Federal prosecutors disputed claims by Shohei Ohtani‘s former interpreter that he stole from the slugger to pay back massive gambling debts, saying there was no evidence he suffered from a gambling addiction before he started draining the Los Angeles Dodgers star’s bank account, according to court documents filed Thursday.

Ippei Mizuhara is due to be sentenced Feb. 6 after his June guilty plea. Last week, he asked U.S. District Judge John W. Holcomb for an 18-month sentence, instead of the nearly five years prosecutors seek. Mizuhara said he was…

IBBI chief Ravi Mital on Thursday said companies in India have not learnt how to use the insolvency law and pitched for efforts to ensure that more companies opt for the voluntary resolution process to increase productivity.

The Insolvency and Bankruptcy Code (IBC), which provides for a market-linked and time-bound resolution of stressed assets, came into force in 2016.

So far, most of the insolvency resolution processes have been initiated by creditors while in comparison voluntary applications have been less.

Speaking at a conference organised by industry body Assocham and accounting body CPA Australia in the national capital, Mital said creditors have recovered around Rs 3.6 lakh crore has been recovered by creditors under the IBC in…

Mumbai: A diverse group of companies including Adani Ports and Special Economic Zone, JSW Infrastructure, Horizon Industrial Parks and Transindia Real Estate Ltd have shown interest in acquiring listed supply chain and logistics infrastructure firm Arshiya Ltd, which is undergoing a corporate insolvency resolution process.Investors such as Authum Investment & Infrastructure Ltd, Dickey Alternative Investment Trust and Finquest Financial Solutions Pvt Ltd have also evinced interest in the company, said a person aware of the development. The company has admitted liabilities of over ₹6,647 crore, which includes about ₹3,082 crore from secured financial creditors and ₹3,544 crore from unsecured financial creditors.

Mumbai-based Arshiya…

Edtech major Byju’s finds itself in yet another legal tangle. After its insolvency proceedings were reinstated in October last year, a new twist emerged when Resolution Professional (RP) Pankaj Srivastava removed two key creditors—Aditya Birla Finance and U.S.-based Glas Trust Company LLC—from the Committee of Creditors (CoC).

The decision was swiftly challenged in the Supreme Court.

Now, in a significant ruling on January 29, the National Company Law Tribunal (NCLT) has not only reinstated both creditors in the CoC but also ordered disciplinary action against Srivastava, citing his overreach in excluding them. This means that Glas Trust—owed a staggering ₹11,000 crore—along with Aditya Birla Finance—owed ₹47 crore—will…

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“The global rise in business insolvencies is a particular focus of concern, with companies and leaders exposed to potential claims from lenders seeking to recover funds, or from shareholders who allege breach of fiduciary duty,” said Maxwell. “At the same time, the litigation landscape and enforcement are increasingly stringent, and we are seeing regulatory bodies across the globe step up scrutiny of corporate conduct, making D&Os more vulnerable to investigations, penalties and lawsuits.”

Liberated Brands began liquidation sales at its U.S.-based retail fleet Thursday, including many Volcom, Quiksilver, Billabong, Honolua and RVCA stores.

The company is working with retail liquidation experts Gordon Brothers on the process, SESO has learned.

Liberated operates about 100 stores in the region after adding former Boardriders-owned stores to its existing Volcom store fleet.

Authentic Brands Group, the owner of Volcom, RVCA, Quiksilver, Billabong, DC Shoes, Spyder, and myriad other brands, has pulled licenses previously held by Liberated Brands and given them to new operators.

So far, Authentic has not found new licensees for the retail stores and financially distressed Liberated is liquidating…

KAIJU! Beer have emerged from voluntary administration after creditors unanimously approved a Deed of Company Arrangement put forward by the founders.

It means Callum and Nat Reeves will keep control of the brewery they launched with their family, with Callum saying in a media statement that they were excited about the opportunities ahead for the indie brewery. 

“We are confident the restructuring will ensure the business is in a stronger position to compete in challenging market conditions,” he said. 

KAIJU!’s overarching South East Brewing Company appointed DBA Reconstruction and Advisory on January 8. The founders called it a necessary decision to handle the debt they’d accumulated over a number of…