A mould scandal that put lives at risk and made staff sick at the Nauru immigration detention centre also affected the now mothballed facility at Manus Island. Air-conditioning caused water damage and mould to grow in the fire-resistant plasterboard walls and ceilings and the magnesium oxide board floors of modular buildings at the staff accommodation,…
So far, the insolvency regulations required determination of only the liquidation value of the insolvent company by two registered valuers. Now, these valuers will also have to determine the fair value of the company. Fair value, along with the liquidation value, will have to be provided to the committee of creditors on a confidential basis.…
Romanian insolvencies stand twice higher than the East-Central Europe (ECE) average, according to the data presented this Wednesday by Coface representatives. 2017 brought 8,256 new insolvency procedures, an year-on-year growth by 3 percent. Despite the minimum from the last 15 years, Romania still has an average level of 2.4 percent of insolvent companies out of…
Flexing newfound muscle they gained in a 2016 bankruptcy law, lenders in India are about to embark on a huge selloff of assets owned by companies that cant repay their debts. The assets — owned by steel, power, shipbuilding and construction companies — have been drawing interest from potential buyers including ArcelorMittal, the worlds biggest…
Among other woes, the 67-year-old credit union had issued bad loans to 191 members to the tune of $1.8 million. The Central Bank of Belize has liquidated the credit union; 1,100 shareholders affected. BELIZE CITY, Mon. Feb. 5, 2018 Last April, the Central Bank of Belize announced that it would be liquidating the…
The insolvency professional appointed for Bhushan Steel has deferred the decision to open the financial bid placed by JSW Steel, Tata Steel and group of Bhushan Steel employees on Tuesday. The resolution professional was asking the bidder companies to explain their resolution plan and the reasons on why they think the plan will succeed, said…
Dubbo has one of the highest rates of personal bankruptcy in Australia, with 74 people in the city declared bankrupt in 2017. Statistics from the Australian Financial Security Authority and data research agency illion placed Dubbo eighth in Australia, and third in NSW, for suburbs with the highest concentration of bankruptcies. Despite the high result it…
In a test case which impacts some 400 pending cases, the High Court has ruled that debtors have a right to directly engage in the review by the Court of a proposed Personal Insolvency Arrangement (PIA). Finding that the Personal Insolvency Acts 2012 to 2015 did not envisage that the Personal Insolvency Practitioner (PIP) was the sole voice to…
* ArcelorMittal to sell 29 pct stake to Uttam Galva founders * Stake sale at below market price, founding family member says * Deal seen driven by curb on associates of bank loan defaulters By Promit Mukherjee MUMBAI, Feb 6 (Reuters) – ArcelorMittal is set to sell its entire stake in Indias Uttam Galva Steels…
In a test case which impacts some 400 pending cases, the High Court has ruled that debtors have a right to directly engage in the review by the Court of a proposed Personal Insolvency Arrangement (PIA). Finding that the Personal Insolvency Acts 2012 to 2015 did not envisage that the Personal Insolvency Practitioner (PIP) was the sole voice to…