Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
An investigation into collapsed app-development darling Appster has revealed serious concerns about the companys financials, operation and management, with former
The Indian Institute of Corporate Affairs (IICA) has launched the Graduate Insolvency Programme (GIP) for individuals aspiring to join the insolvency profession in India andabroad.
This is among the first such courses in the world for professionals dealing with insolvent companies and helping them achieve debt resolution.
Approved by the Insolvency and Bankruptcy Board of India (IBBI) and curated by a group comprising economists, insolvency, financial and legal experts, the GIP aims to create trained professionals in the insolvency resolution practice for the near future.
The two-year programme comprises of one year of residential classroom and another year of internship.
M S Sahoo, Chairperson,IBBIsaid, “An insolvency pro…
JOHANNESBURG Under CEO Sipho Maseko over the last six years, Telkom has transformed itself into a very good telecoms business that has shifted its view firmly to the future of data. A few years ago, the company embarked on a restructuring drive that also entailed trimming down its workforce. When Telkom spun-off its wholesale and network services arm Openserve in 2015, this marked another milestone for the company as it played its part in opening up the fixed-lined data market in the country. Added to this, the Telkom share price under Maseko has been on a continuous rise. And Telkoms balance sheet is so solid now that it is eyeing possibly snapping up a mobile network in South Africa. Maseko has achieved all of this with the govern…
In a landmark judgement, the Mumbai bench of National Company Law Tribunal (NCLT) has nullified the attachment notice served by the Enforcement Directorate on Baroda-based Sterling Biotech Ltd (SBL), saying that the NCLT gives speedier justice and that a new legislation Insolvency and Bankruptcy Code 2016 precedes over the existing legislation.
Enforcement Directorate had attached 31 acres of land owned by Sterling Biotech after banks declared the Rs 8,100 crore loans extended to the promoters as fraud. Subsequently, the promoters left the country under suspicious circumstances. NCLT has ordered the release of this land from the ED to the resolution professional to be resolved under the IBC 2016.
The NCLTs Kolkata bench on December 19, 2018, admitted an insolvency petition, filed by the Hinduja Group-controlled Gulf Oil Lubricants India (GOLIL), against ECL under Section 9 of the Insolvency & Bankruptcy Code (IBC), as the coal miner allegedly refused to pay the interest amount on the original debt towards goods supplied.
The National Company Law Appellate Tribunal (NCLAT) has set aside an order by the Kolkata bench of the National Company Law Tribunal which allowed initiation of insolvency proceedings against Eastern Coalfields (ECL), a subsidiary of Indias largest miner Coal India.
Earlier, the NCLAT had stayed the order passed by the tribunal to initiate the corporate insolvency resolution process against ECL after the state-run …
An investigation into collapsed app-development darling Appster has revealed serious concerns about the companys financials, operation and management, with former clients and employees labelling its work dross and its founders devious.
Appster was one of Australias premier app-development companies and a poster child of the Australian startup scene, headed up by young founders Mark McDonald and Josiah Humphrey.
Founded in 2011 by the then 19-year-old founders, the company was revered as the epitome of what a 21st-century startup should be: fast growing, scrappy and bootstrapped from $3,000 by two 20-somethings who decided to just have a crack.
There has always been a tension between protecting the interests of defined benefit pension schemes and insolvency given on the one hand The Pensions Regulator (TPR) seeks to protect the interests of pension scheme members and the Pension Protection Fund and on the other, the insolvency regime seeks to protect the interests of creditors as a whole.
We published an article in July 2018 reporting on a consultation paper issued by The Department for Work and Pensions. In that, we highlighted our concerns about proposed changes to the notifiable events framework and the impact that increasing TPRs powers might have on the insolvenc…
In 2012, Dutch entrepreneur Bas Lansdorp launched the worlds first private and crowdsourced-effort to create a permanent outpost on Mars. Known as Mars One, this organization was the focus of a lot of press since its inception, some of it good, most of it bad. While there were many who called the organizations plan a suicide mission or a scam, others invested their time, energy, and expertise to help make it happen.
In addition, thousands of volunteers signed on for the adventure, willing to risk life and limb to become part of the first one-way trip to the Red Planet. Unfortunately, we may never get to know if Bas Lansdorps plan for colonizing Mars was feasible or even sincere. According to a recent declaration by a Swiss Court, Mars O…
Cleaning Up on ITV concluded last night on ITV. For the past six weeks, viewers have been following the story of working-class single-mother Sam (played by Sheridan Smith) who suffered from a gambling addiction. Not only that, Sam got herself into illegal waters by participating in insider trading. So how did the series come to an end? Heres everything you need to know.
How did Cleaning up end?
Cleaning Up, the final episode aired last night (Wednesday, February 13) on ITV.
Dont worry, if you happened to miss the episode or Cleaning Up entirely, it is available to stream via the ITV Hub now.
Thankfully, Cleaning Up was a happy ending for Sam after all.
Throughout the series, Sam constantly found herself in a huge financial mess, gambling away…
Business rescue practitioners for financially distressed Esor Construction said on Thursday that the company can be saved.
BDO Business Restructurings optimism revives hope that the civil engineering and construction firm, which went into business rescue in August 2018, can be brought back to life as a going concern.
The business rescue practitioners are still of the view that there is a reasonable prospect of developing and implementing a business rescue plan for the company that will ensure that, on acceptance of the plan, it will continue in existence on a solvent basis, Esor said in a statement.
But it said the companys revival requires the re-organisation of its finances and an arrangement …
Australians were addicted to debt. Now were breaking the addiction. The new question is whether we can survive the withdrawal symptoms.
Australians are reducing debt in many places. We are cutting the value of loans but also the number of them. We are borrowing less for investment housing but also for owner-occupier. Were limiting housing debt and also personal debt. This is wide-scale change.
Australias household debt levels got worryingly high. We have $1.8 trillion in housing debt, and it has been rising fast. So a bit of caution is good news. But going cold turkey on debt is concerning too.
We divide the economy up into three parts households, government and business. Government and business debt are not especially high at the moment….
Sub: Implementation of the Resolution Plan / Capital Reduction
This is in continuation of our earlier intimation dated 05th February 2019 regarding resolution plan which was approved by NCLT, Chennai vide its order dated 01st February 2019 under the Provisions of IBC, 2016.
Pursuant to the Resolution Plan a capital reduction is proposed and the capital of the fully paid up equity shareholders shall be reduced to 10% and consequently the existing 2.36 Crores number of shares shall be reduced to 0.236 Crores.
The Stock exchanges will be intimated in due course for effecting capital reduction.
Husband and wife, Dawn and Jacob Goulde, of Hatch End, North West London, were the directors of London and Berkshire Limited. Incorporated in August 2009, the company was concerned with property valuation and surveying.
Just six years later, however, London and Berkshire was shut down by the courts in June 2015 following a petition by the tax authorities to wind-up the company.
The Official Receiver was appointed by the court to undertake the liquidation, as well as carry out investigations into why the company failed and the conduct of the directors.
Investigations established that Dawn and Jacob had personally benefited from payments taken out of the companys bank accounts of at least 182,000. The payments were made between …
