The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Tuesday adjourned hearing of ArcelorMittal and Numetal’s petitions challenging ineligibility of their bids for Essar Steel till April 4. While Numetal had moved the NCLT on March 20, ArcelorMittal had done so on Monday, March 26 challenging the decision to declare their bids…
Sir Philip Green has escaped a ban from serving as a company director by the Insolvency Service over the deal to sell BHS for £1 in 2015, a year before the retailer collapsed. However, Dominic Chappell, who led the consortium that bought BHS, faces a lengthy boardroom ban after a government inquiry into the collapse…
A former Managing Director of the GCB Bank, Mr Simon Dornoo, is to lead a team of experts from accounting and auditing firm, KPMG to revive and stabilise uniBank Ghana Limited. The revival is to help bring the bank, which was declared insolvent by the Bank of Ghana on March 20, back to…
Indias Insolvency and Bankruptcy Code has been operational for more than a year but how does it stand up to critical analysis? Shardul S Shroff offers an assessment In May 2016, India enacted the Insolvency and Bankruptcy Code, 2016 as a major legal reform. The code is not fully effective. The sections of the code…
Company administration is a hotly discussed topic in the industry. Recent reports have suggested the number of corporations facing administration has increased over the years. With the news of Toys R Us and Maplin entering administration, the insolvency procedure has been under the spotlight. Similarly, New Look and, most recently, Carpetright have requested company voluntary…
The destinations of Dibbsbarkers partners who are not joining Dentons are starting to emerge. Hall & Wilcox and Piper Alderman will each get a partner as DibbsBarker prepares to close its doors on 30 April after more than 130 years in business. Dentons will welcome 18 partners in total from DibbsBarker 17 in partner roles,…
Simon Mundy in Mumbai March 26, 2018 Print this page A battle for control of one of Indias largest industrial assets is moving into the courtroom after bids for Essar Steel from both ArcelorMittal and a Russian-controlled investment vehicle were declared ineligible under Indias tough new bankruptcy code. Essar Steel was forced into insolvency proceedings…
We have witnessed “panic banking” in recent past due to the take-over of some banks by the Bank of Ghana (BOG) because of their insolvency. These banks had appeared in the public eye as doing well and therefore, enjoying huge patronage by customers. The UT Bank and the Capital Bank were last year liquidated by…
Myer has ruled out placing the beleaguered retailer into voluntary administration to hasten the exit or renegotiation of $2.7 billion in leases. While Myer has only $19.9 million in net debt and gearing about 3 per cent, the retailer is moving closer to breaching fixed charges cover covenants in banking agreements after a 24 per cent fall…
Brits living in seaside towns have the highest rates of personal insolvency where people are unable to pay their debts or meet their financial liabilities as these areas struggle to cope with economic decline, according to new figures. Research by accountancy firm Moore Stephens of 573 parliamentary constituencies found that seven out of the 10…