Indias new insolvency and bankruptcy regime has been functioning for a year without any disclosure norms or mandatory transparency regulations. In the first year of its application, the regime is already dealing with more than 450 cases that add up to thousands of crores of rupees of unsettled debts. Neither the details of the cases…
It is ironical that while the 2017 Forbes India List says that the combined net worth of Indias 100 wealthiest stood at a whopping $479 billion, top corporate borrower groups in India are unable to repay loans and make timely interest payments. Tackling NPAs The government has taken the high moral ground to deal with…
RugbyWA is out of voluntary administration after Rugby Australia waived a legal debt of more than $1 million. RA spent about $1.7 million in legal costs after RugbyWA challenged the Western Force’s axing from the Super Rugby franchise. RugbyWA entered into voluntary administration last month, saying the axing of the Force meant it simply didn’t…
THE new owners of the Gold Coast Titans have taken their first step towards long-term sustainability by appointing former Storm and Broncos chairman Dennis Watt to provide the football club expertise they have been so badly lacking. The NRL announced on Friday that a local consortium consisting of Darryl Kelly and his wife Joanne and…
New Delhi: The high-level panel tasked with identifying issues in implementation of the insolvency law has sought suggestions from stakeholders as the government works on ways to iron out practical difficulties. The first meeting of the 14-member Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, was held on 8 December, where the panel…
Sub-contractors affected by a prominent local building companys financial woes appear set to receive some monetary relief. An administrator at the time estimated that the company owed between $4 million and $6 million of creditors. More than 200 creditors are reportedly affected. However, the building contractor will emerge from administration after having secured the support of creditors earlier this week…
Sub-contractors affected by a prominent local building companys financial woes appear set to receive some monetary relief. Edwards Constructions (NSW) Pty Ltd – which was building the new Bellambi Bunnings – went into administration in October. An administrator at the time estimated that the company owed between $4 million and $6 million of creditors. More than 200 creditors are reportedly affected. …
Credit: NBN National Broadband Network (NBN) retail service provider (RSP), Tellnet, has been placed into liquidation owing $330,000 to secured and unsecured creditors. Tellnet registered with the Australian Securities and Investments Commission (ASIC) in August 2013. It offers NBN plans for both business and personal use. For business users, Tellnet also offers a full range…
Credit: NBN National Broadband Network (NBN) retail service provider (RSP), Tellnet, has been placed into liquidation owing $330,000 to secured and unsecured creditors. Tellnet registered with the Australian Securities and Investments Commission (ASIC) in August 2013. It offers NBN plans for both business and personal use. For business users, Tellnet also offers a full range…
The government may remove the blanket ban on corporate guarantors of failed businesses bidding for stressed assets during the resolution process as it seeks to soften some of the rigidities in a recent ordinance amending the Insolvency and Bankruptcy Code (IBC). It may also create a carveout for smaller insolvent firms to allow their promoters…