The Supreme Courts intervention in the bankruptcy proceedings against Jaypee Infratech (JIL) is a legal mess. To begin with, the case brings out a deficiency in the Insolvency and Bankruptcy Code, in that it does not provide for resolution of real estate development firms, and so, does not recognise the legitimate claims of homebuyers and…
Datuk Lajim Ukin (front right) was declared bankrupt for a week. Picture by Julia ChanKOTA KINABALU, Sept 21 After a week of being declared bankrupt, Sabah opposition leader Datuk Lajim Ukin has cleared his outstanding debt of RM185,000 and the status has been lifted as of today. Lajim was also forced to vacate the position…
Insolvency and Bankruptcy Code, 2016 (the, Code) is a crucial legislation passed by the Parliament which has the potential to be a game changer in the insolvency and bankruptcy regime in India. Since the Code is in its nascent stage, it is of paramount importance that interpretational issues are settled at the earliest in order…
09:30 21/09/2017 MOSCOW, September 21 (RAPSI) The Moscow Commercial Court has declared Tropicano Business Club controlled by businessman Telman Ismailov bankrupt, according to court records. On September 1, the court dismissed petitions filed by two Cypriot companies to include 59.3 billion rubles (about $1 billion) owed by Tropicano Business Club in the creditors’ list. Aquila…
Toys R Us Canada wants to continue to pay its foreign suppliers, while leaving its North American suppliers to collect whatever money is left at the end of the insolvency process, according to documents filed Tuesday in Ontario Superior Court. The move would ensure the Canadian subsidiary of the global toy retailer which applied for…
“Tegel is a prime example of how Berlin’s future is being gambled away,” said Sebastian Czaja, a local politician who forced the non-binding referendum with a petition drive that collected 250,000 signatures. “Let’s keep the one thing that’s working in this city.” Czaja’s Free Democrat party has made the preservation of Tegel a key issue…
A PROMINENT Proserpine woman concealed more than $58,000 after being served with a bankruptcy notice. Kim Moira Britton, 59, was served with the notice on March 12, 2014 following an unpaid family court judgment compelling her to pay $45,000. Britton made an application for funds to be withdrawn from her superannuation account on March 17…
The Air Berlin bankruptcy reached a new level of complexity and uncertainty, after a creditor filed an application to declare Austrian subsidiary Niki bankrupt as well. The legal action, if successful, would likely torpedo previous rescue efforts and lead to the collapse of most, if not all, proposed transactions by potential investors to pick up…
Hassled homebuyers who had invested in Amrapali Group projects moved the Supreme Court on Wednesday against the insolvency proceedings initiated against the real estate firm. The petition, filed by Bikram Chatterjee and 106 others, says the company has neither given them possession of flats nor returned their hard-earned money spent to book homes in the…
Farmer heartbroken after cull exit Source: Ballarat Courier LAST week, third-generation farmer Keith Slorach gave the last of his guns away. Having just been declared bankrupt, the 60-year-old could no longer trust himself with the weapons after having just witnessed the rounding up of his precious merino flock for slaughter on his Mortchup farm near…