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.
The National Company Law Tribunal, Hyderabad, has admitted an application for corporate insolvency resolution against Lanco Babandh Power Limited. NCLT
Student at college graduation.Photo by Esther Tuttle on Unsplash
New York University’s School of Medicine just announced it will offer full scholarships to all current and future students in its MD program. NYU medical students will graduate with zero academic debt (though they may have to take out loans for room and board). The NYU board of trustees chair explained, “They walk out of here unencumbered, looking at a future where they can do what their passion tells them, which is to help people live better quality lives. This is on the heels of Columbia University announcing a $250 million gift from an alumnus that would offer students with the greatest financial need full-tuition scholarships, and oth…
The High Court has granted a temporary injunction preventing an Irish registered aviation company linked to a controversial Russian businessman from going into voluntary liquidation.
Mr Justice Michael Quinn made an interim injunction preventing the members of City Leasing DAC, which has registered address in Limerick from holding a meeting of its members, who were due to consider a resolution to wind up the company.
The National Company Law Tribunal, Hyderabad, has admitted an application for corporate insolvency resolution against Lanco Babandh Power Limited.
NCLT Judicial Member Bikki Ravindra Babu admitted the petition by ICICI Bank for insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 and directed issue of notices to various parties, including the financial creditor, corporate debtor and the interim insolvency resolution professional.
The NCLT appointed U Balakrishna Bhat as the insolvency resolution professional and directed him to make a public announcement of the corporate insolvency resolution process initiated against the power company, a subsidiary of Lanco Infratech Limited, which is facing a liquidation …
The High Court has granted a temporary injunction preventing an Irish registered aviation company linked to a controversial Russian businessman from going into voluntary liquidation.
Mr Justice Michael Quinn made an interim injunction preventing the members of City Leasing DAC, which has registered address in Limerick from holding a meeting of its members, who were due to consider a resolution to wind up the company.
Paul Barber, North West chair of the R3, the trade body for insolvency and restructuring professionals
Government plans to clamp down on directors who dissolve companies to avoid paying workers or pensions have been welcomed by insolvency practitioners in the North West.
The proposals, which were announced on Sunday and represent the biggest changes to the corporate insolvency regime in almost 20 years, will also give struggling companies more time to rescue the business and help safeguard jobs.
Paul Barber, North West chair of the R3, the trade body for insolvency and restructuring professionals, said: We welcome the governments long-awaited announcement that it is moving forward with its corporate insolvency reforms. As the UKs exit from …
The disciplinary committee of the Insolvency and Bankruptcy Board of India (IBBI) has imposed a penalty of one lakh rupees on an Insolvency Professional, Dinkar T. Venkatasubramanian of Ersnt & Young LLP, Gurugram, as he authorized payment of his professional fee to Ernst & Young LLP. The Payment was released to EY LLP based on IRP instruction to bank.
In the instant case, Mr. Mukesh Mohan (replaced RP) made a complaint against Mr. Venkatasubramanian that the professional fee of Mr. Venkatasubramanian was illegally paid to M/s E & Y LLP thereby escaping his personal income tax liability by making the payment of his professional fee in the name of third party and requested the Board for taking necessary disciplinary action again…
NEW DELHI, Aug 28: Bankruptcy-bound Ruchi Soyas promoters have sold 1.06 crore shares, worth 3.18 per cent stake, through open market transactions, the debt-ridden edible oil firm said in a regulatory filing. Ruchi Soyas promoter entity Disha Foundation Trust sold these shares on August 24. After sale of these shares, the promoters stake in the company has come down to 38.88 per cent from 42.06 per cent, the filing said. Ruchi Soya, which is facing insolvency proceedings, has a total debt of about Rs 12,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold. In December 2017, Ruchi Soya Industries…
A real estate agency that stole $220,000 in client funds before collapsing has been fined just $7,500 after being convicted on 12 charges, but the prosecuting agency insists the matter is far from resolved.
Austpride, which formerly traded as Real Estate Masters in the Perth suburb of Cannington, was convicted last week of 12 counts of unlawful use of trust account funds, after 12 withdrawals totalling $220,742 were made between August and December 2015.
Of those withdrawals, three found their way into the credit card accounts of the wife of the agencys manager and another family member.
Three more charges were also laid for failing to adequately reconcile the trust account for October, November and December 2015.
Force India team principal Otmar Szafnauer said the team came within days of collapsing before going into administration and being bought by new owners.
Szafnauer said described how close the team came to being declared insolvent, which would have forced it to close its doors.
It was pretty close, he told media including RaceFans last weekend. I think some of the creditors had legal actions to go down the insolvency route as opposed to the administration route.
The significant difference is [with] insolvency you close the doors and you sell the assets and youre done. Whereas [with] administration the administrator tries to find a solution for the company to keep it going. And we were very close to insolvency rather than administration. It w…
The Kyneton Football Netball Club is calling for community support to help them overcome a $200,000 debt.
The debt has amounted following the club’s recession in 2013 where the club was forced to pull the senior football side from the Bendigo Football League while costs from upgrading the netball courts, lights and scoreboard in recent years has also added up.
The senior team has voted to delay their payments until the club sorts out its finances after donating their payments from the Round 17 game against Castlemaine back.
So far they’ve received a $5000 donation from the Kyneton Racing Club, $1000 from the Midland Express and $1500 Jellig Craig.
Kyneton club president Karen O’Sullivan telling the Midl…
The company also wrote down the value of its international business by $120 million.
Mr Boeghetti said the accounting adjustments were non-cash and did not affect the fundamentals of Virgins underlying business.
We are confident in the performance of the Groups underlying business and that long-term benefits from our growth plans will be delivered, he said.
Mr Borghetti said the company expected to be profitable at both an underlying and statutory level in the current half-year, even with fuel costs set to be $85 million higher.
Virgins fleet simplification and other business restructuring costs ran at $148.5 million in 2018, meaning the company would have ran at a net loss even without the accounting impairments.
