The norms for fast track insolvency proceedings have been tweaked wherein both fair value and liquidation value need to be assessed for the entity concerned. Under fast track mode, the resolution process is to be completed in 90 days. The Insolvency and Bankruptcy Board of India (IBBI) has amended the Fast Track Insolvency Resolution Process…
New Delhi, Feb 7 (IANS) The Insolvency and Bankruptcy Board of India has amended the regulations on the insolvency resolution process for corporate persons, an official release said here on Wednesday. As per the revised framework, two registered valuers shall be appointed to determine the fair value and the liquidation value of the corporate debtor.…
Carly Laden | Broome Advertiser Thursday, 8 February 2018 12:36PM Broome RSL is going into voluntary administration although it will remain open. Picture: Carly LadenPicture: Carly Laden Broomes RSL branch will be going back to basics after going into voluntary administration. RSL WA has appointed former Shire president Graeme Campbell as the administrator to be…
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…
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…