ET Bureau|
Feb 01, 2018, 12.23 AM IST
NEW DELHI: The government is considering amending the Insolvency and Bankruptcy Code (IBC) to allow a person who acquires an insolvent asset that has a subsidiary with a non-performing loan to be eligible for …
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/buyers-of-insolvent-firms-with-stressed-arms-may-get-to-bid-for-other-companies/articleshow/62731200.cms
Dr M.S. Sahoo, chairperson of Insolvency and Bankruptcy Board of India. Photo: Indranil Bhoumik/Mint
New Delhi: Insolvency resolution process seeks to ensure that a company exists and the intention is not to sell it in pieces, Insolvency and Bankruptcy Board of India (IBBI) chairperson M.S. Sahoo said on Wednesday as he asserted that liquidation is anti-thesis of resolution.
The Insolvency and Bankruptcy Codeimplemented by the IBBIprovides for market-determined resolution in a time-bound manner. Against the backdrop of many companies going for liquidation, Sahoo said that when a new legislation comes, there are legacy issues and backlog of problems.
In the initial days of IBC it is not surprising for many companies going into liquidation,…
Read the full article at: http://www.livemint.com/Companies/t2gs9RlCUIk3FNztUIySwK/Liquidation-is-antithesis-of-resolution-says-IBBI-chief.html
DUBAI (Reuters) – Etihad Airways is urgently examining ways to avert a technical default of some $1.2 billion in bonds indirectly linked to the Gulf airline, sources close to the situation told Reuters.
An Amsterdam-based special purpose vehicle called SPV Equity Alliance Partners (EAP) was set up in 2015 and issued two bonds for Etihad and other airlines it partially owned at the time, including Alitalia and Air Berlin, which are both now insolvent.
The bonds are quoted at a discount of more than 25 cents on the dollar after Alitalia entered special administration and Air Berlin filed for bankruptcy protection last year.
Etihad could now end up spending hundreds of millions of dollars to keep the bond structure alive, although it is not…
Read the full article at: https://www.reuters.com/article/us-etihad-bonds-exclusive/exclusive-etihad-scrambles-to-shore-up-1-2-billion-bonds-before-coupon-crunch-sources-idUSKBN1FL5TQ
Melrose Industries sought to win over GKN shareholders to its £7bn hostile bid for the FTSE 100 company by portraying itself as a long-term investor even as it took the axe to its own Brush engineering business by closing factories, cutting jobs and taking a £130m writedown.
Melrose, which specialises in turning round struggling industrial companies, posted an offer document on Thursday for the hostile bid that failed to boost its initial proposal of 1.49 Melrose shares and 81p for each share in GKN. The document sets the clock ticking on one of the UKs biggest bid battles since Kraft swooped on Cadbury in 2…
Read the full article at: https://www.ft.com/content/9fd6195a-072f-11e8-9650-9c0ad2d7c5b5
CHICAGO, Jan. 31, 2018 /PRNewswire/ — Business restructuring attorney Shara C. Cornell has joined McDonald Hopkins LLC, a business advisory and advocacy law firm, in the firm’s Chicago office as an associate.
Cornell has 6 years of experience representing secured and unsecured creditors in restructuring and bankruptcy proceedings, including large chapter 11 bankruptcies. Her previous experience includes serving as staff law clerk and law clerk to the Honorable LaShonda A. Hunt and Chief Judge Bruce W. Black (ret.) in the United Stated Bankruptcy Court in the Northern District of Illinois and as law clerk for the Honorable Robert G. Mayer (ret.) in the United States Bankruptcy Court in the Eastern District of Virginia.
Cornell…
Read the full article at: http://markets.businessinsider.com/news/stocks/McDonald-Hopkins-welcomes-business-restructuring-attorney-Shara-C-Cornell-1014689910
The Jersey arm of the UK’s second-largest construction company is being plunged into liquidation after buckling under a £200 million debt pile.
