When a key client sues you in court, there’s a lot to lose regardless of the outcome. Which is the situation McGrathNicol finds itself in. The insolvency company is being sued by the Department of Employment over its receivership of Hastie Services, one of several companies within the collapsed Hastie engineering group. The case, filed in October, resumes in…
Doughnut Time is going into liquidation despite its new chief executive saying he would buy the company and “turn it around”. Its workers, who are owed more than an estimated $200,000 in unpaid wages, have also been kept in the dark. None of the workers were told that the troubled dessert chain went into voluntary…
Prosenjit Datta New Delhi Last Updated: March 13, 2018 | 14:42 IST As the 12 big cases referred under the Insolvency and Bankruptcy Code (IBC) to the National Companies Law Tribunal (NCLT) approach the 180 day deadline for resolution (though it can be increased by another 90 days), both the loopholes that need to be plugged and the…
Insurance is a unique business. Premiums are priced upfront for risks (claims) that are made (or not) at some stage down the track, for uncertain amounts. There is no business where understanding and managing risk is more critical. If fact, it is the business. The failure of New Zealand-based insurer CBL Corporation (ASX:CBL), a true…
Related Story: Doughnut Time’s retail empire crumbles what went wrong? Doughnut Time is getting liquidated despite its new chief executive saying he would buy the company and “turn it around”. Its workers, who are owed more than an estimated $200,000 in unpaid wages, have also been kept in the dark. None…
The immovable and movable property and the trade mark of the insolvent Latvian ice cream maker Druva Food has been purchased by Tervete Food company for nearly EUR 1 million, said the company’s insolvency administrator, Daina Zake, reports LETA. She said that Tervete Food had bought Druva Food‘s assets at the auction for EUR 998,203.…
Unbeknownst to the world at large, Donald T and Kim J-un have already met privately. Security was extreme, but IA was there to document it as it happened. TRUMP: Kim. I was having a lend of you when I called you “Rocket Man”. JONG-UN: No worries, Donald. Actually, its my favourite song. I love Elton John…
Resolution plans under the Insolvency and Bankruptcy Code (IBC) are likely to get easier approvals from creditors committees, with a government panel agreeing to recommend only 60 per cent of their members needed to pass these. At present, the requirement is 75 per cent votes. In a meeting on Monday, the panel,…
The insolvency proceedings for Bhushan Power & Steel and Jyoti Structures might be hit as their resolution professionals have quit audit firm BDO India and joined rival Price Waterhouse. BDO India has filed a petition in the Bombay High Court against two of its partners, Mahendar Khandelwal (Bhushan Power & Steel) and Vandana Garg…
MUMBAI: Old habits die hard and Indian promoters and companies are proving just that when it comes to bankrupt firms and those bidding for them. They are pursuing legal options that may end up delaying or even disrupting the insolvency resolution process. While bankrupt companies such as Videocon Industries and BILT Graphic Paper are using…