New Delhi, Nov 22: The Government will come out with an ordinance to make certain amendments to the Insolvency and Bankruptcy Code, Corporate Affairs Minister Arun Jaitley said today. The code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process. It is implemented by the Corporate Affairs Ministry.…
Trouble seems to be brewing for debt-ridden Jaiprakash Associate Limited (JAL) as the Supreme Court on Wednesday ordered the company to payback all dues to homebuyers and warned its directors and promoters from alienating their properties as well as the assets of their family members. The real estate firm, however, deposited a demand draft of…
Following an investigation by the Insolvency Service, the Secretary of State for Business, Energy, & Industrial Strategy accepted a disqualification undertaking from Juris Vezenkovs for seven years, effective from this month. Vezenkovs was a director of McDouglas Developments Limited who failed to ensure that the receipts were declared on the companys VAT Returns which resulted…
Related Story: Victorian woman faces court over alleged $4.3 million fraud A woman has been sentenced to five years jail for stealing hundreds of thousands of dollars while working as a law clerk on Phillip Island, south-east of Melbourne. Cheryle Margaret Rowe, 63, stole $666,000 from clients of the solicitors firm…
Florida insurance regulators have placed workers compensation carrier Guarantee Insurance Co. in receivership due to inadequate reserves. According to documents from the Florida Office of Insurance Regulation (OIR), the company was materially under-reserved at year end 2016 and consented to being placed in receivership on Nov. 13, 2017. Guarantee Insurance Co. (GIC) provides workers compensation…
Michael McGrath, Fianna Fáil’s finance spokesperson, has introduced legislation that will give borrowers the right to appeal a banks veto over a Personal Insolvency Arrangement. Fianna Fáils Personal Insolvency (Amendment) Bill 2017 has been drafted in response to a September decision from the Circuit Court that decided that the borrower has no such legal authority.…
With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law. The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take stock of the implementation of the Code, according to…
Boris Becker says he doesn’t feel German any more and wants to be buried in his “home” – Wimbledon. The three-time Wimbledon champ, who was this year declared bankrupt, was born and raised in Leiman, Germany, but has lived in London for several years. He currently lives just 2,300 steps away from the All England…
World Rugby has denied a claim by the Samoan Rugby Union (SRU) that they are bankrupt and have promised to continue to back development of the sport in the Pacific Islands. Samoan rugby was declared bankrupt by Prime Minister and SRU chairman Tuila’epa Sailele Malielegaoi before the team faced Scotland on Saturday (November 11). However…
ATM operator Stargroup, which had plans to convert its some of its machines to digital currency Bitcoin, is trading as normal despite going into administration. This week Richard Tucker and John Bumbak of insolvency experts KordaMentha Restructuring were appointed as receivers and managers. The companys latest annual report showed debt of $9.1 million. Today Goldfields…