The insolvency regulator has amended regulations to allay creditor concern on valuation of bids for insolvent companies. The Insolvency and Bankruptcy Board of India (IBBI) has also cleared the confusion over what constitutes a dissenting lender. Amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations say liquidation value to be paid…
NOT A PENNY Six months on from the landmark ruling no cash has been paid into HMRC’s bank account THE public purse has still not received a penny of the £72 million owed to the taxman by the liquidated company which owned Rangers FC. Six months on from a landmark ruling, payments are being made…
The Insolvency and Bankruptcy Code, 2016 has been in news since its inception due to the innovative and time-bound resolution framework. The Code intends to provide an efficient resolution to the menace of outstanding debts by the corporates and other persons due to the banks and other institutions. The intention is essentially to clean up…
Mediation not only democratises insolvency resolution processes, but creates an inclusive space that benefits all parties What would you do when opponents resolve their differences and settle disputes? You would pat them on their backs and wish them well. The Supreme Court exercised its special powers under Article 142 of the Constitution of India to…
AdvertisementPhoenix Solar Incorporated, a subsidiary of Phoenix Solar AG, filed for Chapter 7 protection with the U.S. Bankruptcy Court in the District of Arizona, case number 17-15240. The Company is located in San Ramon, CA and led by Timothy P. Ryan, President. It is represented in bankruptcy proceedings by Thomas J. Salerno of Stinson Leonard…
Family owned and operated local business Peters Coaches went into liquidation owing more than $3.7 million to creditors the Australian Securities and Investments Commission has reported. The business closed up shop on December 11th, 2017. It was then placed into liquidation at the direction of shareholders. It is believed that the business began to experience financial…
AdvertisementUnilifes First Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 13, 2017. Advertisement BankruptcyDatas detailed Plan Summary notes, The Bankruptcy filing and Plan of Liquidation attempt to implement a proce……
HACKED – Managing Personal and Company Reputation under Mandatory Reporting Cyber risk attracts a lot of headlines. It deserves to. Cyber is one of the most acute risks facing Australian businesses and it is only going to increase as criminals get easier access to more sophisticated tools, and Australias mandatory data-breach reporting begins in February…
Mossgreen auction; image mossgreen.com The end of the year is a time for reflection and change for many, but for one of Australias leading auction houses, the end of 2017 signaled not only a shifting of gears, but a slamming on of brakes. On the last business day…
HYDERABAD: In an interesting twist of developments, weeks after the National Company Law Tribunal (NCLT) rejected the insolvency petition filed by Anrak Aluminium in the ‘interest of the nation’, the banking regulator Reserve Bank of India (RBI) has directed the lead lender State Bank of India (SBI) to move the tribunal seeking insolvency. Anrak Aluminium…