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.
Bankers are worried that the corporate insolvency resolution process (CIRP) could turn chaotic and face delays as the Insolvency and Bankruptcy Board of India (IBBI) may amend the rules, giving operational creditors (OCs) a larger say in the resolution process.
Their fear stems from the observations of a two-judge Supreme Court Bench last month that OCs should have voting rights in proportion to their exposure, just like the committee of creditors (CoC), in the CIRP. Bankers say the IBBI may amend the Insolvency and Bankruptcy Code (IBC) rules in the wake of these observations.
An OC is a person/enterprise to whom an operational debt (a claim in respect of provision of goods and services) is owed by a corporate debtor and includes any pe…
NEW DELHI: The National Company Law Tribunal has given its approval to start insolvency proceedings against a subsidiary of realty firm Parsvnath Developers. It admitted a petition filed by three homebuyers against the subsidiary firm Parsvnath Landmark Developers for inordinate delay in the development of a project in Delhi and non-refund of their payment.
The tribunal appointed Yash Jeet Basrar as an interim resolution professional to run the corporate insolvency resolution process. A two-member bench of NCLT directed that in case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the interim resolution professional/resolution professional would be at liberty to…
Former boss Rob Shand stepped down in April to be succeeded by Kim Morison, who was head of real assets and is now acting head of the business.
Blue Sky disclosed for the first time that of the almost $100 million that it raised following its half-year results at $11.50 a share, $40 million went to private real estate co-investment with joint-venture partners in Australia and the US, $30 million went to real assets co-investment, $18 million to private equity co-investment and $8 million “for balance sheet support” for Blue Sky-managed funds.
The company is also withdrawing its guidance for fee-earning assets under management for 2017-18 and 2018-19, as well as profit guidance for the current year, due to uncertainty over the timing of US …
South African furniture conglomerate Steinhoff International Holdings has seen the voluntary administration of its European arm blocked by a company claiming to be a creditor, according to a release sent to investors.
The company known as LSW GmbH an entity reportedly related to Andreas Seifert, who,according to BusinessDay, currently has a dispute in the Austrian courts against Steinhoff Europe AG lodged an application challenging the voluntary arrangement on the day it was announced.
As a result, the administration cannot be completed until the application has been settled, delaying Steinhoffs restructuring plans.
While Steinhoff examines the details of the application, it noted it will continue to work towards the financial rest…
The balaclava-clad robber by day a devoted father and businessman scales a building in the dark of night, cuts a hole in the roof and disables the security system before lowering himself through the ceiling.
Once inside, the stealthy criminal uses an angle grinder to slice open the locked safe and pockets tens of thousands of dollars before escaping back up through the hole.
It may sound like a movie heist, but this was the sophisticated method prolific cat-burglar Simon Paul Giacomel used to target 15 WA businesses in an 18-month crime spree that spanned from Lancelin to Subiaco and as far east as Toodyay.
The West Australian can reveal Giacomel, 42, has been jailed for more than six years over …
Senior Chinese leaders offered in 2016 to help bail out a Malaysian government fund at the center of a swelling, multibillion-dollar graft scandal, according to minutes from a series of previously undisclosed meetings reviewed by The Wall Street Journal.
Chinese officials told visiting Malaysians that China would use its influence to try to get the U.S. and other countries to drop their probes of allegations that allies of then-Prime Minister Najib Razak and others plundered the fund known as 1MDB, the minutes show.
The Chinese also offered to bug the homes and offices of Journal reporters in Hong Kong who were investigating the fund, to learn who was leaking information to them, according to the minutes.
We are America and we have an addiction. We live beyond our means, spend unconsciously, do too much therapy shopping, live the swipe it and forget it lifestyle, use whatever colorful phrase you like.
The 5 Cheapest Ways To Pay Off Credit Card Debt FastGetty
THE full story of Hanjin Heavy Industries and Construction Co.-Philippines (HHIC-Phil) Inc., once touted as the shining star of Subic Freeport and an inspiration to Philippine policy-makers who used it as part of their basis to list shipbuilding among the countrys most promising industries, will perhaps not be known anytime soon.
It is a saga that raises numerous questions, chiefly: how could such a big operationrepresenting the biggest investment for Subicsuddenly fail, as to force lawyers of the Korean giants affiliate to rush to an Olongapo court on January 8 to seek relief from holders of its $400 million in debt to leading local banks?
HHIC-Phil has invested $2.3 billion in the Subic Bay Freeport since beginning operations in 2007. …
Australian film West of Sunshine is set to hit VOD platforms on January 22. If you like small-town indie dramas you should add this one to your list!
West of Sunshine is a difficult movie to describe without giving away the story or underselling it, but Ill do my best. The idea is simple enough. Its a story about a father and son spending a day together. The parents are separated, and at the start of the movie we are made aware that the relationship between the father and son is strained. The audience also quickly learns that the father, who forgets hes supposed to be picking up his son, has some issues.
The main issue, which is given away in the trailer and in the synopsis for the movie, is that he has a gambling debt that he needs to pay…
At the meeting of NMGs board of directors last Friday, Shine was appointed chairman of the groups executive committee and also vice chairman of the board of directors with immediate effect.
Shine said a part of the new investments on the digital TV business would be for upgrading its news production studio and the development of news anchors and content.
He said NMG might have to increase its capital for investment and use revolving capital to repay debt to financial institutions. It will have talks with more than nine creditor financial institutions.
Finance Minister Arun Jaitley Thursday said Rs 80,000 crore has been recovered by creditors in 66 cases resolved by NCLT and around Rs 70,000 crore more is likely to be realised by March-end.
Accusing the Congress of leaving behind a legacy of an “anachronic system” of resolving commercial insolvency, Jaitley said the NDA government acted swiftly to recover the non-performing loans and legislated the insolvency and bankruptcy code (IBC).
He said National Company Law Tribunal (NCLT) had started receiving corporate insolvency cases by the end of 2016 and so far 1,322 cases have been admitted by it. A total of 4,452 cases have been disposed at pre-admission stage and 66 have been resolved after adjudication. 260 cases have …
More than one-quarter of Americans with health insurance have received a surprise medical bill, according to a new survey from Consumer Reports. Those healthcare charges can have big consequences because medical bills can drag down your credit score. (Photo: KUTV)
(KUTV)
More than one-quarter of Americans with health insurance have received a surprise medical bill, according to a new survey from Consumer Reports. Those healthcare charges can have big consequences because medical bills can drag down your credit score.
New rules may help. The three big credit agencies Equifax, Experian, and TransUnion are now required to wait one-hundred-eighty days before putting an unpaid medical bill on a credit report. So if youre disputing a claim, le…
