A businesswoman who became insolvent following the collapse of the construction sector in the mid-2000s has had the vast majority of her 14.3m debt written off under a personal insolvency arrangement (PIA). haron OReilly (52) owed 11.6m to Nama on foot of personal guarantees and owed 2.7m in mortgage debt to Pepper Finance. However, under…
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has urged the Federal Government and regulators to consider the reactivation of temporary insolvency protections, to support small and family businesses doing it tough in lockdown. Mr Billson says the re-introduction of measures, such as the extension to existing safe harbour provisions, would provide temporary…
The Insolvencies and Companies Court of London High Court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallyas personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders – at…
The governments move to amend the insolvency law to allow pre-packaged insolvency resolution plans for micro, small and medium enterprises (MSME) with defaults of not more than 1 crore is welcome. The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, that seeks to replace an Ordinance, will enable the creditor and the debtor to informally work…
By James NaughtieBBC News media captionJohn Stonehouse: The MP who faked his death Ask anyone today who it was in the 1970s who left his clothes on a beach and wandered into the sea in search of a new life, and the answer would probably be Reginald Perrin, not John Stonehouse. Yet the enduring comedy…
Vijay Mallya, who fled to the UK and has been fighting on multiple fronts to avoid extradition to India, owes more than 9,000 crore to the consortium of banks in principal and interest. After being declared bankrupt by a British court allowing Indian banks to pursue his assets worldwide, Vijay Mallya launched a tirade on…
Fugitive Indian businessman, the 65-year-old chairman of UB Group, Vijay Mallya was declared bankrupt on Monday by the Insolvency and Companies Court of the London High Court.After being declared bankrupt by the British court allowing Indian banks to pursue his assets worldwide, Vijay Mallya launched a tirade on Twitter accusing lenders of making him bankrupt.…
Following London High Court declaring businessman Vijay Mallya as bankrupt, the fugitive said the Enforcement Directorate is attaching his assets worth Rs 14,000 crores against debt of Rs 6,200 crores. He also levelled allegation that the banks are making him bankrupt since they have to return money to the ED. ED attach my assets worth…
Sydney, July 27, 2021 The latest Business Stress Report released by insolvency specialist firm, Dissolve, highlights a significant and unexpected downturn in corporate and personal insolvencies in Australia since the Covid outbreak. But rather than be a cause for celebration regarding the impact of Covid on Australian businesses, the Dissolve report identifies several underlying factors…
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. TopicsInsolvency and Bankruptcy Code|NCLT|MSMEs Punishment would be meted out for offences related to pre-packaged insolvency resolution process The government on Monday introduced a bill in the Lok Sabha to…