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The Insolvency Service of Ireland (ISI) conducted more than 300 investigations last year into cases where it suspected people going through bankruptcy had not declared assets or had illegally transferred property to the detriment of creditors, according to its latest annual report.
The report, due to be presented imminently to the Cabinet, discloses that three of these investigations resulted in the recovery of about 6.5 million.
This undated photo shows HNA Group co-chairman Wang Jian who fell to his death in France.
Photo: HNA Group via AP
Wang was second only to Co-Chairman Chen Feng within HNA’s hierarchy, and owned about 15 per cent of the conglomerate, making him one of the group’s biggest shareholders, according to HNA’s last update of its ownership structure. Chen also holds a 15 per cent stake. HNA said last year that its executives plan to donate all their shares to the Cihang charities that own a majority of HNA should they resign or die. Eventually, HNA expects the foundations to own 100 per cent of the group, the company said at the time.
Wang was instrumental during HNA’s era of empire-building and its subsequent dismantlement. The …
Looking back over 35 years of finance reporting there is one theme that stands out the propensity for Australians to get caught up in booms and busts.
For some reason, we are suckers for financial products offering returns that are too good to be true. We are, more often than not, too scared to ask questions about financial promises that don’t make sense.
We too often allow generous tax concessions to cloud our judgement about the merits of what is really being sold.
Worse still, we are too lazy to do our own homework on over-the-top ASX statements, dodgy accounts hiding off-balance sheet activities and profit and loss statements pumped up with one-offs and questionable revenue recognition practices.
Wang was second only to Co-Chairman Chen Feng within HNA’s hierarchy, and owned about 15 per cent of the conglomerate, making him one of the group’s biggest shareholders, according to HNA’s last update of its ownership structure. Chen also holds a 15 per cent stake. HNA said last year that its executives plan to donate all their shares to the Cihang charities that own a majority of HNA should they resign or die. Eventually, HNA expects the foundations to own 100 per cent of the group, the company said at the time.
Wang was instrumental during HNA’s era of empire-building and its subsequent dismantlement. Thecompany, which once symbolised China’s insatiable appetite for global assets, has since reversed course by selli…
Johnson Winter & Slattery (JWS) has elevated 12 senior lawyers as part of its latest promotions round.
Five lawyers join the firms partnership, while the firm has also appointed a new special counsel and six new senior associates. JWS now lists 66 partners on its site.
The new partners are Pravin Aathreya, Frances Dreyer, Andy Milidoni, Divesh Patel, and Andreas Piesiewicz. Evan Mentiplay has been promoted to special counsel.
Aathreya, who is based in Melbourne, is a specialist in commercial litigation and dispute resolution, with a particular focus on corporate insolvency and reconstruction.
Pravin Aathreya
Sydney-based Dreyer is an expert in complex Federal and Supreme Court litigation…
Banks and other lenders are being urged to do more to help consumers in a debt trap thanks to mounting credit card bills.
The financial watchdog ASIC says it expects card providers to identify people in difficulty after finding 18.5 per cent of cardholders were behind in repayments, could make only the minimum repayments or had persistent debt.
It’s also proposing new rules to make card providers assess whether a consumer can repay the credit card limit within three years before giving them a card.
ASIC’s Credit Card Lending in Australia report, released on Wednesday, found credit card holders owed $45 billion as at June 2017 and were charged $1.5 billion in fees.
People with multiple credit cards were the most likely people to have proble…
Insolvency regulator IBBI has come out with a model timeline for the corporate insolvency resolution process (CIRP).
The timeline has been spelt out assuming that the interim resolution professional (IRP) is appointed on the date of commencement of the process and the time available is 180 days, the Insolvency and Bankruptcy Board of India (IBBI) has said..
The existing CIRP regulations have also been amended to provide that wherever the corporate debtor has classes of creditors having at least 10 creditors in the class, the interim resolution professional shall offer a choice of three insolvency professionals in the public announcement to act as the authorised representative of creditors in each class.
The role of insolvency resolution professionals (IRPs) and their ability to handle day-to day affairs of bankrupt companies has come under the spotlight with the NCLT questioning their decisions in a few recent high-profile insolvency cases.
At last count, there were over 1,800 registered IRPs wading through a pile of over 9,000 cases. Stakeholders are demanding that the law should allow appointment of insolvency resolution entities rather than IRPs.
How well qualified is a chartered accountant or a company secretary to oversee the functioning of a steel or a power firm is the main concern. We see a bulk of the responsibilities given to either smaller companies or associates of IRP, noted an expert.
Johnson Winter & Slattery (JWS) has elevated 12 senior lawyers as part of its latest promotions round.
Five lawyers join the firms partnership, while the firm has also appointed a new special counsel and six new senior associates. JWS now lists 66 partners on its site.
The new partners are Pravin Aathreya, Frances Dreyer, Andy Milidoni, Divesh Patel, and Andreas Piesiewicz. Evan Mentiplay has been promoted to special counsel.
Aathreya, who is based in Melbourne, is a specialist in commercial litigation and dispute resolution, with a particular focus on corporate insolvency and reconstruction.
Pravin Aathreya
Sydney-based Dreyer is an expert in complex Federal and Supreme Court litigation…
Clubs NSW, the peak body for the operators of about 95,000 poker machines across the state, pledges in its mission statement “to support the communities served by its 1,200 member clubs.”
So it is reasonable to ask the lobby group to explain how Dee Why RSL, one of its larger members, was supporting its community in the lead-up to the suicide death of Gary van Duinen last month.
As reported in the Herald on Monday Mr Van Duinen, a builder and father, took his own life after losing hundreds of thousands of dollars and binging for one 13-hour stint playing poker machines at the Northern beaches venue.
The club let Mr Van Duinen keep betting despite desperate and repeated warnings from his wife that his gambling addiction was driving him i…
KUALA LUMPUR: Perdana Petroleum Bhd (PPB) is expected to submit a plan to manage its debts within 60 days after getting help from Corporate Debt Restructuring Committee (CDRC) of Bank Negara to negotiate with its lenders.
The company, in a filing with Bursa Malaysia today, said it had received the approval from CDRC on July 2.
This admission to CDRC is consistent with PPBs strategy to streamline its operations and optimise its financial resources to focus and proactively enhance its offshore marine support services segment, it said.
It is a follow-on from the companys previous successful cost rationalised initiative which has had a positive impact on the companys financials, it added.
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that an application has been filed against the Company, under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Religare Finvest Limited, claiming to be a Financial Creditor, before the Honble National Company Law Tribunal, Kolkata Bench for initiation of Corporate Insolvency Resolution Process against the Company, claiming a default of Rs. 51,30,13,699/-.
In this connection, please note that the Company has raised dispute in this matter with the aforesaid Financial Creditor.
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