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Business Leading accountancy and business advisory firm Johnston Carmichael has strengthened its restructuring team with the progression of Graeme Bain
Philippines-based HatchAsia Inc has completed its takeover of Australian-listed Southeast Asian casino operator Silver Heritage Group, with six new directors
By Kevin PeacheyPersonal finance correspondent, BBC News image copyrightGetty Images Some Barclaycard customers will see their minimum repayments rise from
The status of homebuyers as a class of financial creditors and their right to initiate the Corporate Insolvency Resolution Process (CIRP) against the builder/developer under the Insolvency and Bankruptcy Code (IBC or Code) had traversed a very long journey which witnessed various legislative amendments and Supreme Court’s decision (Chitra Sharma versus Union of India & Pioneer Infrastructure versus Union of India) on the constitutionality of those amendments.
This journey of homebuyers perhaps reached a destination with the latest judgment of Manish Kumar versus Union of India wherein the three-judge bench of the Supreme Court upheld that amendment to Section 7(1) of the code which prescribed a certain threshold for allottees.
Leading accountancy and business advisory firm Johnston Carmichael has strengthened its restructuring team with the progression of Graeme Bain to an appointment-taking director.
Monday, 25th January 2021, 7:00 am
Graeme, a licensed insolvency practitioner, joined Johnston Carmichael as a director in 2017, can now be appointed to oversee formal insolvency appointments. His progression comes after a 20-year career in restructuring, 16 of which were spent at a big four firm.
While highly experienced in all aspects of personal and corporate insolvency Graeme specialises in contentious creditor- led cases and has in-depth knowledge of investigation and asset recovery processes.
European fund manager Alexander Darwall admits he invested too much in Wirecard, the German fintech company that collapsed after auditors found a multi-billion black hole in its accounts. But he also said that German regulators bear some of the blame for not spotting the fraud sooner, and there are still plenty of unanswered questions about the company.
The manager of the Silver-rated European Opportunities Trust (JEO) says the episode was a lesson in having too large a stake in companies – and a reminder that you can’t always rely on regulators to spot problems. Certainly, the regulators in Germany and the accountants proved to be inadequate, he said.
What Happened to Wirecard
Payments giant Wirecard admitted in June 2020 that nearly 2 …
The National Company Law Tribunal , Hyderabad has approved the resolution plan of Kamini Metalliks for debt-strapped VBC Industries.
VBC Industries, which was earlier declared insolvent, will now have a new owner in Kamini Metalliks which offered 98 crore with its bid.
Judicial member K Anantha Padmanabha Swamy and Member Technical Binod Kumar Sinha of the NCLT Hyderabad, on a petition moved by the corporate debtor, approved the resolution plan filed by Kamini Metalliks.
Lenders had moved NCLT for a resolution against the VBC Industries, which had raised about 268 crore from various bank facilities but could not keep up its commitments to repay the dues.
TSN Raja, the resolution professional, in the case, assured that various dues to wo…
Philippines-based HatchAsia Inc has completed its takeover of Australian-listed Southeast Asian casino operator Silver Heritage Group, with six new directors replacing the former board as of last Friday.
Former CEO Mike Bolsover, Chairman Matthew Hunter and fellow director Darryl Kaplan are no longer associated with the company, replaced by representatives of the new ownership group, among them HatchAsias President and CEO Kirk A. Arambulo and DFNN Inc Executive Director Ramon C. Garcia Jr.
DFNN, which was recently the first company to receive a license from Philippines gaming regulator PAGCOR to offer domestic online gaming services under the nations new PIGO scheme, owns almost 19% of HatchAsia.
Moelis & Company to help swift reopening of UAE Exchange and other Finablr Group companies Image Credit: Ahmed Ramzan/Gulf News
Dubai: The consortium of Prism Group AG (Prism) and Abu Dhabis Royal Strategic Partners (RSP) has appointed independent investment bank Moelis & Company to advise on the restructuring and transformation of the Finablr Ltd and its subsidiaries, the global payment solutions group it agreed to acquire in December 2020.
