Category Archives: Bankruptcy

Korean financial institutions suffer $150m cross-default on Chinese bond insolvency – The Korea Herald

“; var ifrd = ifr.contentWindow.document; ifrd.open(); ifrd.write(htmlcode); ifrd.close(); } }); South Koreas financial institutions suffered insolvency of asset-backed commercial papers Friday at midnight, following a Chinese firms default on payments due for bonds. The ABCPs were backed by dollar-denominated bonds worth $150 million that were declared insolvent Thursday. This accounts for some 7…

Ricoh India Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process … – The Hindu BusinessLine

The Company hereby informs that the Resolution Professional with the approval of Committee of Creditors of the Company had filed an application before the Honble NCLT, Mumbai seeking an extension of the period of Corporate Insolvency Resolution Process (CIRP) of the Company by Ninety (90) days in terms of Section 12(2) of the Insolvency and…

What is the difference between liquidation and insolvency? – Business MattersBusiness Matters

Simply put these terms amount to the same thing the inability of a business to pay their debts but its important to understand the differences between liquidation and insolvency. Insolvency can be considered a financial state of being, when a company is unable to pay its debts or when it has more liabilities than assets…

NCLT orders insolvency process against Empee Distilleries – Financial Express

Empee Distilleries, one of the popular Indian made foreign spirits manufacturers in Tamil Nadu, was dragged to NCLT by Union Bank of India claiming dues of Rs 10.18 crore. The Chennai bench of National Company Law Tribunal (NCLT) has ordered commencement of the corporate insolvency resolution process against Empee Distilleries and appointed V Venkata Siva…

NCLT orders insolvency proceedings against Empee Distilleries – The Hindu BusinessLine

A Division Bench of the National Company Law Tribunal (NCLT), Chennai, has ordered starting of Corporate Insolvency Resolution Process against liquor manufacturing company Empee Distilleries. The Bench has also appointed V Venkata Siva Kumar as the Interim Resolution Professional to take charge of the companys affairs immediately. The Bench passed the order based on a…

Investigation into sudden collapse of Gladstone builder – Gladstone Observer

A LIQUIDATOR has been appointed to a Gladstone building business that has offices across the state. The Australian Securities and Investments Commission website states Irwin Homes Pty Ltd went into liquidation as of October 31. Irwin Homes has a head office in Gladstone and has projects across Queensland, including Rockhampton, Sunshine Coast, Gold Coast and…

Home decor chains Bowring and Bombay declare insolvency – Toronto Star

Home interior and decor chains Bowring and Bombay have declared insolvency. According to documents, Bowring Canada and Bombay & Co., Inc., along with parent company Fluid Brands Inc., have obtained protection from creditors under the Bankruptcy and Insolvency Act. Home interior and decor chains Bombay and Bowring have declared insolvency.(JEFFERY WASHINGTON / AP FILE PHOTO)…

Former Keydata boss faces $99 million fine after UK court battle loss – Reuters

LONDON (Reuters) – Stewart Ford, the former CEO of now-defunct death bond company Keydata, has lost a protracted battle against Britains financial regulator over a record 76 million pound fine and a ban from regulated financial services. The Financial Conduct Authority said on Tuesday that Londons Upper Tribunal, which hears challenges against its decisions, had…

114 declared bankrupt in Galway in four years – Connacht Tribune Group

There have been bankruptcies declared by a total of 114 people in Galway since the beginning of 2014, according to new figures from the Insolvency Service of Ireland. The figures show that between January 2014 and the end of September 2018, there were a total of 114 bankruptcies here. And a further 192 people came…

Receivers sue Otabil, Ato Essien and others to recover GHS837million – BusinessGhana

Pastor Otabil was the Board Chairman of the defunct bank, while the ICGC was named as a shareholder of the bank in the suit. The suit was filed at the Commercial Division of the Accra High Court by the receivers of the defunct bank, Mr Vish Ashiagbor and Mr Eric Nipah, both of PricewaterhouseCoopers (PwC).…