare-Rode has been appointed as the insolvency administrator for Liepajas Osta LM, the courts representative, Inta Kurpa, told LETA. Kokare-Rode was proposed as the insolvency administrator after…
Hexi Pharma Co. SRL, a Romanian pharmaceutical company involved in a recent scandal of faulty hospital disinfectants, has filed for insolvency with the Bucharest Tribunal. 2016-05-12 15:55:12 According to the courts web portal, the application was filed on Tuesday and it regards bankruptcy upon debtor request under Article 66 of Law 85/2004 on insolvency prevention…
Rajeev Dubey, Managing Editor, Business Today In the fracas of whether Vijay Mallya is a defaulter, a wilful defaulter, or – to be charitable – a victim of circumstances, lenders and politicians have upped the ante against the UB Group chairman who fled the country with nearly Rs 9,000 crore in unpaid dues but who…
In a chat with ET Now, Kiran Mazumdar Shaw, CMD, Biocon, says the devil is in details of implementation and it is not an easy thing to implement the law. Edited excerpts ET Now: The Bankruptcy Code is a game changing move, no doubt. How important do you think it is in terms of a…
Thursday, May 12, 2016 Hexi Pharma Co. SRL, a Romanian pharmaceutical company involved in a recent scandal of faulty hospital disinfectants, has filed for insolvency with the Bucharest Tribunal. According to the courts’ web portal, the application was filed on Tuesday and it regards bankruptcy upon debtor’s request under Article 66 of Law 85/2004 on…
Under the bankruptcy bill, a debtor could be jailed for five years for concealing property or defrauding creditors. (File Photo) New Delhi: The Rajya Sabha passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover nearly 8 lakh crore in troubled…
NEW DELHI The Rajya Sabha passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover over $120 billion in troubled loans. Prime Minister Narendra Modi, who completes two years in office this month, had promised to introduce the code to address…
Parliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. (Reuters) Parliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. Insolvency is a situation where an individual or a company is unable to repay their outstanding debt.…