MUMBAI: Homebuyers could be treated on a par with unsecured financial creditors at insolvency proceedings for real estate companies. If adopted, the move will cheer those who have acquired residences from companies such as Jaypee Inftratech, Unitech and Amrapali and find themselves at the back of the queue when it comes to seeking recompense. This…
End user IT training provider TP3 Group has been liquidated after 30 years in business, with all staff losing their jobs though many have since been hired by a competitor. TP3 Group, which offered Microsoft and Adobe courses, was wound up by the Australian Taxation Office in December. A report from court-appointed liquidator Nicols &…
Company directors are dodging measures designed to stop abuse of the insolvency system so that they can avoid paying their creditors, new research suggests. Experts have expressed concern about the number of phoenix companies, which are created by directors after a firm is put into whats known as a pre-pack administration. In a pre-pack, a…
Bloomberg reported on Thursday that Toys ‘R’ Us is making preparations for a liquidation of its bankrupt US operations. The company has struggled to find a buyer or reach a debt-restructuring deal with lenders, leaving it with few options. It has insisted its Australian operations will not be affected by the insolvency. Claire’s Stores, another…
Bloomberg reported on Thursday that Toys “R” Us is making preparations for a liquidation of its bankrupt U.S. operations. The company has struggled to find a buyer or reach a debt-restructuring deal with lenders, leaving it with few options. It has insisted its Australian operations will not be affected by the insolvency. Claire’s Stores Inc.,…
By Rupert Rowling March 10, 2018, 7:01 PM EST British lawmakers released documents that show law firms and consultants got millions of pounds from Carillion Plc, a day before the failing companys chairman asked for an emergency government loan in a letter that one committee head called a ransom note. Carillions board requested 10 million…
Letter to the editor WITH 1190 SCHOOL SUSPENSIONS PER YEAR, IT IS BLEEDINGLY OBVIOUS THE SYSTEM NO LONGER WORKS IT WAS with a great degree of sadness and concern I read the headline story in The Gympie Times (Saturday, March 3) . YOUR SAY: Suspensions catch bullying victims in crossfire Sad for the lost opportunity…
Lenders, reeling under the pressure of recovering dues from insolvent companies, have run into another wall. The National Company Law Appellate Tribunal has ruled that lenders cannot invoke guarantees given by promoters while the borrower is facing insolvency proceedings. State Bank of India was amongst the many lenders that initiated proceedings against guarantors to recover…
CREDITORS to former Hunter Sports Group chief executive Troy Palmer have declined to accept his offer of a personal insolvency agreement, insolvency trustee Chad Rapsey said on Friday. The Newcastle Herald reported in February that Mr Palmer was offering $120,000 to be paid by his wife, Emma to settle debts of more than $27 million,…
CREDITORS to former Hunter Sports Group chief executive Troy Palmer have declined to accept his offer of a personal insolvency agreement, insolvency trustee Chad Rapsey said on Friday. The Newcastle Herald reported in February that Mr Palmer was offering $120,000 to be paid by his wife, Emma to settle debts of more than $27 million,…