SINGAPORE – Crippled with a debt of US$877 million (S$1.16 billion), offshore services provider Otto Marine is seeking insolvency protection from the High Court in a bid to salvage the company and stave off liquidation. The troubled company, which has been delisted from the Singapore Exchange, filed an application on Tuesday (Feb 20) to be placed…
NZX-listed CBL Corporation has appointed voluntary administrators to prevent other regulators from taking action after the Reserve Bank moved to have interim liquidators take charge of its subsidiary CBL Insurance, managing director Peter Harris says. “That means that everything from hereon operates under a protective umbrella of voluntary administration,” Harris told the Herald. Harris said…
Insolvency Bankruptcy Board asks for comments on contents of Request for Proposal (RFP) New Delhi, Feb 24 (KNN) The Insolvency and Bankruptcy Board of India (IBBI) has invited public comments on contents of Request for Proposal (RFP), a release from Ministry of Corporate Affairs informed. An RFP is an invitation for resolution plans from…
NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has sought comments on contents of Request for Proposal (RFP) document for applicants to bid for business insolvency resolution process. RFP, here means an invitation for resolution plans from prospective resolution applicants who wish to bid for business of a corporate debtor going through Corporate…
Overview In May 2016 the UK government published its Review of the Corporate Insolvency Framework – A Consultation on options for reform. Brexit may have taken over the economic and political landscape, but in the meantime other nations are reforming their insolvency laws. This article asks the question if the UK does not, does it…
* CBL insurance is largest division of CBL Corp * Central banks in NZ, Ireland probing CBLs French unit * CBL shares in trading halt since Feb. 5 (Adds CBL statement) SYDNEY, Feb 23 (Reuters) – New Zealands High Court placed insurance firm CBL Insurance Ltd, the main subsidiary of CBL Corporation Ltd, in interim…
The administrator of collapsed snack business Johns Nuts says franchisees have been left in a very challenging condition after the company entered voluntary administration at the end of January. On January 30, Michael Caspaney of Menzies Advisory was appointed to the five companies that operate the Johns Nuts business, a kiosk-style snack food operator that…
New Delhi, Feb 21 (PTI) State-owned Allahabad Bank today said it has an exposure of Rs 516.79 crore to crisis-hit Rotomac group and the lender has made required provisioning for the same as per RBI norms. Responding to a clarification sought by exchanges on news article “Rotomac owner flee New Delhi, Feb 21 (PTI) State-owned…
Melbourne-based online technology retailer, Warehouse1, has been placed into liquidation. The company, which claims a physical retail outlet in Melbournes Docklands along with an online store, made a name for itself selling equipment from a number of vendors, including Acer, Dell, Apple, HP and Seagate, among others. Warehouse 1 sold tech items across a number…
Creditors of capsized Sydney analytics software vendor Veriluma have accepted a $660,000 acquisition proposal from wholesale investor Canary Capital. Canary was one of several potential suitors for Verilumas two entities, Veriluma Limited and Veriluma Software. Administrators had been sizing up their rival bids to recapitalise ASX-listed Veriluma, which fell over in late 2017 after ongoing cash-flow difficulties and millions…