Insolvency Guardian Media Centre
As expected from a new set of laws for a complex subject, the Insolvency and Bankruptcy Code is evolving. And as is frequently also the case, the changes in a complex law can get confusing. ET gives a snapshot of where things stand now, and how that affects stakeholders.
Legislation/SC Judgement:
First IBC Amendment (Nov 2017)
| What is the change | Why was it made | What does it mean |
| Introduction of Section 29 A. | Provision introduced to bar promoters from bidding for their companies. | Defaulters prevented from regaining control of their companies at a cheaper value. |
| Persons who have remained in management or control of an account that has been an NPA for more than 12 months barred from bidding. | To ensure that all defaulters a…
Read the full article at: https://economictimes.indiatimes.com/news/et-explains/bankruptcy-code-whats-changed-what-it-means/articleshow/67951799.cms Certain gamblers are clich, right? The business person playing table games during a work trip to Las Vegas, or the retired couples who pour their pensions into the slots in exchange for buffet passes. But who wouldnt you expect to see at the casino? 1. A Tale of Two NunsEveryone knew that Sisters Mary Margaret Kreuper and Lana Chang were gamblers. They were open about their many trips to Vegas, funded by a rich uncle. Except it turned out that the rich uncle was really the parents who were paying for school. The nunsadmitted to siphoning off cash from tuition fees and donations at Saint James School near Los Angeles for at least a decade. While reports estimated that they stole upwards of $500,000 it wasnt confirmed. What was confirmed was t… Read the full article at: https://www.casino.org/blog/top-8-most-surprising-gamblers/ A man ordered to pay Sh18 million compensation to the family of a businessman he killed in road rage has lost bid to be declared bankrupt. Albert Mbogori, who served 14 months in jail for manslaughter, had pleaded with the court to declare him bankrupt because he didnt have cash to pay the award. He killed Edward Benjamin Rahedi. In 2009 the court had awarded the family of Rahedi Sh12 million in pain and loss of dependency. The sum earned interest and now stands at Sh18 million. Mbogori had said as a result of serving the jail term, his business went down and subsequently closed. He relies on his wife, a teacher with a monthly salary of Sh355,000. He promised to conduct a fundraiser to pay Rahedis family if declared bankrupt. In his testimo… Read the full article at: https://www.the-star.co.ke/news/2019/02/12/man-in-road-rage-case-loses-bankruptcy-bid_c1892847 A personal insolvency arrangement (PIA) which involves writing down a 343,785 mortgage debt by more than half has been approved by the High Court for a woman who ran into mortgage arrears due to her husbands gambling problem. Permanent TSB objected to the arrangement, insisting the proposed write down of some 343,785 to 160,000, the current agreed market value of the womans home, was draconian. Mr Justice Denis McDonald said the woman, a public servant in her 40s with net monthly earnings of some 2,900, is separated fr… Read the full article at: https://www.irishtimes.com/news/crime-and-law/courts/high-court/court-approves-insolvency-deal-that-halves-woman-s-mortgage-1.3789632 NEW YORK, Feb. 11, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you. Yangtze River Port and Logistics Limited (NASDAQGS: YRIV) The lawsuit alleges: Yangtze River Port and Logistics Limited made materially false and/or mis… Read the full article at: https://globenewswire.com/news-release/2019/02/11/1716865/0/en/CLASS-ACTION-UPDATE-for-YRIV-VALE-TYME-and-GE-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders.html
Mars One, a Dutch company that planned to send humans on a one-way trip to Mars and start the first human colony on the Red Planet, hasbeen declared bankrupt. The declaration was made in a Swiss court on Jan. 15and posted on Reddit this past weekend officially dissolving Mars One Ventures AG. Bas Lansdorp, company co-founder and CEO, told CBC Newsin an email Monday afternoon that Mars One would issue a press release later in the day. Mars One began accepting applications in 2013 for a mission to establish a permanent settlement on Mars. It planned to launch a total of 24 people in groups of four every two years starting in 2024. The company claimed it could do so using existing technology. It estimated launching the first four people would… Read the full article at: https://www.cbc.ca/news/technology/mars-one-bankrupt-1.5014522 A High Court ruling clarifying a provision of the Personal Insolvency Acts is good news for a large number of debtors appealing decisions that their applications for court approval of personal insolvency arrangements were made out of time. Mr Justice Denis McDonald granted an appeal by a debtor against a Circuit Court finding last October that his application, with a view to getting approval of a personal insolvency arrangement, was not “made” within the 14 day period provided for in Section 115A (2) of the Personal Insolvency Acts 2012-2015 (the Acts). The judge disagreed with the Circuit Court the word “made” in that context also meant “served”.
