Operations at Uchumi Supermarkets have ground to a halt as legal suits by creditors stall turnaround efforts. The disputes have weakened the retailers ability to cash in on the busy festive season, winding up another dismal year for Kenyas pioneer chain store. Following various litigation matters concerning the solvency of the company and the lease…
Dear Rusty: Sometimes words used have different meaning to others, like your recent article on the Social Security Trust Fund. In a true trust fund, monies are only used for a specific purpose. Our so-called Social Security Trust Fund doesnt work like that. Instead, money collected goes directly into the US Treasury, mixed up…
Operational creditors of companies undergoing the corporate insolvency resolution process should have a say in the committee of creditors (CoC) and get voting rights proportional to the debt owed to them, the Supreme Court observed on Thursday. A two-judge Bench of Justice Rohinton Fali Nariman and Justice Navin Sinha asked…
The announcement was made in the midst of the companys restructure following its self-administered insolvency proceedings, owing to a high rise in energy costs and procurement prices for raw materials. Job losses According to Heiner Kayser, MD, Feldmuehle, by discontinuing the production of graphic papers its paper machine 2 will be shut down and there…
Fersun Limited was incorporated in March 2011 and this was the first company operated by Songnan Sun (32) having researched the market for two years. Initially the company specialised in repairs of mobile phones but as the business grew, the Glaswegian boss expanded the companys activities into the wholesaling of mobile phone accessories and parts,…
Anil Ambani-led Reliance Communications could be staring at insolvency as the Supreme Court on Thursday declined to grant it two weeks extra time to clear the Rs 5.5-billion dues of Ericsson. The deadline for the said repayment ends December 15. The refusal by the top court to grant more time…
HYDERABAD: The National Company Law Tribunal ordered the liquidation of Nagarjuna Oil Corp, nearly 17 months after initiating corporate insolvency resolution proceedings at the company, saying that lenders had not accepted the proposals made by various prospective investors. Haldia Petrochemicals, Bharat Petroleum, Gulf Petrochem and Citax Energy DMCC had submitted resolution proposals since the insolvency…
German heavy lift company Hansa Heavy Lift has filed for insolvency with the Hamburg District Court amid challenging market conditions. The decision was allegedly triggered by the companys US-based investor Oaktree Capital Management on Monday, December 10. Due to an extremely challenging operating environment in the global shipping industry, Hansa Heavy Lift filed for insolvency…
Dodgy insolvency practitioners will now find it harder to facilitate illegal phoenix activity under the governments new rules to restrict the voting right of certain creditors to prevent collusion. Assistant Treasurer Stuart Robert announced the introduction of the new insolvency practice rules that will restrict the voting rights of certain creditors related to a phoenix…
A COUPLE being investigated following an alleged 390million Caribbean property have been declared bankrupt. David Ames, 66, of Brock Hill, Wickford, and his wife Carol Ann, of the same address, appeared at Southend County Court last week. The couple, who are being investigated by the Serious Fraud Office, were made subject to bankruptcy orders by…