A financial creditor can seek to initiate insolvency process against a corporate guarantor of a company first, instead of the company itself in case the guarantee fails, the National Company Law Appellate Tribunal (NCLAT) has held. Corporate insolvency resolution process, thus, can go ahead against the guarantor under section 7…
To cheat a former bank colleague, a man concocted an elaborate plan to forge court documents including travelling to Malaysia to obtain counterfeit court seals. Cheong Eh Meng ended up cheating almost $4 million from his 65-year-old ex-colleague. On Wednesday (9 January) at the State Courts, Cheong, 55, pleaded guilty to 29 counts of cheating,…
Essar Group CEO Prashant Ruia says there must be a distinction in the bankruptcy code to deal with instances where the promoter has done something wrong and when it is a genuine business decision that has failed. When there is no wrongdoing, We should not talk about punishment, especially at a time when India is…
The National Company Law Tribunal (NCLT) has told the employee association of Reid and Taylor and the investor, who is backing them in their takeover bid, they have time till Thursday to furnish documents regarding their net worth to acquire the company. ALSO READ: RP of Reid & Taylor moves NCLT,…
Hello, Dear Reader Welcome to the L.A. Daily News 2019 Crystal Ball . True, theres no ball here (and absolutely no crystal); just words on a page. But work with us here. Were coming from a good place 2018 where some shoe-leather reporting and getting to know the Valley has given us a decent idea…
Just when you thought Sears Holdings Corp. was on its way out, the bankrupt department store retailer could be saved once again by a $120 million infusion from its Chairman Eddie Lampert. Sears shares jumped 33% in afternoon trading Tuesday, after the potential Lampert rescue was revealed, reversing a loss of as much as 50%…
Pia Bang Stokes High profile or not, personal insolvency works for debtors Independent.ie When the High Court approved a 12m write-off of debt owed by Pia Bang Stokes and her husband, Jeffrey Stokes – formerly of Unicorn Restaurant fame – it sparked fears that our new personal insolvency regime was failing ordinary debtors while working…
Scott+Scott Attorneys at Law LLP (Scott+Scott), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Yangtze River Port and Logistics Limited (Yangtze or the Company) (NASDAQ: YRIV) and other defendants, related to alleged violations of federal securities laws. If you purchased Yangtze securities between…
Just when you thought Sears Holdings Corp. was on its way out, the bankrupt department store retailer could be saved once again by a $120 million infusion from its Chairman Eddie Lampert. Sears shares jumped 33% in afternoon trading Tuesday, after the potential Lampert rescue was revealed, reversing a loss of as much as 50%…
The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Yangtze River Port and Logistics Limited. (Yangtze River or the Company) (NASDAQ: YRIV) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and…