Calcutta, May 14: Cost accountants are eyeing a bigger role with the introduction of the insolvency and bankruptcy code. According to the code, licensed insolvency professionals will now conduct the bankruptcy and insolvency resolution process and insolvency professional agencies will be created. The appointed professional shall conduct the entire corporate insolvency resolution process and…
Advertisement The Rajya Sabha on May 11, 2016 passed the Insolvency and Bankruptcy Code 2016 (“Bankruptcy Code”), a vital reform aimed at making it easier to do business in India by providing for time-bound resolution of insolvency process, faster turnaround of busi… Read the full article at: http://businessworld.in/article/The-Insolvency-And-Bankruptcy-Code-2016/14-05-2016-98042/
Algovita On March 14, 2016, medical device manufacturer Greatbatch, Inc. (NYSE:GB) spun off its neuromodulation division under the new name “Nuvectra Corp.” (NASDAQ:NVTR). On the day of the spinoff, Greatbatch shareholders received one share of Nuvectra for every three shares of Greatbatch. The decision to spin off Nuvectra was made when Greatbatch’s Algovita Spinal Cord…
Former Union law secretary T K Viswanathan was the key architect of the just-enacted Insolvency and Bankruptcy Code, as chairman of the Bankruptcy Law Reforms Committee which produced the report in this regard. An interaction on it with Sudipto Dey. Edited excerpts: Now that Parliament has cleared the Code, by when do you…
The U.S. Bankruptcy Court approved Shadow Tree Capital Managements emergency motion to convert Hydrocarb Energy Chapter 11 reorganization proceeding to a liquidation under Chapter 7. The order states, For the reasons stated on the record pursuant to Bankruptcy Rule 7052, these jointly administered cases are converted to chapter 7. As discussed on the record, a…
Fitch Ratings expects India’s new Insolvency and Bankruptcy Code to improve the environment for creditors over the medium to long term, although effective implementation will be key. The bill once it becomes law will replace the multiple laws applicable for insolvency and bankruptcy, and allow speedier and harder deadlines for resolving corporate insolvency, which should…
The administrators of Linc Energy say it is in the creditors’ interests that the company be placed into liquidation. In its report to creditors, PPB Advisory said Linc Energy owed more than $298 million. The report also found that charges brought by the Queensland Government resulted in a cash deficit because the company was…
By Benjamin Hulac, E&E reporter The coal mining company Alpha Natural Resources Inc. is moving to sell off chunks of its business and has provided limited details about its future operations, based on plans the company submitted in court papers, the Justice Department said. In an objection filed Tuesday, attorneys for the U.S. Trustee Program…
Make sure you get your shares right before making that VC transaction. (Image via Indianexpress.com/ C R Sasikumar) The number and type of shares a founder owns in a startup is a crucial point to think about in the context of venture capital transactions. Joint stock companies (JSC), which are the most common form of…
ROSEMONT, Ill.–(BUSINESS WIRE)–Comdisco Holding Company, Inc. (OTCQB: CDCO) and (OTCQB: CDCOR) (Comdisco) today reported financial results for its fiscal second quarter ended March 31, 2016. Comdisco emerged from Chapter 11 bankruptcy proceedings on August 12, 2002. Under Comdiscos First Amended Joint Plan of Reorganization (the Plan), Comdisco was charged with, and has been, liquidating its…