The English domiciled Carillion PLC went into liquidation in 15 January 2018.
Jersey law firm Carey Olsen have been appointed as the liquidators.
They appeared in the Royal Court on Friday 26 January.
Read the full article at: https://www.itv.com/news/channel/2018-01-31/jersey-arm-of-uks-second-largest-construction-company-plunged-into-liquidation/
By Davide Barbuscia and Stanley Carvalho
DUBAI (Reuters) – Etihad Airways is urgently examining ways to avert a technical default of some $1.2 billion in bonds indirectly linked to the Gulf airline, sources close to the situation told Reuters.
An Amsterdam-based special purpose vehicle called SPV Equity Alliance Partners (EAP) was set up in 2015 and issued two bonds for Etihad and other airlines it partially owned at the time, including Alitalia and Air Berlin, which are both now insolvent.
The bonds are quoted at a discount of more than 25 cents on the dollar after Alitalia entered special administration and Air Berlin filed for bankruptcy protection last year.
Etihad could now end up spending hundreds of million…
Read the full article at: https://au.news.yahoo.com/a/38802712/exclusive-etihad-scrambles-to-shore-up-1-2-billion-bonds-before-coupon-crunch-sources/
- Man who profited from preying on men suffering erectile dysfunction bankrupt
- Javoc ‘Dr Droop’ Vaisman told men their penises would shrink without treatment
- He now owes more than $3.6million in legal costs after he was taken to court
- It was found his failed medical institute took advantage of ‘vulnerable’ patients
April Glover For Daily Mail Australia
and
Australian Associated Press
2
…
Read the full article at: http://www.dailymail.co.uk/news/article-5335381/Doctor-hoodwinked-men-erection-pills-bankrupt.html
Cornell has 6 years of experience representing secured and unsecured creditors in restructuring and bankruptcy proceedings, including large chapter 11 bankruptcies. Her previous experience includes serving as staff law clerk and law clerk to the Honorable LaShonda A. Hunt and Chief Judge Bruce W. Black (ret.) in the United Stated Bankruptcy Court in the Northern District of Illinois and as law clerk for the Honorable Robert G. Mayer (ret.) in the United States Bankruptcy Court in the Eastern District of Virginia.
Cornell earned her LL.M. in Bankruptcy in 2012 and her J.D. in 2011 from St. John’s University School of Law, where she w…
Read the full article at: https://www.prnewswire.com/news-releases/mcdonald-hopkins-welcomes-business-restructuring-attorney-shara-c-cornell-300591165.html
Image: Shutterstock The nervousness amongst the taxpayers from the Budget 2018 must have belied by now, but at the same time many hopes and expectations remain unfulfilled. But isnt that the case with all the post Budget euphoria. Or is it a case of unreasonable expectations?
Two such cases are that of companies undergoing insolvency proceedings and startups. As is the trend with any new law, the tax law also took some time to catch up with the pace and evolution of Insolvency and Bankruptcy Code, 2016 (IBC). The Budget provides for reduction of aggregate of business loss and depreciation loss from the book profit of companies undergoing corporate insolvency resolution process (IBC companies…
Read the full article at: http://www.forbesindia.com/article/budget-2018/insolvency-startups-budget-2018/49295/1
Head of industrys watchdog says competition authorities should examine the sector
MPs on the work and pensions select committee were told auditors and Carillion were all mates.
Photograph: Daniel Sorabji/AFP/Getty Images
Britains four biggest accountancy companies are facing fresh scrutiny, with the head of the industry watchdog calling for the competition regulator to investigate their auditing activities following the collapse of Carillion.
Stephen Haddrill, the chief executive of the Financial Reporting Council (FRC), told MPs at a joint select committee hearing on Tuesday that there should be more competition in the major accounting and audit area.
Haddrill sa…
Read the full article at: https://www.theguardian.com/business/2018/jan/30/carillion-collapse-prompts-fresh-scrutiny-of-uk-accounting-giants