by Bhuma Shrivastava and Upmanyu Trivedi India’s new bankruptcy law is getting maximum traction from an unusual set of lenders, those with the least to gain from pushing companies into the insolvency process. Operational or unsecured creditors, who have dues that are not backed by any collateral, would be la st in queue to be…
Indias new bankruptcy law is getting maximum traction from an unusual set of lenders, those with the least to gain from pushing companies into the insolvency process. Operational or unsecured creditors, who have dues that are not backed by any collateral, would be last in queue to be repaid once an insolvency plea succeeds in…
AN ESTABLISHED Coast company has been wound up just days before Christmas. DT & WM Bodkin Pty Ltd, trading as Signarama Sunshine Coast South, went into liquidation on Thursday. The Australian Securities and Investments Commission’s insolvency notices website advised liquidator Dane Hammond of Worrells Solvency and Forensic Accountants was appointed this week. The insolvency notice…
SolarWorld Americas Inc., one of two U.S. solar manufacturers asking President Donald Trump for tariffs on imported panels, says the move could revive a struggling industry. It may also boost the companys value ahead of a potential sale. The manufacturer, owned by bankrupt German panel maker SolarWorld AG, has already invited more than a dozen suitors to submit non-binding…
The Narendra Modi government may include a few more changes in the Insolvency and Bankruptcy Code or IBC ordinance in the finance bill when it is tabled in Parliament during the Budget session, according to a top official quoted in this Economic Times report. The IBC was put into effect in May 2016 and the authorities…
Senior consultant Chris Dunn of Watts McCray, Australias leading family lawyers, has been recently elected the inaugural President of the Greater West Family Law Practitioners Association. The announcement was made by His Honour Justice Foster, one of the Justices of the Family Court based at the Parramatta Registry. The Honourable Eric Baker has also been…
The new insolvency ordinance is expected to create substantial problems for SMEs and most may be liquidated if the revival plan does not work out. At the heart of the problem is Section 29A, a new section of the Insolvency and Bankruptcy Code, 2016, that makes certain persons ineligible to be a resolution applicant. Those…
The Companies Amendment Bill passed by Parliament has brought relief for creditors involved in insolvency proceedings allowing them to acquire shares of insolvent company at a discounted price. Photo: Mint Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country. HDFC Bank looks to raise Rs24,000 crore via…
Brand ambassadors of Gitanjali Gems Ltd, Mahesh Bhupathi and Lara Dutta have filed an insolvency petition as operational creditors against the jewellery manufacturer and retailer, according to the website of National Company Law Tribunal (NCLT). The case in the Mumbai bench of the Tribunal by the celebrity couple to recover their contractual dues, is first…
New government rules for dealing with guarantors of corporate loans to bankrupt companies are likely to provide for selling off individuals assets to recover the unpaid dues, top government sources told HT. The government is likely to notify the rules that will provide for proceedings by the National Company Law Tribunal against individual guarantors. The…