As expected from a new set of laws for a complex subject, the Insolvency and Bankruptcy Code is evolving. And as is frequently also the case, the changes in a complex law can get confusing. ET gives a snapshot of where things stand now, and how that affects stakeholders. Legislation/SC Judgement:First IBC Amendment (Nov 2017)…
A man ordered to pay Sh18 million compensation to the family of a businessman he killed in road rage has lost bid to be declared bankrupt. Albert Mbogori, who served 14 months in jail for manslaughter, had pleaded with the court to declare him bankrupt because he didnt have cash to pay the award. He…
A personal insolvency arrangement (PIA) which involves writing down a 343,785 mortgage debt by more than half has been approved by the High Court for a woman who ran into mortgage arrears due to her husbands gambling problem. Permanent TSB objected to the arrangement, insisting the proposed write down of some 343,785 to 160,000, the…
NEW YORK, Feb. 11, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the…
Mars One, a Dutch company that planned to send humans on a one-way trip to Mars and start the first human colony on the Red Planet, hasbeen declared bankrupt. The declaration was made in a Swiss court on Jan. 15and posted on Reddit this past weekend officially dissolving Mars One Ventures AG. Bas Lansdorp, company…
A High Court ruling clarifying a provision of the Personal Insolvency Acts is good news for a large number of debtors appealing decisions that their applications for court approval of personal insolvency arrangements were made out of time. Mr Justice Denis McDonald granted an appeal by a debtor against a Circuit Court finding last October…
Nexus Law Group has added three senior lawyers as group principals. Maria Monastiriotis, Tara Lucke, and Claudio Venegas have joined the firm. Monastiriotis and Venegas join the firms Sydney office, while Tara Lucke will be based on the Gold Coast, the firm said. All three bring their own unique insights and perspectives in their areas…
The Supreme Court (SC) on Monday dismissed a plea by 28 operational creditors of Essar Steel seeking to be heard by the National Company Law Tribunal (NCLT) before any decision was taken on ArcelorMittals bid for the company. The court also rejected their plea seeking a stay on the National Company Law…
While some are still arguing whether man even landed on the moon at all or not, there are those who have already set their eyes on making Mars humanitys next home. Elon Musk immediately comes to mind, but he was hardly the only one. Almost seven years ago, a never before heard of organization proposed…
The corporate watchdog failed to take action over doomed Bestjet despite being warned about alleged misconduct a year before the budget airfare company collapsed. The Australian Securities and Investment Commission in 2017 was told Bestjet was not being run by its founder, Rachel James, but rather her husband, Michael James, who already had a history…