What is refreshing about the new policy framework to resolve insolvency and bankruptcy in corporations is that it doesnt seek to rescue a business at any cost as existing regulations, such as a SICA, attempt to do. (Reuters) The efficacy of any mechanism can be gauged only after it has been put in place…
Dominic Chappell bought BHS from High Street tycoon Sir Philip Green He was bankrupted over fee dispute with Foxtons and marina development Now claims that he was also bankrupted a third time over 20 years ago Mr Chappell denies claims and said he had been victim of a ‘witch hunt’ By Holly Black for the…
Third bankruptcy of BHS buyer revealed 8 May 2016 From the section Business Image copyright Getty Images Dominic Chappell, whose consortium bought the failed retailer BHS last year, has been declared bankrupt three times, it has emerged. It had been known that Mr Chappell was made bankrupt in 2005, following a dispute with an estate…
Image copyright Getty Images Dominic Chappell, whose consortium bought the failed retailer BHS last year, has been declared bankrupt three times, it has emerged. It had been known that Mr Chappell was made bankrupt in 2005, following a dispute with an estate agent, and again in 2009 after a failed property scheme. However, he was…
India has paved the way to replace its archaic insolvency laws with a new bankruptcy code that would help the countrys banks as they struggle under billions of dollars of bad loans. The law could be confirmed as soon as this week. On Thursday, the Lok Sabha, Indias lower house of parliament, passed the Insolvency…
3.5-lakh crore of debt stuck New Delhi, May 6: With the Insolvency and Bankruptcy Code inching towards reality, early redress of almost 75,000 cases involving debt of an estimated 3.5-lakh crore is what the government and stakeholders expect. While the Debt Recovery Tribunals (DRT) will resolve individual bankruptcy cases, the National Company Law Tribunal will…
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Business Secretary Sajid Javid has asked the Insolvency Service to fast-track an investigation into BHS, which collapsed into administration last week putting 11,000 jobs at risk. In a letter to Sarah Albon, Inspector General and Chief Executive of the Insolvency Service, Javid asks that an investigation begin without delay, rather than waiting for the administrators…
Pretoria – Rugby legend Naas Bothas estate was provisionally sequestrated by the high court in Pretoria on Thursday, after a bank claimed he owed it more than R1.1 million on a mortgage bond for a property in Mooikloof, east of the city. Hendrik Egnatius Botha popularly known as Naas was not at court, nor did…
In the World Banks pecking order of ease of doing business India ranks 130th among 189 nations. And on the vexed parameter of closing down of business, even further down–136th. It takes on an average 4 years to wind up and liquidate a business. It is hoped that this would be drastically reduced to just…