India has paved the way to replace its archaic insolvency laws with a new bankruptcy code that would help the countrys banks as they struggle under billions of dollars of bad loans. The law could be confirmed as soon as this week. On Thursday, the Lok Sabha, Indias lower house of parliament, passed the Insolvency…
3.5-lakh crore of debt stuck New Delhi, May 6: With the Insolvency and Bankruptcy Code inching towards reality, early redress of almost 75,000 cases involving debt of an estimated 3.5-lakh crore is what the government and stakeholders expect. While the Debt Recovery Tribunals (DRT) will resolve individual bankruptcy cases, the National Company Law Tribunal will…
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Business Secretary Sajid Javid has asked the Insolvency Service to fast-track an investigation into BHS, which collapsed into administration last week putting 11,000 jobs at risk. In a letter to Sarah Albon, Inspector General and Chief Executive of the Insolvency Service, Javid asks that an investigation begin without delay, rather than waiting for the administrators…
Pretoria – Rugby legend Naas Bothas estate was provisionally sequestrated by the high court in Pretoria on Thursday, after a bank claimed he owed it more than R1.1 million on a mortgage bond for a property in Mooikloof, east of the city. Hendrik Egnatius Botha popularly known as Naas was not at court, nor did…
In the World Banks pecking order of ease of doing business India ranks 130th among 189 nations. And on the vexed parameter of closing down of business, even further down–136th. It takes on an average 4 years to wind up and liquidate a business. It is hoped that this would be drastically reduced to just…
In the World Banks pecking order of ease of doing business India ranks 130th among 189 nations. And on the vexed parameter of closing down of business, even further down–136th. It takes on an average 4 years to wind up and liquidate a business. It is hoped that this would be drastically reduced to just…
After a 2009 controversy regarding a pre-pack administration involving Wensum, Business mogul and the former Health Secretary, Stephen Dorrell, is once again caught up in a controversy of the same accusation, an insolvency procedure. This time, The Guardian reports the former British Conservative has been accused of the same insolvency procedure but involving Project Viva…
The Lok Sabha on Thursday gave its nod to the Insolvency and Bankruptcy Code, 2016, that seeks to improve the ease of doing business in the country. The measure seeks to overhaul the laws regulating insolvency amid a surge in bad loans. The bill will now go to the Rajya Sabha for its consent.…
The business practices of Stephen Dorrell have been called into question after a business partner accused the former health secretary of leaving him with nothing. Dorrell used a controversial insolvency procedure to move a publishing company into a new corporate entity owned by himself, making shares owned by his business partner worthless and allegedly thwarting…