Carillion bonuses cancelled and pay for some workers found – Financial Times

Bonus payments to directors and former executives of collapsed construction company Carillion have been stopped and an agreement has been reached on safeguarding thousands of private sector jobs, the UK governments Insolvency Service said on Wednesday. Any bonus payment to directors, beyond the liquidation date, have been stopped and this includes the severance payments which…

Insolvency resolution professionals seek clarity on compliance when firms turn hostile – Livemint

Resolution professionals said they had submitted their suggestions on the issue to a government panel formed to address concerns around the IBC. Photo: Mint Mumbai: Resolution professionals (RPs) appointed to manage companies taken to the bankruptcy court have sought clarity on how to proceed when these companies refuse to cooperate with them, two RPs working…

Now, employees step in to save bankrupt companies – Economic Times

MUMBAI: Employee buyouts or participatory managements are not commonplace in India, but the model could be explored for some companies hauled before insolvency courts, where affected staff-members at units without hopes of a revival have urged tribunals to liquidate the entities as ‘going concerns.’ “There is a growing tendency among employees and workers to save…

Court monitor to review Sears Canada payout of dividends while company was in the red – Toronto Star

Handsome dividends paid to Sears Canada shareholders even as the company was faltering and its employee pension fund was running a deficit are being reviewed by the court-appointed monitor handling the companys insolvency. The monitor is carrying out a review of certain material transactions, according a new report on the insolvency by the monitor, FTI…