The insolvent Nordseewerken Emden Shipyard (NES) in Germany has been given a cash boost to secure operations for October. “Money was again provided for NES so that the company will continue,” works council member Bernd Oltmanns told the DPA news agency. Management had told him that a new company will be founded, with the cash…
It was a very money-driven company, and the bonuses were very generous. –Jenny, a former debt agreement company employee. While the Banking Royal Commission has exposed a litany of unethical and fraudulent lending practices at financial institutions, the flipside of the coin is the debt help industry. These are companies that are profiting by offering…
Mehul Choksi. Mumbai: The dedicated bankruptcy court has admitted the insolvency petition filed by ICICI Bank Ltd. against absconding diamantaire Mehul Choksi-promoted Gitanjali Gems Ltd. This is the first insolvency petition filed by the lender since a probe was launched by government agencies against Choksi and his nephew Nirav Modi for their alleged involvement in…
Former minister of social development Bathabile Dlamini might not have enough money to pay legal fees a court has ordered her to pay. Rapport reported on Sunday that Dlaminis share portfolio of R21081 and home in Pietermaritzburg might be insufficient to cover legal costs the Constitutional Court ordered her to pay this week. The court…
Katie Price was reportedly spotted spending £600 on perfume despite being told she has 12 weeks to come up with a viable payment plan in order to avoid being declared bankrupt by the High Court. The skint 40-year-old star, who has blown most of her £45 million fortune, was seen at The Perfume Shop in…
In the 10 years since Lehman Brothers filed for bankruptcy, debate continues to rage over many aspects of the crisis, such as the question of whether regulators could have bailed out Lehman if they wished to. But a standard narrative about the implications of not bailing Lehman out quickly took hold. According to this narrative,…
A German-based investment fund will take over high-profile yacht builders Bavaria. A private equity fund advised by the Berlin-based investment company CMP Capital Management-Partners will acquire the entire business of Bavaria Yachtbau, the German-based builder of motorboats, sailboats and catamarans, and continue operations of the company. It will also acquire all shares in its French…
A German-based investment fund will take over high-profile yacht builders Bavaria. A private equity fund advised by the Berlin-based investment company CMP Capital Management-Partners will acquire the entire business of Bavaria Yachtbau, the German-based builder of motorboats, sailboats and catamarans, and continue operations of the company. It will also acquire all shares in its French…
NEW DELHI: The Supreme Court on Wednesday vowed to plug loopholes in the working of Insolvency and Bankruptcy Code (IBC) proceedings, which came to the fore during the ongoing intense fight between ArcelorMittal and Numetal to disqualify each other from bidding to revive debtridden Ruias-led Essar Steel. A bench of Justices R F Nariman and…
By Fiona Morrow If a companys assets consist primarily of ideas, securing funding to keep the development of that idea going forward through an insolvency process can be a real challenge. Thats because everything that is exciting about new technology becomes part of the problem when an IT company…