Category Archives: Bankruptcy

Tougher company director ID requirements under spotlight – The Sydney Morning Herald

The introduction of company director identification numbers to help prevent the deliberate liquidation of companies to avoid paying workers’ entitlements and tax is being considered by the federal government. A Federal Treasury spokeswoman told Fairfax Media the introduction of a director identification number had been recommended by a Productivity Commission inquiry and a Senate economics committee inquiry into insolvency…

Few take shelter under new insolvency law – Jamaica Gleaner

actions against him are stayed,” said Justice Smith. It allows the debtor to avoid going to court. Smith said debtors “may come to the office and show us the details of their business. Once we are satisfied that they are insolvent, we will look now at the proposal, which is the scheme to deal with…

Police detain insolvency Latvian insolvency process administrators Krums and Spruds – The Baltic Course

The State Police have detained Trasta Komercbanka liquidator Ilmars Krums and another insolvency process administrator, Maris Spruds, sources tell LETA. Krums’ mobile phone is switched off. When LETA tried to call Spruds at his office, Spruds’ representative said that he was out of office and would be away on vacation for a couple of days,…

InselAir Aruba declared bankrupt – Curacao Chronicle

ORANJESTAD, WILLEMSTAD – The Aruba court has declared the airline InselAir Aruba bankrupt. The court had granted the airline a deferment of payment for a few months and it did not operate flights anymore. There was no chance of selling the airline or restart operations. InselAir Aruba did not work on a stabilization plan, nor…

Spicers facing a resolution to its long-running hybrid problem – The Australian Financial Review

The bitter four-year battle between hybrid holders and ordinary shareholders at paper distributor Spicers is finally headed to a sensible resolution that should pave the way for a re-rating of this beaten-down stock. After multiple failed attempts to resolve a problem that left the company’s strategy completely paralysed, Spicers shareholders and hybrid holders will next…

Court Declares Bari Palma Insolvent – EMTV Online

A candidate contesting the Kerowagi seat in Simbu has been declared insolvent by the National Court in Port Moresby. The Court found Bari Palma guilty of failing to pay the taxed costs of nearly K300,000 following an election petition against sitting MP Camilus Dangima. Palma was declared bankrupt after being financially incapable of meeting…

Railway wagon maker Burn Standard declared bankrupt – Times of India

KOLKATA: Burn Standard, India’s largest railway wagon manufacturing company in West Bengal, said on Wednesday that it cannot cover its debts and has filed for insolvency last month. “For about 23 years, we were trying to bring back the company’s lost glory. But even after all our efforts the company couldn’t clear long pending debt.…

Steel maker Ramsarup files for insolvency – Business Standard

Kolkata-based steel company Ramsarup Industries has filed for insolvency in an attempt to restructure its finances. The company has filed for insolvency under the Insolvency and Bankruptcy Code (IBC), 2016, which was brought in to ensure timely restructuring of companies and help banks recover loans. The company has a debt of around Rs 2,000…

Insolvency appointments Apr 21 to Jun 6 2017 – Business News

Firm Appointee/Solicitor Role Company Name Published Date Deloitte Jason Tracy administrator India Resources Limited 6/06/2017 RSM Gregory Bruce Dudley liquidator Accent Granite Pty Ltd 6/06/2017 Ticcidew Insolvency Simon Roger Coad liquidator Westoz Racking Installations Pty Ltd 6/06/2017 Worrells Solvency & Forensic Accountants Mervyn Jonathan Kitay administrator Passione Toscana Pty Ltd 6/06/2017 Sheridans Jennifer Elizabeth Low…

Insolvency code could take time to resolve cases – Business Standard

When the Centre constituted the insolvency and bankruptcy board, the intention was timely restructuring of a companys finances. Six months since the initial cases were filed, some corporates have willingly chosen the code, while others have resisted the proceedings. The Insolvency and Bankruptcy Board of India (IBBI) chairman M S Sahoo,…