A rise in high-profile banking frauds led to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The ordinance, effective from 6 June, presses for greater transparency in the corporate insolvency resolution process (CIRP), to prevent unscrupulous persons from misusing or vitiating the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). Deepak SabharwalManaging partnerDeepak Sabharwal…
The late Mark Boscariol’s three restaurants were closed abruptly because the company operating them was insolvent, says his family. In a release sent to CBC News Monday, the family of the entrepreneur says that decision was made while administering Boscariol’s estate. “As common in small businesses, the founder is the glue that keeps the business together through…
Major leisure infrastructure projects in Hong Kong, including the West Kowloon Cultural District and Ocean Parks new hotel and waterpark – are experiencing significant overruns as a result of construction delays and contractural issues. At the end of last week, the West Kowloon Cultural District Authority (WKCDA) fired its main contractor following a protracted financial…
IN a sliding doors moment, Nathan Tinklers former right-hand man, Troy Palmer, has been declared bankrupt with debts of more than $21 million, just as word emerges that his former one-time billionaire boss has had his personal bankruptcy annulled. The Herald can reveal that retail giant Gerry Harvey has bailed the former mine electrician from Muswellbrook out for a…
Introduction Recent case Court’s obiter comments Comment Introduction The United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-border Insolvency is not formally recognised in Hong Kong, unlike in Singapore which adopted it last year.(1) There are no statutory provisions empowering the Hong Kong courts to provide assistance and recognition to foreign insolvency…
Krishnan Suthanthiran has denied any wrongdoing, and his dogged fight to squelch the Belgian probe has been playing out in courtrooms in two Canadian provinces Krishnan Suthanthiran, President of Kitsault Resort Ltd in Vancouver, BC, October 24, 2008. Lyle Stafford for National Post Its been a few years since Krishnan Suthanthiran last made headlines. They…
Dwight once played for Manchester United (Photo by Power Sport Images/Getty Images) Only weeks after his ex Katie Price was given 12 weeks to pay off her debts or be faced with being formally declared insolvent, Dwight Yorke faces the same threat of bankruptcy. The former footballer, 46, has allegedly spiralled into debt and according…
Neil Avery Hughes (51), from Water Orton, Birmingham, was a director of Contact Transport Limited (Contact Transport). Incorporated in February 1980, the company traded from premises in Garrets Green and provided haulage and parcel delivery services. In 2011, Contact Transport was acquired by another company, Keelek 369 Limited, before it entered into a Company Voluntary…
Dear Sir / Madam, In addition to our earlier disclosure made on 02nd May 2018, 11th May 2018, 20th June 2018, 12th July 2018 and 27th July 2018, we would like to inform you that the Honble National Company Law Tribunal, Ahmedabad Bench (NCLT) in the matter IA 139 of 2018 in CP 53 of…
Of the 40 largest NPA accounts sent to various National Company Law Tribunals (NCLTs) since last July, which together constitute around 40 percent of over Rs 11 trillion worth of bad loans, only seven had been resolved so far, where the banks took an average haircut of over 60 percent since some accounts such as…