KOTA KINABALU: The Sabah State Assembly is taking a wait-and-see stance regarding the bankruptcy proceedings against state opposition chief Datuk Lajim Ukin. Assembly Deputy Speaker Datuk Johnny Mositun said they had not received any formal notice that the Klias assemblyman and Parti Harapan Rakyat Sabah president had been declared a bankrupt. We will wait and…
SHES the outspoken founder of one of Australias most iconic homegrown takeaways. But Nahji Chu has been forced to defend the use of her own face and name, after losing the Miss Chu Vietnamese tuckshop chain she founded and after signing over the rights to its brand. Miss Chu went into administration in 2014 with…
MANAGEMENT consultant Suzanne Dean cheated the taxman out of almost £100,000 by not paying the VAT or corporation tax due on her two businesses, it was alleged yesterday. VAT returns submitted by the first of her two companies in its final year of business claimed it was ‘dormant’ and no tax was due – but…
Puerto Rico, already trying to dig itself out of a historic financial crisis, is now facing a direct hit by a major hurricane that could destroy any progress the U.S. territory has made under a year-old economic rehab plan and set it back further. Hurricane Maria is forecast to hit Puerto Rico early Wednesday, testing…
Safe-harbour reforms that deliver greater protection for directors of financially-stressed companies have passed through both houses of federal parliament. Currently awaiting royal assent, the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 amends the Corporations Act 2001 (Cth) and aims to protect directors acting to undertake a company restructure in response to insolvency where it will…
In a significant order that could have far-reaching implications on the start-up ecosystem in the country, a Division Bench of the National Company Law Tribunal (NCLT) in Chennai has ordered the initiation of corporate insolvency resolution process against Inasra Technologies Private Ltd. Inasra is the parent company of Stayzilla, an online homestay aggregator. The petition…
FRANKFURT (Reuters) – Germanys SolarWorld SWVKk.DE, once Europes biggest solar power equipment group, said on Wednesday it would file for insolvency, overwhelmed by Chinese rivals who had long been a thorn in the side of founder and CEO Frank Asbeck, once known as the Sun King. SolarWorld SWVKk.DE was one of the few German solar…
The good news for exporters is that insolvencies in the Central and Eastern European region continue to decline but at least one sector is still causing major headaches. According to a new report by Coface, a global leader in risk management and credit insurance, company insolvencies in the region dropped by 14% in 2015 and…
The partys lookin like being over, pals. Beloved and enduring toy giant brand Toys R Us is reportedly on the precipice of declaring bankruptcy, amid growing concerns the retail giant may be locked out of supply this coming holiday season. The toy giant has struggled to keep its head above water ever since a leveraged buyout over…
PTI: The Supreme Court today asked around 400 homebuyers of embattled Jaypee group to intervene in the main matter in which several buyers have moved the court seeking relief in the issue relating to the insolvency proceedings. Flat buyers, under the Insolvency and Bankruptcy Code of 2016, do not fall under the category of secured…