KUALA LUMPUR (Jan 19): Former Port Klang Authority general manager (GM) Datin Paduka OC Phang, who was ordered to pay RM2.6 billion in damages by the Shah Alam High Court to the authority, has been declared a bankrupt. The petition notice declaring her a bankrupt was made following a Kuala Lumpur High Court order dated…
The Mumbai Bench of the National Company Law Tribunal (NCLT) has agreed to hear State Bank of Indias (SBIs) plea to initiate personal insolvency against Rajkumar Dhoot and Pradeep Kumar Dhoot, two relatives of Venugopal Dhoot, the founder and former chairman and managing director of Videocon Industries Limited (VIL). The bank is seeking recovery of…
Port Klang Authoritys (PKA) bid to claim part of its losses amounting to more than RM2 billion related to the Port Klang Free Zone (PKFZ) debacle have all but disappeared. Despite the Shah Alam High Court ruling in September 2018 that its former general manager was liable for the losses, she has been declared a…
Member Article Corporate insolvencies increased by 37.8% to 1,228 in December 2020 compared to Novembers figure of 891, and were 9.2% higher than December 2019s figure of 1,125. Personal insolvencies increased by 2% to 9,518 in December 2020 compared to Novembers figure of 9,328, and were 13.4% higher than December 2019s figure of 8,391. Eleanor…
A leading barrister has claimed that large numbers of bankruptcy claims will be made by Irelands financial institutions as soon as the courts are allowed to resume normal service. And according to Keith Farry, Irish farmers will be in the eye of the storm. Farry spoke at a recent seminar on farm debt and personal…
The Delhi High Court on Monday issued notice in a petition challenging Section 10A of the Insolvency and Bankruptcy Code 2016. The petition was filed by Getamber Anand, the Chairman and Managing Director of the ATS Group, through Advocate Kartik Nayar, KN LEGAL, Advocates and Solicitors. On December 2020, the petitioner received a notice from…
A property developer linked to a number of stalled developments in Liverpool has been declared bankrupt. Kerry Tomlinson, 52, a well known figure in Liverpool’s property sector, was the director of Primesite Developments. The company was behind a number of ambitious property schemes but went into liquidation last March. In recent years Mr Tomlinson has…
Business Changes to the personal insolvency system, including reducing the default period of bankruptcy from three years to one year and tougher sanctions against dodgy advisers, have now been floated by the government. Business Jotham Lian 18 January 2021 1 minute read object(stdClass)#17022 (8) { [“image_intro”]=> string(65) “images/articleimages-391×261/850×492/Parliament-house-new1-ad.jpg” [“float_intro”]=> string(0) “” [“image_intro_alt”]=> string(42) “Attorney-General floats…
For many, 2020 has been the year to forget. The Coronavirus pandemic (COVID-19) has halted global economies and initiated recessions across continents and countries, including Australia. In an attempt to alleviate the financial impact of COVID-19, the Australian Government has implemented various reforms (both temporary and permanent) designed to provide relief to financially distressed businesses.…
It was a dramatic end for government super-contractor Carillion when it crashed into insolvent liquidation in January 2018. Part-completed road projects, unfinished hospital buildings and disruption to hospital cleaning and catering heralded the end of this self-styled integrated support services business. Carillion owed its creditors over 1.5 billion, and when matters came to a head…