Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today. The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either…
Press Trust of India Japanese imaging and electronics majors Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities. The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said. The company has come to a position where it…
Almost four years after his SensaSlim product was found to be a scam, career con artist Peter Foster has been declared bankrupt after failing to cough up his dues. Foster, who is currently in remand on charges relating to a separate con, was fined $660,000 by the Federal Court in April 2014 after an ACCC investigation found that SensaSlim Australia was…
The government is debating whether to lower the approval threshold for resolution plans under the Insolvency and Bankruptcy Code (IBC) in a move aimed at preventing too many insolvent companies from going into liquidation. More than 75% of creditors currently have to agree to a resolution plan, implying that just over 26% can reject it…
Serial conman Peter Foster, currently on remand in a NSW prison, awaiting trial over unrelated fraud charges involving a betting scam, has been declared bankrupt because he failed to pay court costs over a scam weight loss program known as SensaSlim. The Federal Court declared Foster bankrupt last week on an application from the Australian…
By Colin Mann January 29, 2018 Belgian company I-MOVIX, which specialised in cameras for capturing extreme slow motion for sports broadcast, is to cease operations, having been declared bankrupt. In a Statement, the company said: We are very thankful and grateful to our amazing team of young talents, passionate and dedicated engineers, technicians, sales guys,…
Electrovaya Inc. says its Litarion subsidiary in Germany has begun insolvency proceedings as a result of a cash shortage that arose after its automotive customers took longer than expected to place large battery orders. Mississauga, Ont.,-based Electrovaya says it doesn’t expect Litarion’s insolvency will affect the parent company’s ability to fulfil current and future customer…
Borrowing & debt Personal debt rises to £1.6tn as record number of households turn to bankruptcy deals At least 70% of UKs population are broke, says a study. Photograph: Adam Gault/Getty Images The number of people who went brankrupt in 2017 soared to the highest level since the aftermath of the financial crisis, according to…
TORONTO Electrovaya Inc. says its Litarion subsidiary in Germany has begun insolvency proceedings as a result of a cash shortage that arose after its automotive customers took longer than expected to place large battery orders. Mississauga, Ont.,-based Electrovaya says it doesnt expect Litarions insolvency will affect the parent companys ability to fulfil current and future…
TORONTO Electrovaya Inc. says its Litarion subsidiary in Germany has begun insolvency proceedings as a result of a cash shortage that arose after its automotive customers took longer than expected to place large battery orders. Mississauga, Ont.,-based Electrovaya says it doesn’t expect Litarion’s insolvency will affect the parent company’s ability to fulfil current and future customer orders…