Bankers are struggling to arrive at a consensus on the resolution of several stressed power sector assets outside of the insolvency proceedings. They fear large loan losses or haircuts in the sector given the lower valuations. Negotiations are going on but we are yet to finalise the pricing as the current levels demanded by buyers…
South Koreas financial institutions suffered insolvency of asset-backed commercial papers Friday at midnight, following a Chinese firms default on payments due for bonds. The ABCPs were backed by dollar-denominated bonds worth $150 million that were declared insolvent Thursday. This accounts for some 7 percent of all bonds issued by CERCG Overseas Capital, a Hong Kong…
“; var ifrd = ifr.contentWindow.document; ifrd.open(); ifrd.write(htmlcode); ifrd.close(); } }); South Koreas financial institutions suffered insolvency of asset-backed commercial papers Friday at midnight, following a Chinese firms default on payments due for bonds. The ABCPs were backed by dollar-denominated bonds worth $150 million that were declared insolvent Thursday. This accounts for some 7…
The Company hereby informs that the Resolution Professional with the approval of Committee of Creditors of the Company had filed an application before the Honble NCLT, Mumbai seeking an extension of the period of Corporate Insolvency Resolution Process (CIRP) of the Company by Ninety (90) days in terms of Section 12(2) of the Insolvency and…
Simply put these terms amount to the same thing the inability of a business to pay their debts but its important to understand the differences between liquidation and insolvency. Insolvency can be considered a financial state of being, when a company is unable to pay its debts or when it has more liabilities than assets…
Empee Distilleries, one of the popular Indian made foreign spirits manufacturers in Tamil Nadu, was dragged to NCLT by Union Bank of India claiming dues of Rs 10.18 crore. The Chennai bench of National Company Law Tribunal (NCLT) has ordered commencement of the corporate insolvency resolution process against Empee Distilleries and appointed V Venkata Siva…
A Division Bench of the National Company Law Tribunal (NCLT), Chennai, has ordered starting of Corporate Insolvency Resolution Process against liquor manufacturing company Empee Distilleries. The Bench has also appointed V Venkata Siva Kumar as the Interim Resolution Professional to take charge of the companys affairs immediately. The Bench passed the order based on a…
A LIQUIDATOR has been appointed to a Gladstone building business that has offices across the state. The Australian Securities and Investments Commission website states Irwin Homes Pty Ltd went into liquidation as of October 31. Irwin Homes has a head office in Gladstone and has projects across Queensland, including Rockhampton, Sunshine Coast, Gold Coast and…
Home interior and decor chains Bowring and Bombay have declared insolvency. According to documents, Bowring Canada and Bombay & Co., Inc., along with parent company Fluid Brands Inc., have obtained protection from creditors under the Bankruptcy and Insolvency Act. Home interior and decor chains Bombay and Bowring have declared insolvency.(JEFFERY WASHINGTON / AP FILE PHOTO)…
LONDON (Reuters) – Stewart Ford, the former CEO of now-defunct death bond company Keydata, has lost a protracted battle against Britains financial regulator over a record 76 million pound fine and a ban from regulated financial services. The Financial Conduct Authority said on Tuesday that Londons Upper Tribunal, which hears challenges against its decisions, had…