Category Archives: Bankruptcy

Setback for Stayzilla; NCLAT snubs appeal against insolvency process – International Business Times, India Edition

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,…

Bankrupt past of activist Christen Ager-Hanssen laying siege to Johnston Press – The Times

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…

Bankrupt past of activist Christen Ager-Hanssen laying siege to Johnston Press – The Times

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…

Why Australia needs new insolvency laws for small businesses – SmartCompany.com.au

By Kevin B Sobel-Read and Madeleine MacKenzie, University of Newcastle The Ten Networks recent experience of voluntary administration and subsequent rescue by CBS demonstrates how insolvency law works for large Australian companies. But 97% of Australian businesses are small or medium size enterprises (SMEs), and they face a system that isnt designed for them. Sixty…

NZ trusts and companies, a failed Russian bank, an out of favour oligarch, a descendant of Leo Tolstoy, asset … – Interest.co.nz

By Gareth Vaughan A failed Russian bank, an oligarch who fell out of favour with President Vladimir Putin, a descendant of War and Peace author Leo Tolstoy, five New Zealand trusts, a series of NZ companies and an Auckland lawyer. These are among the key ingredients in a British court judgment that concludes the NZ trusts were…

ArcelorMittal joins race to acquire Bhushan Steel under bankruptcy code – Economic Times

KOLKATA: ArcelorMittal, the world’s largest steel company, has joined the bidding race for stressed steel assets in the country by expressing interest to acquire Bhushan Steel. Top banking sources told ET that LN Mittal-led ArcelorMittal has submitted an expression of interest (EoI) for Bhushan Steel, which has been referred to National Company Law Tribunal (NCLT)…

NCLAT stays insolvency proceedings against Gayatri Projects – Hindu Business Line

Hyderabad, Oct 20:   Gayatri Projects has secured the stay of insolvency proceedings order initiated by NCLT with regard to a petition filed by Jaycon Infrastructure claiming default of dues worth Rs 2.28 crore. The Hyderabad-based construction and infrastructure company has secured a stay order for the appointment of Interim Resolution Professional (IRP) till November 14,…

Duty Free operator Aerofirst declared bankrupt – RAPSI

17:07 19/10/2017 MOSCOW, October 19 (RAPSI) The Commercial Court of the Moscow Region has declared Duty Free operator Aerofirst bankrupt, according to court records. A monitoring procedure was introduced regarding Aerofirst on April 27. Moreover, this summer the court included a 3.1-billion-ruble (about $54 million at the current exchange rate) debt of Aerofirst to VTB…

Bovell buys up collapsed Mias Bakery and saves 50 jobs – The West Australian

The company behind WAs near century-old Bovells baking brand has emerged as the buyer of the collapsed family-owned Mias Bakery. Privately owned Family Foods WA, which bakes bread under the Bovells, Regal and De Campo brands, has agreed the purchase of Mias baking assets with the intention of resuming production of the label from Bovells…

Debt agreements and how to avoid unnecessary debt traps – The Conversation AU

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…