The much delayed insolvency resolution proceedings for Bhushan Steel has finally made it to the second stage. Bids for the debt-ridden company were submitted day before yesterday-after being pushed back multiple times-and the highest bidder is expected to be announced tomorrow. In the running are JSW Steel, Tata Steel and a group of employees of…
Orange has one of the highest rates of personal bankruptcy in Australia, with 75 people in the city declared bankrupt in 2017. Statistics from the Australian Financial Security Authority and data research agency illion placed Orange seventh in Australia, and second in NSW, for suburbs with the highest concentration of bankruptcies. It was a 38…
Sunday 04 February 2018 Etihad Airways is urgently examining ways to avert a technical default of some $1.2bn in bonds indirectly linked to the Gulf airline, sources close to the situation told Reuters. An Amsterdam-based special purpose vehicle called SPV Equity Alliance Partners (EAP) was set up in 2015 and issued two bonds for Etihad…
The dual citizenship fiasco is like the dying hour of a drunken Canberra dinner party. All the guests are pointing the finger at each other about who knocked over the bottle of Cabernet Sauvignon, staining the carpet of a moderately overpriced apartment, during a meandering argument about who is the most dinky-di Aussie. And…
In another relief for debt-laden Reliance Communications, Mumbai-based Smartphone has withdrawn a petition seeking insolvency of the company filed before the National Company Law Tribunal (NCLT). The petition, filed under Insolvency and Bankruptcy Code (IBC), was withdrawn on Friday. Smartphone is a wholesale dealer of batteries and had supplied to telcos, including RCom. The Mumbai…
Reuters/Dubai Etihad Airways is urgently examining ways to avert a technical default of some $1.2bn in bonds indirectly linked to the Gulf airline, sources close to the situation told Reuters.An Amsterdam-based special purpose vehicle called SPV Equity Alliance Partners (EAP) was set up in 2015 and issued two bonds for Etihad and other airlines it…
Official receiver says axe will fall on back-office roles but adds 919 jobs have been saved A worker guides down a sign showing the name of liquidated British construction and outsourcing group Carillion. Photograph: Daniel Sorabji/AFP/Getty Images At least 377 former Carillion staff will be made redundant, the Insolvency Service has said, as it sifts…
A former director of AMI and NRM, Mr Jacov Vaisman, was declared bankrupt yesterday with the Federal Court granting the ACCCs application for a sequestration order. The Courts order follows Mr Vaismans failure to pay the ACCCs costs amounting to $3,679,359.00 in proceedings brought by the ACCC against AMI and then NRM. The Court also…
The former director of a male sexual enhancement business has been declared bankrupt, after he was unable to pay costs for unconscionable conduct worth more than $3 million. Jacov Vaisman is the former director of Advanced Medical Institute (AMI) and its subsequent parent company NRM, which provided services for the treatment of men suffering from sexual…
Someone approached me recently with an interesting question. When her father passed away, he owed a few bills, but he had very little money left in savings and no salable assets. She mentioned he was a very proud man, but with a limited fixed income of only social security, his monthly bills were managed with minimal…