NEW DELHI:The government has introduced the concept of fair value for bankrupt companies undergoing resolution and an evaluation matrix for applicants under the Insolvency and Bankruptcy Code, bringing in more clarity and transparency in the insolvency resolution process. The amended rules for the insolvency resolution process for corporate persons have made it mandatory for resolution…
Announcement by Insolvency Service takes total to 2,240, but more than 900 jobs have gone A defaced Carillion sign outside Royal Liverpool hospital. Photograph: Christopher Furlong/Getty Images Another 1,200 people who worked for the government contractor Carillion when it collapsed into liquidation last month have been told they will keep their jobs, in the latest…
Grant Taylor | The West Australian Thursday, 8 February 2018 12:26PM The closed Cooper & Oxley construction site at Curtin University.Picture: Megan Powell. Embattled building firm Cooper and Oxley has formally gone into administration, appointing insolvency firm Hall Chadwick to take over the day to day running of its operations. Hall Chadwick said in a…
EMBATTLED building firm Cooper and Oxley has gone into administration, appointing insolvency firm Hall Chadwick to take over the day to day running of its operations. Hall Chadwick said in a statement that it was now assessing the financial position of the company, including the projects it had underway. But the statement also said Cooper…
Peter Williams | The West Australian Thursday, 8 February 2018 6:26AM Brierty liquidator Matthew Woods of KPMG at the creditors meeting.Picture: Mogens Johansen Creditors of Brierty have voted to liquidate the collapsed contracting company, allowing insolvency specialists to further probe alleged insolvent trading and payments to directors and executives. Brierty was put into administration last…
Turing Robotics CEO says the company isnt done. But its definitely hit another significant roadblock in its quest to bring some fun alternative handsets to the market. The Finnish phone makers story so far is one of delay after delay, and now its announced, via Facebook post, that its suspending manufacturing. CEO Syl Chaos didnt…
A mould scandal that put lives at risk and made staff sick at the Nauru immigration detention centre also affected the now mothballed facility at Manus Island. Air-conditioning caused water damage and mould to grow in the fire-resistant plasterboard walls and ceilings and the magnesium oxide board floors of modular buildings at the staff accommodation,…
So far, the insolvency regulations required determination of only the liquidation value of the insolvent company by two registered valuers. Now, these valuers will also have to determine the fair value of the company. Fair value, along with the liquidation value, will have to be provided to the committee of creditors on a confidential basis.…
Romanian insolvencies stand twice higher than the East-Central Europe (ECE) average, according to the data presented this Wednesday by Coface representatives. 2017 brought 8,256 new insolvency procedures, an year-on-year growth by 3 percent. Despite the minimum from the last 15 years, Romania still has an average level of 2.4 percent of insolvent companies out of…
Flexing newfound muscle they gained in a 2016 bankruptcy law, lenders in India are about to embark on a huge selloff of assets owned by companies that cant repay their debts. The assets — owned by steel, power, shipbuilding and construction companies — have been drawing interest from potential buyers including ArcelorMittal, the worlds biggest…