Prism formed a consortium with RSP to complete the purchase of Group at the end of last year …
By Kevin Peachey Personal finance correspondent, BBC News
image copyrightGetty Images
Some Barclaycard customers will see their minimum repayments rise from Tuesday, at a time when finances are already stretched owing to Covid and Christmas.
The new requirements are tailored to each customer, although some may see a significant rise in demands.
But the changes will also see charges for exceeding a credit limit scrapped.
January is a pinch point for many in debt and borrowers are being urged to seek help if they are in trouble.
‘Charges explained’
Barclaycard signalled the changes to their pricing structures in November, although some borrowers may have missed the notice, which was titled “changes to your terms and con…
A NEWCASTLE builder accused of leaving five Hunter families out of pocket and with unfinished or ‘defect-riddled’ homes has been declared bankrupt. Ben Geary, of BJG Builders, filed for bankruptcy just days after Charlestown MP Jodie Harrison launched a scathing attack on him using parliamentary privilege in November. Ms Harrison said Mr Geary, of Lake Macquarie, had left a string of defective work, failed to comply with rectification orders and placed “enormous pressure” and “financial strain” on his clients. She urged the government to “create the necessary protections” so homeowners can undertake the “big financial commitment” of building or renovating their homes “in good faith”. “With so much at stake, it is important that regulat…
There was an emotional backstory somewhere inYashahime Episode 16,but unfortunately, it just felt incomplete. Audiences arent given much time with the characters before the action starts. Yashahime: Princess Half-Demon from Sunrise is an anime-only sequel toInuyasha. It follows the main characters children going on their own adventure in the feudal world. Namely, Inuyasha and Kagomes daughter, Moroha, and her cousins Towa and Setsuna.
Yashahime Episode 16 kicks off rather suddenly. The leading ladies are facing off against Morohas former master Yawaragi, a wolf-demon. As seen last week, Moroha was entrusted to Koga and the wolf-demon tribe as a baby. It isnt shown, but viewers can safely assume that Koga t…
There was an emotional backstory somewhere inYashahime Episode 16,but unfortunately, it just felt incomplete. Audiences arent given much time with the characters before the action starts. Yashahime: Princess Half-Demon from Sunrise is an anime-only sequel toInuyasha. It follows the main characters children going on their own adventure in the feudal world. Namely, Inuyasha and Kagomes daughter, Moroha, and her cousins Towa and Setsuna.
Yashahime Episode 16 kicks off rather suddenly. The leading ladies are facing off against Morohas former master Yawaragi, a wolf-demon. As seen last week, Moroha was entrusted to Koga and the wolf-demon tribe as a baby. It isnt shown, but viewers can safely assume that Koga t…
Egypts Ministry of Public Business Sector will disburse a minimum of EGP 255,000 in reparations for each of the 2,500 workers at the recently liquidated Egyptian Iron and Steel Company.
On 12 January,citing chronic losses,the board of directors of the Egyptian Iron and Steel Company passed on a resolution liquidating the company and dividing it into two new companies.
The company has been one of the country’s industrial icons since its establishment in 1954 and start of operations in the early 1960s.
The liquidation resolution stipulated the company will be divided into a company for iron and steel and another for mines and quarries.
The move lays the groundwork for private sector investments to play a role in the two new companies in…
Moelis & Company has advised a succession of leading international companies on corporate restructuring and transformation programmes in the UAE
The acquisition will enable acquisitions to restart and secure the future of the group, which is a major provider of cross border financial services in the UAE
The consortium of Prism Group AG and Abu Dhabis Royal Strategic Partners (RSP) has appointed independent investment bank, Moelis & Company, to advise on the restructuring and transformation of the Finablr and its subsidiaries, the global payment solutions group it agreed to acquire in December 2020.
Prism formed a consortium with RSP to complete the purchase of the group at the end of last year – since when the consortium and Finab…
image copyrightGetty Images