The debtor owes a total sum of around 755,000 and 60.7 per cent of his creditors had voted in… Read the full article at: https://www.irishexaminer.com/breakingnews/business/court-ruling-is-good-news-for-debtors-pursuing-insolvency-deals-903706.html
Avadel Pharmaceuticals The once-nightly formulation of sodium oxybate is in the Phase III stage of its development. Divis says that this far it is the most promising asset to the company. If approved, we believe FT218, with once-nightly dosing, will provide a significant improvement for patients over the current standard-of-care, he states. … Read the full article at: https://fdaheadlines.com/avadel-pharmaceuticals-plc-nasdaqavdl-announces-a-corporate-restructuring-plan-to-maximize-on-the-value-of-ft218/ PG&E is restructuring its board following the deadly wildfires that caused severe and extensive damage in California last year. The company, which is Californias biggest utility, expects just five out of 10 of its current directors to stand for re-election at an annual shareholder meeting scheduled for May 21, the Associated Press reports. We fully understand that PG&E must re-earn trust and credibility with its customers, regulators, the communities it serves and all of its stakeholders, the utility said in a statement. We recognize the importance of adding fresh perspectives to the Board to help address the serious challenges the business faces. Last month, PG&… Read the full article at: http://fortune.com/2019/02/11/pge-reshapes-board-wildfires/ MANY families are bearing the burden of problem debt as households see their outgoings surpass their income for the first time in nearly 30 years. The average person has outgoings of 26,800 a year but only has a disposable income of 20,200, says the Office for National Statistics (ONS). This means they need 6600 a year more than they take home after tax. Debt has been ballooning since 2013, and unsecured borrowing has now hit an all-time high. Glenn Everett from the ONS said people were more gloomy about their well-being. He said This may be due to worries about rising debt repayments, which could be driving concerns about their future financial situation. Benefit changes with rising living costs have hit many people with more than … Read the full article at: https://www.dailyrecord.co.uk/lifestyle/money/grips-your-debts-experts-give-13967432 Nexus Law Group has added three senior lawyers as group principals. Maria Monastiriotis, Tara Lucke, and Claudio Venegas have joined the firm. Monastiriotis and Venegas join the firms Sydney office, while Tara Lucke will be based on the Gold Coast, the firm said. All three bring their own unique insights and perspectives in their areas of expertise and their contributions will have a significant impact to the Nexus Group as move forward, including as we deploy the OpenLaw smart contracts platform, said Marcus McCarthy, Nexus founder. Monastiriotis, who is the former family practice leader at Slater and Gordon in Sydney, brings to the firm more than 25 years experience. An accredited family law special… Read the full article at: https://m.australasianlawyer.com.au/news/nexus-gains-three-group-principals-260233.aspx Nexus Law Group has added three senior lawyers as group principals. Maria Monastiriotis, Tara Lucke, and Claudio Venegas have joined the firm. Monastiriotis and Venegas join the firms Sydney office, while Tara Lucke will be based on the Gold Coast, the firm said. All three bring their own unique insights and perspectives in their areas of expertise and their contributions will have a significant impact to the Nexus Group as move forward, including as we deploy the OpenLaw smart contracts platform, said Marcus McCarthy, Nexus founder. Monastiriotis, who is the former family practice leader at Slater and Gordon in Sydney, brings to the firm more than 25 years experience. An accredited family law special… Read the full article at: https://www.australasianlawyer.com.au/news/nexus-gains-three-group-principals-260233.aspx |
