New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) on Wednesday issued amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, effective today. The amendments, highlighted in a notice issued by the Ministry of Corporate Affairs noted that a resolution professional shall appoint two registered valuers…
A well-known Lake Macquarie venue has closed its doors, after ongoing financial trouble. Patrons learned of the decision to shut Belmont Sporties Club after a letter from administrator Geoff Davis was stuck in the venues front window. Mr Davis, from Sydney-based firm BCR Advisory, took over the club with John Morgan last month when the facility…
News Update. 7 February 2018. Neil Gostelow and Mark Orton from KPMG have been appointed joint administrators to Oyster Marine Holdings Limited, the holding company for the Oyster Yacht group of luxury yacht builders. Having failed to secure sufficient funding to be able to continue trading, Oyster Yachts is currently carefully considering a number of…
The move to relax norms for levy of Minimum Alternate Tax (MAT) on companies facing corporate insolvency proceedings, as announced in the Budget, is likely to kindle investors interest in acquiring controlling stake in such companies. According to Section 115JB of the Income Tax Act, MAT is levied on book profit after deducting the amount…
ANI | Updated: Feb 07, 2018 21:54 IST
Bankrupt Toys R Us has received court approval to move forward with its plans to shutter about 180 stores, under both the Toys R Us and Babies R Us banners, across the U.S. The liquidation sales at those locations are beginning as soon as Wednesday, the company said. Discounts on items will be as much…
Insolvency resolution professionals will now be required to assess the fair value and liquidation value of the entity undergoing insolvency proceedings, with the latest set of amendments to the regulations. The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms pertaining to insolvency resolution process for corporate persons. Under the revised framework, the…
The Insolvency and Bankruptcy Board of India (IBBI) on February 6, 2018 amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Here are the amendments made to the IBBI Regulations: Appointment of two registered valuers: The Resolution Professional has to appoint two registered valuers to determine the fair…
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 yesterday. According to the Amendments, a. The Resolution Professional shall appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor. After the receipt of…
Car manufacturing startup Tomcar Australia has entered voluntary administration, citing high manufacturing costs and hostile investors as the reason for shutting its doors. Launched in 2005, the company was founded by brothers David and Michael Brim, who spent seven years in development before releasing their first product in 2012. The company made 100 of its…