With the government recently notifying the cross-border insolvency provisions under the insolvency and bankruptcy law, claims of foreign creditors, as well as those of Indian creditors on foreign assets of the company going insolvent, could be satisfied by courts. However, experts believe that notifying the rules is not enough and New Delhi…
Many different types of insolvency proceedings exist, including receivership, protection under the Companies Creditors Arrangement Act (CCAA), and bankruptcy. But, what are they and how are they different? According to Jeffrey Carhart, partner at the law firm Miller Thomson, perhaps the simplest way to understand the differences is to think about who is in control…
Back in April 2016, the federal government proposed amendments to bankruptcy and corporate insolvency laws under its National Innovation and Science Agenda. The government has sat on the proposed amendments for some time now, so it came as a bit of a surprise when a legislation Exposure Draft dealing with safe harbour positions for insolvent…
INFLATION in Malaysia, which has risen to an eight-year high on fuel costs, may spiral into second-round price effects, but may also help control high levels of debt. Typically in the past, there could be second-round effects if the economy is above potential and there are demand pressures, Bank Negara director of economics, Fraziali Ismail,…
PERTH home builder Builton Group was trading while insolvent for several months last year before administrators were called in, but was given a clean bill of health by WA’s Building Commission. The commission audited Builton in November and the company went into administration in January, stopping work on more than 100 building sites around Perth,…
WORLD-FAMOUS fashion designer and Kent businesswoman Karen Millen was declared bankrupt at the High Court last week. The 55-year-old, who lives in Wateringbury, was reportedly unable to pay an outstanding £6million tax bill and now faces the loss of her £3million mansion. A former student of fashion design at Medway College of Art, now UCA,…
By Leonard Masauli Health services at Embangweni Mission Hospital under CCAP Synod of Livingstonia have come to a halt as the management is struggling to clear out MK32million debt it owes different medical suppliers. On Saturday, the mission hospital organized prayer and fasting session at Kalungulu Mountain in the area to cry unto the Lord…
Perth home builder Builton Group was trading while insolvent for several months last year before administrators were called in, but was given a clean bill of health by WA’s Building Commission. The commission audited Builton in November and the company went into administration in January, stopping work on more than 100 building sites around Perth,…
The Bucharest Court of Appeal decided to permanently close the insolvency procedure of Hidroelectrica, one of the most profitable state-owned companies, almost five years after the company filed for insolvency, reports local News.ro. When the insolvency procedure was opened, Hidroelectrica had 11 ongoing bilateral contracts for electricity supply at prices considered damaging to the company.…
An idle oil pump jack is seen in a field near Leduc, Alta. / Financial Post CALGARY Major Canadian oil companies could face tens of millions of dollars in liabilities as a result of tiny Lexin Resources Ltd.s insolvency and its inability to clean up over 1,500 oil and gas wells in Alberta, which has…
