Associate Judge Warwick Smith today ordered the liquidation of Pipitea Street Development Limited (PSDL), a company linked to the fraud case involving Ngatata Love, in Wellington’s High Court at the request of Inland Revenue. Treaty of Waitangi claims negotiator Ngatata Love was sentenced to two years and six months in prison last October after…
Dick Smith in Forrest Hill. Picture: Luis Enrique Ascui/The Australian THE insurers of the former directors of collapsed electronics retailer Dick Smith could be hit with a hefty bill from disgruntled shareholders if a class-action lawsuit gets the go-ahead and proves successful. Just under 1000 former shareholders of the company, who individually lost anywhere from…
Outback Travel Centres has gone into voluntary administration. Picture: Alicia PereraPicture: Pilbara News North West roadhouse operator Outback Travel Centres has gone into voluntary administration this week after a steep drop in revenue combined with rental agreements still set at mining boom levels took its toll. In a statement issued this week, the management team…
MUMBAI Lanco Infratech Ltd confirmed on Saturday that the Reserve Bank of India (RBI) had directed the company’s lead lender IDBI Bank to initiate a corporate insolvency resolution process under the country’s bankruptcy laws. Lanco is among 12 companies that the RBI has ordered lenders to take to bankruptcy court as it strives to cut…
KEVIN STENT/FAIRFAX NZ Sir Ngatata Love, a former chief executive of Te Puni Kokiri, was sentenced on fraud charges to two-and-a-half years in prison after a three-week trial at the High Court in Wellington. A company linked to Sir Ngatata Love’s fraud case has been put into liquidation. In late 2016, Inland Revenue (IRD) successfully applied…
By: ENS Economic Bureau | Mumbai | Published:June 20, 2017 2:07 am Related News IDBI Bank has started insolvency resolution process against Lanco Infratech Ltd on Monday following a directive from the Reserve Bank of India (RBI). While this is the first resolution process initiated by the lenders against 12 large borrowers identified by the…
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Mumbai: Insolvency proceeding against Lanco Infratech, one of the 12 loan defaulting banks identified by the Reserve Bank of India (RBI) has been started by IDBI. The proceeding comes on the heels of the RBI directing certain banks to take action against defaulting borrowers. According to the Economic Times, IDBI has initiated the proceeding under…
The words `liquidation’, `bankruptcy’ and `insolvency’ carry an unmistakable sense of drama -a tone of finality, a sign of unforgiving verdict, and a hint of a new beginning. Amid screaming headlines and flashes of `breaking news’ announcing the start of bankruptcy proceedings against 12 truant corporate borrowers, one is led to believe that the wheels…