AdvertisementThe U.S. Trustee assigned to the Kid Brands case filed with the U.S, Bankruptcy Court a motion to convert the Companys Chapter 11 reorganization to a liquidation under Chapter 7. Advertisement The motion explains, The Debtors have failed to comply with the United States Trustee Operating Guidelines and Reporting Requirements for…
Oil and gas software developer Stochastic Simulation has entered into liquidation, around five months after it went into receivership, with secured creditors likely to receive about 4 cents in the dollar in a best case scenario. The Osborne Park-based company developed products such as GasAssure and ResAssure, which were used in evaluation of reservoirs and…
It may be difficult for banks to dispose of personal properties given as a collateral for a loan when the company is referred to the National Company Law Tribunal (NCLT). The Chennai bench of NCLT ruled that if promoters or directors of a company have pledged their personal property and the committee of creditors (CoC)…
THE WIDESPREAD effects of the collapse of Ostwald Bros has become clearer as administrators establish roughly how much money the company owes to creditors. PricewaterhouseCoopers revealed the company owed at least $61million to creditors, including companies and businesses across the Maranoa region. Among the creditors owed money from Ostwalds are Maranoa Regional Council, Roma Rugby…
As many as 107 home buyers moved the Supreme Court on Wednesday challenging the order of the National Company Law Tribunal (NCLT) that admitted insolvency petition against Amrapalis Silicon City project in Noida and demanded protection on equal footing as other stakeholders in the project. Represented by advocate ML Lahoty, the petitioners sought enforcement of…
Banks are likely to reject bankruptcy-facing Essar Steel‘s demand for Rs 1,000 crore of working capital loans as the lenders are easing the other monetary restrictions they imposed on the company to safeguard their interests, said two people familiar with the developments. Banks have decided to do away with the so called Rs tagging’ of…
PRESS RELEASE REGULATED INFORMATIONChanges in significant shareholdings and notification of transactions in shares by persons discharging managerial responsibility (“PDMRs”) Cambridge (UK) 20 September 2017: Global Graphics PLC (Euronext:GLOG) discloses notification of changes in major shareholdings in the Company’s shares and a notification and public disclosure of transactions by persons discharging managerial responsibilities and…
New Delhi, Sep 20 () The Insolvency and Bankruptcy Code (IBC) should gradually evolve to its full potential and one of its main objective is to maximise the value of assets of corporate borrowers, IBBI chairman M S Sahoo said today. The Insolvency and Bankruptcy Board of India (IBBI) chief also said that the capability…
Bedding and homewares brand Moss River has collapsed into voluntary administration with 65 creditors owed more than $2 million, just over two years after the business first fell into the hands of administrators in July 2015. BDO partners Andrew Sallway and James White were appointed on September 6 as administrators to Fineline Home Products Pty…
Initially collapsing into voluntary administration back in 2015 when previously owned by Original Residential Homewares Pty Limited, Fineline Home Products Pty Ltd stepped in at the time and saved Moss River from insolvency. However, with current competitive conditions and declining sales figures causing issues industry wide, Moss River is again set to join a long list…