SINGAPORE – Small and micro companies that have been hit hard by the Covid-19 pandemic and need to restructure their debts to stay viable or wind up their businesses can apply for support to do so under a new programme from Friday (Jan 29). Applications for the Simplified Insolvency Programme (SIP) will be open until…
Nelson Loh, co-founder of the Bellagraph Nova spotlighted for a series of false claims including doctored photos with ex-U.S. President Barack Obama has been judicially declared bankrupt after DBS commenced proceedings against him over outstanding debt. Nelson Loh was adjudged a bankrupt, according to a Business Times report citing Singapore High Court documents, over S$14.2…
Santander’s Madrid HQ Glenn Maud, an investor who during the last boom bought some of the worlds most expensive buildings, has been declared bankrupt after losing a near seven-year court battle. Maud was declared bankrupt in November following a petition lodged in 2014 from Libyas sovereign wealth fund, anotice from the High Court of Justiceshows.…
These rules, which absolved directors from personal liability if their businesses traded while insolvent, have been replaced by legislation that includes a new, streamlined SME restructuring process that came into force on 1 January. As of that date, a company with debts due and payable, that they cannot pay, is technically insolvent and its directors…
Tuesday, January 26, 2021 A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company’s reorganization is possible without insolvency and includes the majority decision of its creditors. In its final session in 2020, the German Bundestag passed the so-called Act on the Further…
A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company’s reorganization is possible without insolvency and includes the majority decision of its creditors. In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and…
Photo: Seth Wenig/AP/Shutterstock A Delaware bankruptcy judge has approved a settlement of more than $17 million for women who have accusedHarvey Weinsteinof sexual misconduct. Under this agreement, accusers would submit claims, and the amount they receive would depend on the type of allegation. Weve worked closely with many survivors of Harvey Weinstein who desired a…
The Delhi bench of the National Company Law Tribunal (NCLT) has initiated insolvency proceedings against a firm belonging to The Pioneer group, following a plea by one of its directors. The Pioneer group, owned by journalist Chandan Mitra, brings out one of the country’s oldest newspapers of the same name. Mitra declined comment when contacted.…
The National Company Law Appellate Tribunal (NCLAT) has set aside an order of insolvency against Kolkata-based RP Infosystems as the plea filed by the financial creditor, State Bank of India (SBI), was beyond the limitation period of three years. In its judgment, the NCLAT said that since the insolvency petition moved by SBI in 2019,…
EVERYONE has heard of people being declared bankrupt, but it’s not as simple as just having no money. Reality star Katie Price was declared bankrupt in November 2019 and blew her 45 million fortune and her net worth now stands at less than 1 million. 3 In most jurisdictions people or companies are declared bankrupt…