Two recent federal court decisions establish that managers of financially troubled Missouri limited liability companies do not owe a fiduciary duty to creditors of their troubled enterprises. Imperial Zinc Corp. v. Engineered Products Industries, L.L.C., No. 4:14-CV-1015-AGF, 2016 WL 812695 (E.D. Mo. Mar. 2, 2016); Imperial Zinc Corp. v. Engineered Products Industries, L.L.C.,…
The move would allow the second-tier club, founded in 1885 and currently based in Richmond-upon-Thames in south-west London, to re-form as a semi-professional side. “London Welsh has reached a difficult point in its illustrious history,” chairman Gareth Hawkins said in a statement. “Due to a playing budget of 1.7 million pounds and gates at games…
7 December, 2016 The Insolvency and Bankruptcy Code, 2016 (the “Insolvency Code, 2016”) had received the assent of the President of India on May 28, 2016. Since then, there have been discussions among the stakeholders with respect to its implementation and its repercussions on the interested parties, including corporates and individuals. There have been certain material developments…
IRON-ORE product trader Abterra said on Wednesday its controlling shareholder, General Nice Resources (Hong Kong), has been put under liquidation by the High Court of Hong Kong. General Nice Resources has a direct interest of 34.96 per cent in Abterra. “The board is assessing the impact on the company including whether the company is able…
A non-profit co-op health insurance company that was suspended in July by the Connecticut Insurance Department (CID) due to hazardous financial standing will likely face liquidation by the end of the year, it has been reported. In a Superior Court filing, CID commissioner Katharine Wade stated that further attempts to rehabilitate HealthyCT would be futile…
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. health industry is bracing for what further action in the possible Penn Treaty liquidation could hold for the sector, as managed care providers have argued that they should not be liable for the failure of a long-term care insurer. According to a new A.M. Best special report, any action in the…
The Ministry of Finance (MoF) is welcoming recommendations from various stakeholders and the insolvency industry to strengthen the insolvency regime. This was announced on Tuesday by Hajah Rena Azlina binti Dato Paduka Haji Abdul Aziz, the Acting Director at the Registry of Companies and Business Names (ROCBN), during her opening remarks at a talk on…
Claire Rowe UK firm Shoosmiths has announced it is expanding into Northern Ireland through a merger with Belfast firm McManus Kearney. Shoosmiths chief executive Claire Rowe said the merger, which brings the firms total number of offices to 12, was motivated by client demand and by our wish to have a commercial presence in Northern…
Recently revived Triton Minerals has made stellar gains on its return to the ASX today, after raising $14.1 million and exiting voluntary administration with a new board and management team. Shares in the Perth-based graphite explorer were suspended from trade in early March (worth 6.1 cents each at the time). The company appointed representatives of…
More than £1m in business rates could be written off by a council after a string of firms ceased trading or went into liquidation. Finance chiefs in North Tyneside say the debt will have to be taken off their books as the businesses involved have failed and no avenues are left to recover the cash.…