Category Archives: Bankruptcy

Bankrupt father of three who ran brothel in city avoids prison term – Belfast Telegraph

Bankrupt father of three who ran brothel in city avoids prison term BelfastTelegraph.co.uk A brothel keeper who housed prostitutes from eastern Europe has been ordered to carry out 60 hours of community service. https://www.belfasttelegraph.co.uk/news/northern-ireland/bankrupt-father-of-three-who-ran-brothel-in-city-avoids-prison-term-37512116.html https://www.belfasttelegraph.co.uk/incoming/article37513100.ece/0a6a6/AUTOCROP/h342/erryMcBride12.jpg Email A brothel keeper who housed prostitutes from eastern Europe has been ordered to carry out 60 hours of community…

Duped in UK, PNB in legal battle to recover $37 million – Times of India

LONDON: The UK subsidiary of Punjab National Bank (PNB) is suing five Indians, one American and three companies in the UK high court claiming they fraudulently misled the bank to lend them tens of millions of dollars and now owe the bank approximately $37 million (Rs 271 crore) in unpaid loans. PNB (International) Ltd, which…

Bankers struggle to resolve power sector assets outside insolvency process – Moneycontrol.com

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…

Korean financial institutions suffer $150m cross-default on Chinese bond insolvency – The Korea Herald

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…

Korean financial institutions suffer $150m cross-default on Chinese bond insolvency – The Korea Herald

“; 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…

Ricoh India Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process … – The Hindu BusinessLine

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…

What is the difference between liquidation and insolvency? – Business MattersBusiness Matters

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…

NCLT orders insolvency process against Empee Distilleries – Financial Express

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…

NCLT orders insolvency proceedings against Empee Distilleries – The Hindu BusinessLine

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…

Investigation into sudden collapse of Gladstone builder – Gladstone Observer

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…