NEW DELHI: The government is considering amending its insolvency law to prevent existing promoters of bankrupt companies from reacquiring them during the resolution process at a steep discount. The current Insolvency and Bankruptcy Code, passed last year, does not prevent promoters from bidding for these stressed assets during the resolution process. Some owners are reported…
Opinion Jonathan Thornton 13 Nov 2017 02:58pm It is a common misconception that trading whilst insolvent is an offence and one that leads to personal liability on the part of the directo… Read the full article at: http://economia.icaew.com/en/opinion/november-2017/insolvency-litigators-turning-to-third-party-funding
KUALA LUMPUR: The number of Malaysians under 30 years old declared bankrupt from January to September 2017 due to credit card debts declined to nine individuals compared to 22 last year. Deputy Finance Minister, Datuk Othman Aziz (pix), said one of the major causes of bankruptcy among younger generation due to credit card debt was…
reader comments 1 Share this story History of the Amiga The A-EON Amiga X5000: An alternate universe where the Amiga platform never died A history of the Amiga, part 10: The downfall of Commodore People still use the Amiga today, and new Viva Amiga documentary shows why A history of the Amiga, part 9: The…
UPDATE 9.45pm: LATE last year the former wife of Boutique nightclub owner Darren “Razzle” Thornburgh was left shaken after shotgun fire peppered her luxury Port Melbourne house in a drive-by shooting in the early hours of Friday morning. Police say Denise Thornburgh and her teenage daughter were asleep inside the upmarket, cream-coloured home on Beacon Vista,…
KUALA LUMPUR: The number of young people in Malaysia declared bankrupt due to credit card usage is still relatively low. Deputy Finance Minister Datuk Othman Aziz said from January to September, only nine below the age of 30 were declared bankrupt. He said the number registered this year was still lower compared to the same…
One Nation is in disarray after new Queensland senator Fraser Anning quit the party to sit as an independent crossbencher. A furious One Nation leader Pauline Hanson accused disloyal staffers for influencing Senator Anning’s decision to abandon the party but confirmed she had not wanted Senator Anning to take up his seat. Senator Anning’s departure…
Smaller contractors and building materials companies could face a liquidity crunch if big construction and engineering groups keep delaying payments to suppliers, McGrathNicol has warned. Construction and engineering companies paid suppliers 10.5 days more slowly in 2016-17 than they did a year earlier, reversing the previous trend of paying suppliers faster, according to the insolvency…
Shafin Developments, the property company the brothers established together, went bust in 2012. The singer, faced with a bill of 23m, was declared bankrupt. His brother Finbarr has revealed he was declared bankrupt last Monday to the tune of 15 million. In a column in the Sunday Business Post, the Sligo businessman, who is chair…
Venezuela is likely to be declared as bankrupt nation, which could start a global financial crisis, as the Latin American country has not made any debt payment to many entities including Indian oil and gas major ONGC. The financial crisis would be amounting to USD 60 billion as Venezuela’s President Nicolas Maduro announced last week…