Key will be timely implementation, says Joint committee chief New Delhi, April 28: The existing framework for insolvency and bankruptcy is inadequateand laws are scattered when it comes to dealing with business failure. There is a need for comprehensive legislation, said Bhupender Yadav, Chairman of the Joint Committee on the Insolvency and Bankruptcy Code. Yadav,…
An Indian parliamentary panel approved a bill aimed at overhauling century-old bankruptcy regulations, taking a key reform measure aimed at improving ease of doing business closer to implementation. The panel, comprising members from the ruling as well as opposition parties, proposed that the Insolvency and Bankruptcy Code should include laws to seize overseas assets of defaulting…
Earlier this week, we brought you the news that Quickflix, Australia’s original movie streaming service, had entered into voluntary administration. Though the news was hardly surprising, Quickflix CEO Stephen Langsford believes that the companys restructure will enable it to come back stronger than ever. In an official statement issued today, Langsford pointed to the services…
Earlier this week, we brought you the news that Quickflix, Australia’s original movie streaming service, had entered into voluntary administration. Though the news was hardly surprising, Quickflix CEO Stephen Langsford believes that the companys restructure will enable it to come back stronger than ever. In an official statement issued today, Langsford pointed to the services…
Michael Garnham is accused of not paying the company’s tax. A company closely tied to a former Abel Tasman beach owner has been put into liquidation. The Inland Revenue Department (IRD) applied to put Sams Bay Holdings into liquidation in March 2015, seeking to recover more than $250,000. This year, a new application was filed…
THE directors of Gawler River Cattle Company have placed the company in voluntary administration to work on an overhaul/restructure of its retail and wholesale meat operations. Stephen Duncan and Chris Powell of restructuring specialists DuncanPowell have been appointed voluntary administrators. The Gawler River Cattle Co business employs 38 people across its retail and wholesale meat…
Before the forfeiture committee is summoned to consider de-gonging Sir Philip Green, its probably wise to introduce some proper process into the unpicking of the BHS fiasco. Frank Fields work and pensions select committee can do valuable work on the narrow question of assessing the impact on the Pension Protection Fund (PPF), the lifeboat for…
The government should launch an investigation into Sir Philip Greens conduct as a company director if allegations emerge that he failed in his obligations while owning BHS, Sir Vince Cable, the former business secretary, has said. BHS shareholders led by Green, and the billionaires family, withdrew more than £580m in dividends, rental payments and interest…
Company lawyer tells bankruptcy judge that retailer will not reorganize but will instead pursue full sale Sports Authority won’t come out of bankruptcy as an independent company and instead wants to sell off all its holdings. “It has become apparent that the debtors will not reorganize under a plan but instead will pursue a sale,”…
Michael Garnham is accused of not paying the company’s tax. A company closely tied to a former Abel Tasman beach owner has been put into liquidation. The Inland Revenue Department (IRD) applied to put Sams Bay Holdings into liquidation in March 2015, seeking to recover more than $250,000. This year, a new application was filed…