Accountant Myles Kirby of Kirby Healy Chartered Accountants was appointed as liquidator of Ebise Patrick Street Limited following a creditors meeting on September 11, papers filed with the Companies Office show. His role is to recover any assets available to discharge liabilities, and in addition to assess the conduct of directors prior to insolvency. Accounts…
Under the IBC, appointment of a resolution professional marks the onset of insolvency resolution in a debtor company Sudipto Dey Last Updated at October 22, 2017 23:54 IST … Read the full article at: http://www.business-standard.com/article/opinion/why-directors-should-be-wary-of-insolvency-and-bankruptcy-code-117102200729_1.html
The Greek government has moved to have the countrys largest shipyard Hellenic Shipyards declared bankrupt. The insolvency proceedings were filed under the country’s revised bankruptcy code, which foresees the rapid sale of assets and the withdrawal of old shares. The governments petition has brought a strong reaction from the yards owner, Privinvest Group of Lebanon…
Imagine you own a large private company that is struggling financially. It could perhaps be rescued if someone were prepared to inject the capital. But theres a big roadblock: it has a deficit-laden pension fund. Under British rules, there is only one way to ensure the rescuers cash doesnt all get devoured by the pension…
Debt agreements are the fastest growing form of personal insolvency in Australia. They were designed to offer debtors a low-cost way to make arrangements with their creditors, while avoiding bankruptcy and some of its more serious consequences. When introduced, law reformers intended that debt agreements should be administered by volunteers rather than by commercial administrators…
StayzillaTwitter National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by home-stay startup Stayzilla, against the insolvency process order by National Company Law Tribunal (NCLT). A three-member bench of SJ Mukhopadhaya, AIS Cheema and Balvinder Singh said that it did not find any merit in the company’s appeal and ordered dismissal, Business Standard reported. Earlier,…
The Norwegian raider plotting a boardroom putsch at the owner of newspaper The Scotsman was declared bankrupt in Sweden more than a decade ago over an unpaid £1.5m tax bill. Christen Ager-Hanssen, who has built up a 12.6% stake in publisher Johnston Press, has been in a dispute with the Swedish taxman for nearly 20…
The Norwegian raider plotting a boardroom putsch at the owner of newspaper The Scotsman was declared bankrupt in Sweden more than a decade ago over an unpaid £1.5m tax bill. Christen Ager-Hanssen, who has built up a 12.6% stake in publisher Johnston Press, has been in a dispute with the Swedish taxman for nearly 20…
By Kevin B Sobel-Read and Madeleine MacKenzie, University of Newcastle The Ten Networks recent experience of voluntary administration and subsequent rescue by CBS demonstrates how insolvency law works for large Australian companies. But 97% of Australian businesses are small or medium size enterprises (SMEs), and they face a system that isnt designed for them. Sixty…
By Gareth Vaughan A failed Russian bank, an oligarch who fell out of favour with President Vladimir Putin, a descendant of War and Peace author Leo Tolstoy, five New Zealand trusts, a series of NZ companies and an Auckland lawyer. These are among the key ingredients in a British court judgment that concludes the NZ trusts were…