Category Archives: Bankruptcy

Crackdown on directors is step in right direction, says insolvency group – Norfolk Eastern Daily Press

PUBLISHED: 12:37 29 August 2018 | UPDATED: 12:37 29 August 2018 R3 Eastern chairman Mark Upton, partner at Ensors Chartered Accountants. Picture: Roger Barcham, BMS Imaging Roger Barcham, BMS Imaging A regional insolvency group has welcomed government moves to crack down on directors who diss… Read the full article at: http://www.edp24.co.uk/business/r3-government-crackdown-phoenixing-insolvency-service-east-anglia-1-5671718

Force India was just days from closing before rescue – RaceFans

Force India team principal Otmar Szafnauer said the team came within days of collapsing before going into administration and being bought by new owners. Szafnauer said described how close the team came to being declared insolvent, which would have forced it to close its doors. It was pretty close, he told media including RaceFans last…

GNPC boss admits links with a company that sold $7.5m property to GNPC – GhanaWeb

Dr. Sarpong says the property has between 18 to 21 buildings in a gated community and not 6-blocks Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC) has confirmed, he once worked with Global Haulage Company Limited from which the GNPC bought a property worth $7.5 million. Despite his past association with the transport…

SBI Should Declare Gujarat Petroleum Corporation Bankrupt: Jairam Ramesh – NDTV

Even after the sanction of Rs 20,000 crore to GSPC, no oil or gas has been extracted, Mr Ramesh claimed New Delhi:  Citing a Reserve Bank of India (RBI) notification, senior Congress leader Jairam Ramesh on Monday said that the State Bank of India should declare Gujarat State Petroleum Corporation (GSPC) as bankrupt by 5…

Will Wonga collapse, when was the payday loan company founded and what are the compensation claims? – The Sun

WONGA is on the brink of collapse after being inundated with compensations claims. Here’s what we know about the situation the payday loan giant’s current predicament. PA:Press Association Wonga is allegedly preparing for administration Will Wonga collapse? The company was kept afloat three weeks ago thanks to a £10million emergency cash injection from shareholders. But…

INSOLVENCY: A new way to acquire an Indian Company but not everyone is welcome – Brought to you by Shardul … – Legal Business Online

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Congress alleges PM Modi not allowing GSPC to be declared bankrupt – Times of India

NEW DELHI: Congress on Monday alleged that government-run Gujarat State Petroleum Corporation (GSPC) owed over Rs 12,000 crore in loans to various banks, and accused the Narendra Modi-led BJP government of trying to prevent the company from being declared bankrupt. Congress MP and spokesperson Jairam Ramesh alleged that a Rs 20,000 crore scam had been…

Debtors distress for Wyndham – Star Weekly

Wyndham recorded the highest number of debtors entering personal insolvency within the greater Melbourne area in the June quarter this year. There were 93 personal insolvencies recorded in Wyndham between April and June, according to the Australian Financial Security Authority. That compares with 80 personal insolvencies between January and March. Elsewhere in the west, Melton…

Power companies with Rs 1.7 crore stressed loans face insolvency proceedings – Times of India

MUMBAI/NEW DELHI: Private power companies defaulting on an estimated Rs 1.7 lakh crore loans to 34 projects ran out of time to avoid insolvency proceedings on Monday, with the Allahabad high court refusing to grant interim relief. The court’s decision leaves no other option for lenders but to initiate insolvency proceedings according to the Reserve…

NPA account: Allahabad High Court refuses to give interim relief to … – Economic Times

NEW DELHI: The Allahabad High Court declined to give private power companies any interim relief on the Reserve Bank of India (RBI) circular that tightened bad loan norms on Monday, the deadline for finalising resolution plans for the stressed assets. The court suggested the government could use a special dispensation that has never been used…