When Andrew Purcell is asked how serious a breach of directors’ duties it would be for a director to seek a secret, personal benefit in return for supporting a deal in the interest of shareholders, he answers with a vigorous nod. “That would be against directors’ duties, yes,” he agrees. That conduct is precisely…
Sweeping reforms to insolvency laws and regulations are set to benefit distressed companies that are attempting to negotiate a sale and avert going into administration. Local lawyers are of the view that draft regulations released this week by Minister for Revenue and Financial Services Kelly O’Dwyer are largely positive for lenders, struggling companies and the restructuring industry. “These…
The British Steel consortium has repeatedly voiced a wish to purchase Latvias insolvent KVV Liepajas Metalurgs steelworks as a whole, according to a letter written by British Steel at the disposal of LETA. A consortium that includes British companies British Steel and Greybull Capital and Estonian company Baltic Metal Holding in a letter dated with…
NEW DELHI: Top officials at leading banks fear that the insolvency resolution process at three companies with dues of about Rs 1 lakh crore is likely to fail, leading inevitably to liquidation. Lenders are unwilling to accept offers for Lanco Infratech, ABG Shipyard and Alok Industries that involve substantial haircuts over concerns that such deals…
RIGA The British Steel consortium has repeatedly voiced a wish to purchase Latvias insolvent KVV Liepajas Metalurgs steelworks as a whole, according to a letter written by British Steel at the disposal of LETA. A consortium that includes British companies British Steel and Greybull Capital and Estonian company Baltic Metal Holding in a letter dated…
A FORMER Noosa businessman who told a jury he “can’t even spell” has denied claims he was involved in the defrauding of a Hervey Bay company. Dimitrios Pagonidis gave evidence at his own trial at the Maroochydore District Court yesterday and told the jury he never owned the business, DNA Spray Booths and DNA Panel…
SolarWorld’s Hillsboro factory will survive and perhaps expand after its sale Wednesday to a rival company, SunPower. Though based in California, SunPower makes most of its solar panels overseas and it had lobbied unsuccessfully against new tariffs that SolarWorld sought on imported solar panels. With Wednesday’s deal, SunPower now has a domestic manufacturing source that…
Administrators for Beaufort Securities, the disgraced UK broker that was closed down by regulators in March, have said it could cost as much as £100m to return the cash and assets held by the company, currently valued at £550m, to its thousands of private investor clients. The administrative cost of carrying out insolvency proceedings for…
Kolkata: The National Company Law Tribunal’s (NCLT) Kolkata bench on Monday approved Vedanta Ltd’s resolution plan for the insolvent Electrosteel Steels Ltd, one of the 12 large corporate defaulters identified by the Reserve Bank of India. During the insolvency proceedings, the debt-laden company’s resolution professional, Dhaivat Anjaria, had submitted Vedanta’s resolution plan before the bench…
The National Company Law Tribunal’s (NCLT) Kolkata bench on Monday approved Vedanta Ltd’s resolution plan for the insolvent Electrosteel Steels Ltd. During the insolvency proceedings, the debt-laden company’s resolution professional had submitted Vedanta’s resolution plan before the bench for final disposal after lenders declared it as “successful resolution applicant”. …