IBC: NCLAT Asks Rewant To File Affidavit Over Association With Ravi Ruia In Essar Steel Insolvency Case – BloombergQuint

Senior Advocate Mukul Rohatgi appearing for Numetal submitted that although ArcelorMittal has disposed of share before submitting its resolution plan in February, but it was a promotor of Uttam Galva till March 21 on NSE and March 23 on BSE records. “They (ArcelorMittal) continued as a promotor of the company notwithstanding of selling of their…

Low-cost Pobeda wants to connect Moscow with Europe, via Kaliningrad – www.rusaviainsider.com

Low-cost carrier Pobeda plans to launch transit flights from Moscow to Europe via Kaliningrad (I. Zarembo / Khrabrovo Airport) Khrabrovo Airport, which serves Kaliningrad, has reached an agreement with Aeroflots low-cost subsidiary Pobeda Airlines to set up hub operations through the Russian enclave. Khrabrovos general director Alexander Korytny explained in an interview to Interfax newswire…

Australian economy losing billions due to companies deliberately going broke, PwC finds – The Guardian

Phoenixing by companies that deliberately go broke has a direct cost of up to $5bn a year on business, employees and government, including a whopping $3bn owed to other businesses, a PwC report says. Phoenixing is the deliberate and systematic liquidation of a company to avoid liabilities such as tax and employee entitlements then restarting…

Rising cost of phoenixing delivers $5 billion economic hit, Kelly O’Dwyer says – The Australian Financial Review

Phoenixing is costing the economy as much as $5 billion a year through unpaid wages, invoices and tax bills, a new report claims, as the Turnbull government intensifies its crackdown on dodgy company directors. The government’s Phoenix taskforce conducted about 340 reviews and audits in 2017-18, raising more than $270 million in tax liabilities and collecting…

REVEALED: Estranged husband of the New York socialite who fell down 27-story garbage chute to her death went … – Daily Mail

REVEALED: Estranged husband of the New York socialite who fell down 27-story garbage chute to her death went bankrupt after ‘running multi-million dollar Ponzi scheme’ the same year they filed for divorce The husband of the New York City socialite who was found dead in her luxury building’s trash compactor was accused of running a…

One in four UK companies insolvent in last six months due to customer insolvency problems – Business MattersBusiness Matters

Over a quarter of UK companies have suffered a hit to their finances following the insolvency of a customer, supplier or debtor in the last six months, according to new research. The research found the financial impact of the insolvency of another business was described as very negative by one in ten UK companies,…