Insolvency Guardian Media Centre
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law.
The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses, closing and the transferring of assets of failed business.
Mr Felix Addo, the President of GARIA, made the call at its end of year cocktail reception on the theme: Towards Enhancing the Ease of Doing Business: The Journey So Far in Reforming the Companies and Insolvency Bills.
He said an effective insolvency would prevent the premature disme…
Read the full article at: https://businessghana.com/site/news/business/178747/GARIA-urges-Government-to-pass-corporate-insolvency-law
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law.
The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses, closing and the transferring of assets of failed business.
Mr Felix Addo, the President of GARIA, made the call at its end of year cocktail reception on the theme: Towards Enhancing the Ease of Doing Business: The Journey So Far in Reforming the Companies and Insolvency Bills.
He said an effective insolvency would prevent the premature disme…
Read the full article at: https://www.businessghana.com/site/news/Business/178747/GARIA-urges-Government-to-pass-corporate-insolvency-law
ALBANY, N.Y. (AP) – Philip Sasser had a familiar, sinking feeling when he saw the yellow envelope in his mailbox. He figured it was another past-due medical bill, but it…
Read the full article at: https://www.wnct.com/news/national/secret-santas-charity-buys-and-erases-pastdue-medical-debt/1673522865
December 24 2018
The NCLAT has passed a judgment ruling that a personal guarantors right to subrogation against a corporate debtor can be taken away in a resolution plan.The Bench comprising JusticesMukhopadhaya and Bansi Lal Bhat was hearing an appeal filed by the promoters of Sharon Bio Medicine.
The question of liability of a personal guarantor in case of companies going under insolvency was discussed in length by the Supreme Court in the case of B.K. Educational Services. The Supreme Court verdict read along with theIBC Ordinance 2018 clarifi…
Read the full article at: https://barandbench.com/personal-guarantor-has-no-right-against-corporate-debtor-nclat/
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law.
The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses, closing and the transferring of assets of failed business.
Mr Felix Addo, the President of GARIA, made the call at its end of year cocktail reception on the theme: Towards Enhancing the Ease of Doing Business: The Journey So Far in Reforming the Companies and Insolvency Bills.
He said an effective insolvency would prevent the premature disme…
Read the full article at: https://www.businessghana.com/site/news/business/178747/GARIA-urges-Government-to-pass-corporate-insolvency-law
Companies
Monday, December 24, 2018 2:06
By VICTOR JUMA
More companies sought protection from the Insolvency Act 2015 this year as their operations crumbled amid a large debt pile-up, staving off liquidation that was previously triggered by default.
The firms that went into voluntary or forced administration are supermarket chain Nakumatt Holdings, liquefied petroleum gas (LPG) dealer Midland Energy, ARM Cement and fashion retailer Deacons East Africa.
They join early adopters of the insolvency law like construction firm Spencon Kenya Limited, which was placed under administration in 2017.
Administration is meant to maintain a company as a going concern besides ensuring better recover…
Read the full article at: https://www.businessdailyafrica.com/corporate/companies/Wobbly-firms-find-shelter-in-insolvency-law/4003102-4907888-o1ylj6z/index.html
The National Company Law Appellate Tribunal (NCLAT) on Saturday ordered a stay on the commencement of corporate insolvency proceedings against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India.
It may be noted that the Kolkata bench of National Company Law Tribunal had, on Wednesday, admitted the insolvency petition, filed by Gulf Oil Lubricants India Ltd (GOLIL), for initiation of insolvency proceedings against ECL. The insolvency proceedings was initiated as the company refused to pay the interest amount at the rate of 18 per cent per annum on the original debt of around 85 lakh to the operational creditor.
ECL had already paid the principal sum of around 85 lakh to Gulf Oil Lubricants.
Challenging the order passed by Kolkata be…
Read the full article at: https://www.thehindubusinessline.com/companies/nclat-stays-insolvency-proceedings-against-eastern-coalfields/article25811867.ece
Following NCLTs order, Coal India moved NCLAT, challenging the order.The National Company Law Appellate Tribunal (NCLAT) on Saturday stayed an order passed by the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution process against Eastern Coalfields (ECL), a subsidiary of state-run Coal India (CIL). The Kolkata bench of the NCLT on December 19 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 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 …
Read the full article at: https://www.financialexpress.com/industry/nclat-stays-insolvency-proceedings-against-ecl/1422376/
This is a good day for mortgage holders, business owners and farmers whose loans have been sold on to so called vulture funds – Cahill.
Tipperary Fianna Fil TD, Jackie Cahill has said that the passage of his partys Private Members Bill to regulate so called vulture funds is a major step forward for Tipperary mortgage holders.
Deputy Cahill was commenting after the bill was passed by Seanad ireann. It will be sent to the President to be signed into law. Its provisions are expected to come into effect in January 2019.
This is a good day for mortgage holders, business owners and farmers whose loans have been sold on to so called vulture funds or who fear their loan will be sold by their bank in t…
Read the full article at: https://www.tipperarylive.ie/news/news/354738/tipperary-mortgage-holders-to-receive-enhanced-protection-says-deputy-jackie-cahill.html
Officials in Vernon Township have approved an agreement with Mountain Creek that is aimed at helping the resort emerge from bankruptcy — and it includes a hike in ticket prices for skiing and other attractions at the park.
Under the deal, Mountain Creek is imposing a 7 percent fee as part of admissions to the resort – home to skiing, a water park and other attractions – that is going toward paying off the $28 million sewer debt it owes to the town, officials announced in a release Friday.
While the agreement was not approved until Thursday night, Mountain Creek began imposing the fee last fall, acting in good faith that this solution would be approved, the resort said in a statement Friday.
Vernon Council President Jean Murphy, wh…
Read the full article at: https://www.nj.com/sussex-county/2018/12/ticket-prices-are-up-at-mountain-creek-to-help-resort-pay-off-28m-debt.html
General News of Saturday, 22 December 2018
Source: citinewsroom.com
A Deputy Minister of Trade and Industry, Robert Ahomnka-Lindsay
A Deputy Minister of Trade and Industry, Robert Ahomnka-Lindsay has assured that the corporate insolvency bill will be passed within the first quarter of next year.
The assurance follows the completion of the necessary parliamentary procedures surrounding the bill.
The bill when passed seeks to improve the quality of the legal regime for corporate bodies and their administration when they become insolvent.
Also, the critical aspect of the draft bill focuses on a framework for restructuring viable businesses and closing, as well as transferring assets of failed ones.
Speaking at the end of year cocktail rec…
Read the full article at: https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Insolvency-law-to-be-passed-next-year-Government-710702
We wish to inform you that Honble NCLT Chandigarh Bench, vide its order dated 21st December, 2018 in CP(IB)No 80/CHD/Hry/2018, on an application filled by M/s Tata Blue Scope Limited under section 9 has initiated the Corporate Insolvency Resolution Process in respect of the Corporate Debtor Richa Industries Limited.
The Honorable Adjudicating Authority has appointed the undersigned Insolvency Professional as Interim Resolution Professional to conduct CIRP.
Mr. Arvind Kumar
Registration No- IBBI/IPA-001 /IP-00178/2017-18/10357
lnterim Resolution Professional
9816055657, 981 6200033, 0172-40889990
[email protected] I [email protected]
Pdf Link:
Richa Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Appointment of Interim …
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/richa-industries-ltd-corporate-insolvency-resolution-process-cirp-appointment-of-interim-resolution-professional-irp/article25806552.ece