October 23, 2017: Bhushan Steel shares rallied as much as 20 per cent on Monday as a media report said that ArcelorMittal has showed interest in buying the company. Global steel giant ArcelorMittal has evinced interest in buying debt-laden Bhushan Steel, which has been referred by the Reserve Bank of India for liquidation under the…
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…
Newcastle fraudster Lemuel Page continues to live the high life flaunting his taste for fine cars. If the holidays to the Greek Islands and luxury beachfront unit weren’t infuriating enough for his creditors, they were apoplectic at Page’s latest toy: a Ferrari 458 Italia V8 worth up to $500,000. Newcastle fraudster Lemuel Page, pictured with his partner Renay Bull, has been…
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…