The ink on the insolvency law passed by the UPA-2 in 2013 was yet to dry up when the NDA, soon after assuming power in 2014, announced the setting up of the Bankruptcy Reforms Commission to propose a new law. Based on the Commissions recommendations, the government introduced the Insolvency and Bankruptcy Code in Parliament…
Two parliamentary committees the Public Accounts Committee and the Standing Committee on Finance have meanwhile studied the problem of stressed loans in the banking system and expressed outrage, recommending measures such as forensic audit of bad loans. The Finance Ministry is now reportedly working towards the creation of a public-funded asset Asset Something belonging to…
Business Netherlands Top Stories Perry Sport, Aktiesport declared bankrupt; Many potential buyers The court declared USG, parent company of Perry Sport and Aktiesport, bankrupt on Tuesday afternoon. Many parties are showing interest in taking over the two sporting goods chains. Dozens of potential buyers already made themselves known. This bankruptcy is the result of V&Ds…
Slater & Gordon has been suspended from trading until it reports its interim financial results on Monday. Photo: Jessica Shapiro Slater & Gordon shares have been suspended from trading as the company flagged a material write-down of British assets. The embattled law firm is set to report its interim results on Monday, February 29, in what will…
One of Australias largest digital services companies has collapsed into liquidation after operating for 15 years. Melbourne technology firm Exa Web Solutions, which specialises in website development and digital marketing, called in liquidators earlier this week, according to The Herald Sun. Exa Web Solutions was founded in 2000 and employs around 350 web developers and…
Bulgarian businessman Tsvetan Vasilev accused controversial lawmaker Delyan Peevski of blackmailing him and asking to take over key companies in return for sparing Corporate Commercial Bank (Corpbank or KTB) back in 2014. Loans taken out by the lawmaker from the Movement for Rights and Freedoms (DPS) at the time when Corpbank was placed under special…
Almost half of Canadians are just $200 or less a month away from being unable to pay their bills or other debt obligations, a poll from Ipsos Reid on behalf of MNP, a personal insolvency practice, has found. About one in four say they dont make enough money to cover their bills or debt at all. SEE ALSO:…
MUMBAI: India’s oldest steelmaker Tata Steel is looking to restructure its domestic business to reduce costs and increase productivity as poor demand and heightened competition from imports have shrunk profits, according to several people familiar with the matter. Restructuring at Tata Steel will take place across all business functions such as human resources, production, transportation,…
How risky is sovereign debt? One memorable answer, “Countries don’t go bankrupt,” is attributed to Walter Wriston, the most prominent banker of his day and the chairman of Citibank from 1967 to 1984. That is right in a narrow legal sense, since a sovereign government cannot be put into bankruptcy. But in the general sense,…
The Zimbabwe government has ordered seven diamond companies in the Marange area of eastern Zimbabwe to immediately stop all mining activities, a month after complaining about their opaque operations. Mines and Mining Development Minister Walter Chidhakwa said the firms were operating illegally after the expiry of their joint-venture permits with the state. It has since…