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Published 20 December 2018 Six solicitors and four barristers have been reappointed to the Personal Insolvency Practitioners Complaints Committee panel
We would like to inform you that the brief particulars of the invitation for expression of interest in Form G as required under the applicable provisions of the Insolvency and Bankruptcy Code, 2016 read with rules and regulation made thereunder has been published on the website of the corporate debtor. The Form G is also sent to Insolvency and Bankruptcy Board of India to publish the same on their website. The copy of Form G is enclosed herewith as Annexure A.
Restructuring is so common in both the private and public sectors that many workers will experience one after the other, in an ongoing series of upheavals.
Can this really be good for business? What impact is the constant threat of restructuring having on employee wellbeing and workplace culture?
This year has seen restructuring and layoffs within many large organisations, including the ABC, Fairfax, Myer and IAG. According to the Hays Salary Guide, more than half of employers were restructuring in 2017 to stay competitive in a rapidly changing business world.
In a recent report, the Committee for Economic Development of Australia (CEDA) predicted more than five million (40%) of Australian jobs are likely to disappear in the next 10 t…
On the second anniversary of the Insolvency and Bankruptcy Code (Code) many of its achievements deserve celebration including fostering credit discipline and improving upon a culture of impunity.
And yet, there has been a gamut of reactionary amendments to the Code, the intent and timing of several of which raise questions. The most significant of these was the introduction of the ineligibility criteria test through Section 29A. The ostensible objective was to preclude unscrupulous, back-door promoters from regaining access to their companies.
There was no such restriction in the Code as originally drafted. Was this oversight? Among the central lacunae in Indian bankruptcy frameworks prior to the…
Dont wait for the New Year to tackle debt, manage your festive season spending and start 2019 financially fit.
Every year we see an increase of about 28 per cent on credit card spending over the December period, but, with careful planning and clever management of this inevitable increase in spending, you can enjoy your festive season without adding to your debt responsibilities, encouraged Chris Labuschagne, CEO of FNB credit card.
Here are a few tips to help you manage your holiday season spend:
Understand your debt responsibilities now:
Dont sweep your debt responsibilities under the carpet until the New Year, take time to plan your finances.
Make a note of all your repayment responsibilities, such as car, home loan and credit card r…
NCLT orders insolvency resolution process against CIL subsidiary
In a setback to Coal India (CIL), the Kolkata bench of the National Company Law Tribunal (NCLT) has ordered commencement of the corporate insolvency resolution process against its subsidiary Eastern Coalfields (ECL).
The tribunal has admitted the insolvency petition, filed by Hinduja Group-controlled Gulf Oil Lubricants India (GOLIL), against ESL under Section 9 of the Insolvency & Bankruptcy Code (IBC), as the coal miner refused to pay the interest amount on the original debt towards goods supplied.
Although ECL had already paid the principal sum of around `84.71 lakh to GOLIL, one of its operational creditors, the former did not pay the amount of interest at the …
GREENFIELD Newly public Elanco Animal Health said in a regulatory filing that it plans a restructuring of its international operations that will result in a $37 million charge in the fourth quarter, including $19 million in severance costs.
The Greenfield-based company which employs about 5,880 workers, including 3,430 outside the United Statesdid not say how many jobs would be eliminated or where. An Elanco spokeswoman wouldnt provide specifics but said the announcement is largely focused on our international business. The firm has about 800 workers in Greenfield and plans to keep its global headquarters here, the s…
Paul Brough is to remain chairman of Noble Group after the crisis-hit commodity trader completed its emergency $3.5bn debt restructuring.
The Hong Kong-based group had been set to name Ian Potter, a former Morgan Stanley commodities banker, as its new chairman but that was before authorities in Singapore launched a criminal investigation into false and misleading statements it claims the company made.
Nobles proposed debt-for-equity swap, announced in January, was then thrown into doubt after regulators in the city-state said Noble could not relist its shares on the Singapore exchange.
That meant Noble had to fall back on an alternative plan and push through the restructuring in Bermuda, leaving its beleaguered investors with stakes …
The bosses of the broke money-moving app Bux Global are proving hard to find as dudded investors continue to pursue them for more than $500,000 in legal costs.
As revealed by The West Australian, more than 300 WA investors sank $100 million into the dud mobile phone application the brainchild of founder Raymond Webber and his sons Chris and Andrew.
But the money is all but gone. Court documents reveal just thousands in cash left among the companys assets, with millions spent on fine dining, business-class flights, five-star hotels and leasing luxury cars.
The disgruntled investor whose court action eventually led to Bux being declared insolvent by the Federal Court is chasing the Webber family for $535,016 in court costs.
People who make a living guiding others through bankruptcy in Canada say theyve never been busier.
Record debt burdens, rising borrowing costs and, in some cases, bigger payday loans are driving many Canadians to seek relief, according to several licensed insolvency trustees who spoke to Bloomberg. They say November was their busiest on record, and December typically a slow time of year in the insolvency trade hasnt let up.
Im essentially trying to add capacity every day to get people seen, Blair Mantin, a Vancouver-based licensed insolvency trustee at Sands & Associates, said by phone. Usually things slow down around Christmas, but we havent seen the demand slow down this year.
Six solicitors and four barristers have been reappointed to the Personal Insolvency Practitioners Complaints Committee panel for five years.
The Department of Justice and Equality wrote to all 18 members of the inaugural panel, established under section 177 of the Personal Insolvency Act 2012, to ask them if they were willing to be considered for reappointment for a further five-year term.
A spokesperson for the Department told Irish Legal News that all but one member agreed to reappointment to the panel, which is now proceeding with just 17 people.
It includes solicitors Paul Brennan, Alec Gabbett, Bill Holohan, JP McDowell, Frank Nyhan and Helen OBrien; barristers Lynn Fenelon, Elaine Greer, Imelda Ke…
We would like to inform you that 20th meeting of Committee of Creditors of ABG Shipyard Limited was held on Thursday, 20th December 2018 at 02:30 P.M. IST at BDO India LLP, Level 9, The Ruby, North West Wing, Senapati Bapat Road, Dadar (W), Mumbai 400028, INDIA.
Businessman Gary van der Merwe says Andrion Gouws appears to have abused his authority in a manner that was contrary to logic and arguably detrimental to the solvency of Standard Bank. Pictures: Brendan Magaar/African News Agency (ANA)
CAPE TOWN Standard Bank business credit manager, Andrion Gouws, has been accused of colluding with ENS Africas liquidation department to achieve unfair financial gains in a liquidation matter involving Zonnekus Mansions owned by the Eagles Trust, represented by businessman Gary van der Merwe.
Van der Merwe, through attorney Tim Dunn, in emailed correspondence addressed to KPMGs fraud department, stated that Gouws appeared to have abused his authority in a manner that was contrary to logic and arguably detr…
Six solicitors and four barristers have been reappointed to the Personal Insolvency Practitioners Complaints Committee panel for five years.