Gautam Adani, Executive Chairman and founder, Adani Group; Imafe credit: Bloomberg Synopsis Adani has done acquisitions of a dozen insolvent companies so far and managed to successfully rehabilitate them. In turn, these companies are helping the group consolidate its position across sectors such as power, ports, and real estate, etc. 2018. As Ruchi Soya, an…
EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process. Loan requests Initially, the EY-Parthenon teams…
Aug 27, 2024 11:08:00 By Harald Groven In 2022, a Russian court ordered Google to pay compensation to state-run broadcasters and seized more than $100 million from the bank accounts of Google Russia. As a result of the seizure of compensation, Google’s Russian subsidiary has declared bankruptcy. Putin seizes $100m from Google to fund Russia’s…
Synopsis In 2018, Adani Group faced a setback when it lost the bid for Ruchi Soya to Patanjali amid allegations of conflict of interest. Cut to 2024, Adani Group has made over a dozen acquisitions under the Insolvency and Bankruptcy Code (IBC), strengthening its leadership across various sectors. By strategically acquiring distressed assets such as…
PA Media Nottingham City Council made the announcement on Wednesday Nottingham City Council has declared itself effectively bankrupt, meaning it will stop all spending other than services it must provide by law. A recent report said the Labour-run council was set for a £23m overspend in the 2023-24 financial year. The council’s chief finance officer…
Why are local authorities going ‘bankrupt’? Commons Library Read the original article here
Nicole Tyson, counsel for Kingston’s trustee in bankruptcy, told the Federal Court last week that Kingston had further bank accounts and, potentially, assets in Hong Kong that required investigations to learn more about his financial position. The court heard the $151 million provided to the Sargon-associated company by the Chinese financier appeared to have been…
David Meldrum: warning Company directors are being urged to avoid engaging rogue unlicensed insolvency advisers or risk severe financial penalties, being struck off as a director or at worst, a prison sentence, warns an accountancy firm. “It is very concerning that some directors are engaging the services of unlicensed advisers, often in the belief that…
Property and retail giant Signa declared insolvency on Wednesday after last-ditch attempts to secure fresh funding failed, making it the biggest casualty so far of Europe’s property crash. Controlled by Austrian magnate Rene Benko, the group is an owner of New York’s Chrysler Building as well as several high-profile projects and department stores across Germany, Austria and…
EV charging firm Tritium appoints administrators Energy Source & Distribution Read the original article here