New Delhi: Debt-ridden Essar Steel has registered an EBITDA (earnings before interest, tax, depreciation and amortisation) of 4,229 crore during its Corporate Insolvency Resolution period (over 600 days). In an affidavit filed before the National Company Law Appellate Tribunal (NCLAT) last week, the resolution professional said the company earned 4,000 crore from its operations between…
In February 2019 Michael Stanley, the owner of racehorses through Layezy Racing Owners Club was declared bankrupt. Stanley, a former police officer, attracted investors to the syndicate who paid over funds in exchange for a share of winnings in races in which the horses ran. Philip Duffy and Allan Graham of corporate restructuring and debt…
Image copyright British Steel Talks to avert the collapse of British Steel will resume later on Friday after the firm secured funds to stay afloat until the end of May. Sources close to owners Greybull Capital say its future will be discussed at “ministerial level”. British Steel has admitted it needs further financial support from…
Melbourne-based contract brewing operation Sample Brewing is being offered for sale after the business called in administrators on Tuesday. Administration of the brewing business, which launched in 2014, was taken over by Shane Cremin of insolvency firm Rodgers Reid on Tuesday. Cremin told Brews News that the business continues to trade with plans to offer…
A Federal agency has put a Pilbara Aboriginal corporation that earns millions of dollars a year in mining royalties from Rio Tinto in the hands of insolvency experts over governance and financial issues. The Registrar of Indigenous Corporations yesterday placed Yinhawangka Aboriginal Corporation, based in Paraburdoo, into special administration. The news comes less than a…
The bag manufacturer Bree has requested the local court of Hamburg for the opening of insolvency proceedings in self-administration. Despite intensive efforts and a complete restructuring was not managed, the business is in the black due, it is said in a message of the company. Bree had moved in the past year, the companys headquarters…
Its a while ago now, but Autumn Budget 2018 contained the still currently premature move to grant HMRC preferential creditor status in the event of insolvency, with potentially grim consequences for PSC contractors, writes Jonathan Munnery, partner at Begbies Traynor. In practical terms, the move will push commercial finance providers to the backburner and, also…
MIFAs insolvency administrator Lucas Flther of Flther & Wissing welcomes the judgment of the court of appeal in Naumberg. The courts decision is an important victory for the numerous creditors of MIFA AG. The court has followed our plea that the property belongs to the assets of the MIFA. Now we have to wait and…
The number of bankruptcies in Australia has fallen to a 24-year low, according to the Australian Financial Security Authority. The Australian Financial Security Authority (AFSA) has reported that bankruptcies have dropped 9.2 per cent year-on-year to 3,765 in the March 2019 quarter, compared to 4,148 in the same quarter in 2018. The March quarter figure…
On 13 May 2019, the Sixth Appellate Administrative Court rejected the appeal of the National Bank of Ukraine against the ruling of the Kyiv District Administrative Court dated March 2, 2018, that had satisfied the lawsuit filed by the Cyprus-based companyTriantalInvestments Ltd PrivatBanksformer shareholder. “The NBU does not agree with the courts ruling and intends…