HYDERABAD: Empee Sugars and Chemicals has withdrawn the insolvency petition it filed before the National Company Law Tribunal’s (NCLT) Hyderabad bench after its main lenders agreed to assign their outstanding loans to leading stressed loans buyer Edelweiss Assets Reconstruction Company. Empee Sugars and Chemicals earlier this month submitted before the NCLT that its secured lenders,…
A former director of a failed Victorian dairy business has told a court hearing into the company’s collapse that she had no experience in the dairy industry and did not understand her obligations as a company director. Key points: Violetta Esposito questioned over money transferred from dairy company which was used for cosmetic surgery…
The federal government has tabled a bill to amend Australia’s bankruptcy laws that could see the mandated bankruptcy period cut by two years. The bill, which was tabled for hearing in the senate last week, would see bankrupt individuals discharged from bankruptcy after a one-year period, rather than three years. Individuals would no longer be…
Two directors of a company that traded in fine wines have been disqualified for a combined 20 years, following an Insolvency Service investigation, after scamming its customers out of nearly £1 million. Explosion of a glass with red wine The investigation by the Insolvency Service found that Crimson Fine Wines Limited, based initially in London…
Published on Friday, January 6, 2017 A report coming out later this month will show that nearly four in 10 travel companies are now in ‘significant’ financial distress. Data analysed by insolvency firm Begbies Traynor found 2,679 businesses in the travel sector – thought to be made up of around 7,000 companies – were experiencing…
Tata Steel and the Ruias themselves have put in bids for debt-laden Essar Steel after the company was put up for sale under the Insolvency and Bankruptcy Code (IBC). Sajjan Jindal-led JSW Steel, aggressive in bidding for Monnet Ispats and Bhushan Steels businesses, is said to have skipped submitting a resolution plan for Essar…
Anthony Joshua insists he will not make the same mistakes as boxing’s bankrupt superstars as he prepares for the fourth defence of his IBF heavyweight title against late replacement Carlos Takam on Saturday night. Joshua’s earning potential has rocketed along with his profile since he emphatically announced his arrival on the world…
KERRY Katona has been a household name ever since she burst onto the scene as part of pop group Atomic Kitten. Since then she has continually hit headlines thanks to stints on TV shows, being bankrupt and her very turbulent and public love life. But just what else is there to know about Kerry, and how…
Ambit Flowers ARC, an asset restructuring joint venture between Mumbai-based brokerage Ambit Capital and US private equity firm JC Flowers, plans to raise up to $1 billion from global investors to invest in distressed assets under insolvency proceedings. The asset reconstruction company plans to raise $150-250 million in the first tranche, two persons familiar with…
Unfortunately, insolvency is no stranger to IT companies. Although it has never been one of the most at-risk industries, failure rates in the information and communication sector have traditionally been quite high, with some businesses, such as IT consultancies and software developers, suffering more than most. The majority of these failures have been among smaller…