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The Reserve Bank of India has advised banks to file for insolvency proceedings on their own rather than waiting for its instructions. The regulator has said that prompt action by lenders will help realise best value of these stressed assets. The RBI in its report on trends and progress in the banking industry has also said that lenders should use the insolvency and bankruptcy code to mend the quality of their books.
“Banks can take advantage of the IBC to clean up their balance sheets and improve performance on a sustained basis to remain competitive,” the regulator said. “Instead of waiting for regulatory directions, banks can file for insolvency proceedings on their own to realise promptly the best value for their assets.”…
JOHANNESBURG – Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Joostes Mayfair Speculators, the company that, until this week owned South Africas best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares.
Absa has also demanded an investigation into a suspicious transaction that saw Mayfair move R1.5 billion of assets to its holding company in August this year.
This was just months before significant financial irregularities hit the headlines, causing one of the largest ever corporate implosions in South Africa.
The liquidation hearing is due to be held on Friday, and Mayfair has not y…
Indian conglomerate Adani Enterprises Ltd. needs as much as A$3 billion ($2.3 billion) in debt financing to help start producing Australian coal from one of the worlds largest mines, after major banks from Sydney to New York said they dont want to lend to polluting fossil-fuel projects.
The company is seeking A$2 billion to A$3 billion from lenders, including from banks in China, for the first phase of developing the Carmichael mine and a rail line in Australias northeastern state of Queensland, according to a person with knowledge of the matter. In addition, the firm plans to inject as much as A$3 billion in equity funding for the project, the person said, asking not to be identified because the details are private.
Indias new bankruptcy law is getting maximum traction from an unusual set of lenders, those with the least to gain from pushing companies into the insolvency process.
Operational or unsecured creditors, who have dues that are not backed by any collateral, would be last in queue to be repaid once an insolvency plea succeeds in the National Company Law Tribunal, Indias bankruptcy courts. Yet, such parties have triggered 44 percent of corporate insolvencies this year, according to the latest data from the Insolvency and Bankruptcy Board of India. Financial or secured creditors were responsible for 32 percent of successful petitions.
The law was enacted last year to encourage asset sales as the bad-debt ratio of Indian banks clim…
Metalyst Forgings announced that the application filed by State Bank of India under section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC 2016’) read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 before National Company Law Tribunal, Mumbai has been admitted by the Hon’ble Tribunal w.e.f. 15 December, 2017. The Company is now under Corporate Insolvency Resolution Process (CIRP) under the provision of IBC, 2016.
Troubled online sport apparel retailer Surfstitch, which slipped into voluntary administration four months ago, no longer has a chief executive.
The retailer’s administrators from FTI Consulting have announced that Mike Sonand will cease his role CEO as of Friday and will not be replaced at this time.
Mr Sonand will continue as a director of Surfstitch while Surfstitch’s managers, supported by the administrators, will continue to operate the business.
The Supreme Court of NSW has granted the group an extension of the administration process with a second creditors meeting now set for April.
The ASX-listed company’s shares have been in a trading halt since May after disgruntled shareholders launched a class action, accusing the company of m…
AN ESTABLISHED Coast company has been wound up just days before Christmas.
DT & WM Bodkin Pty Ltd, trading as Signarama Sunshine Coast South, went into liquidation on Thursday.
The Australian Securities and Investments Commission’s insolvency notices website advised liquidator Dane Hammond of Worrells Solvency and Forensic Accountants was appointed this week.
The insolvency notice advised that following a general meeting of company members on December 21 the decision was made to wind the company up and appoint liquidators.
Signarama is an established Coast business which had been a prolific producer of signage, car wraps, banners and other advertising material for businesses.
Alphabet Inc said on Thursday its Executive Chairman Eric Schmidt will step down in January, ending a 17-year-run in which he played a central role in building a promising startup called Google into a global technology powerhouse.
Mr. Schmidt will continue to serve on the Alphabet’s Board of Directors and act as an adviser on focused on technical and science issues, the company said.
The time is right in Alphabets evolution for this transition, Mr. Schmidt said in a statement.
I’m incredibly excited about the progress our companies are making and about the strong leaders who are driving that innovation, said Chief Executive Larry Page in a statement.
Mr. Schmidt, who was recruited to the company by Google co-founders Mr. Page and Sergey…
SAN FRANCISCO (Reuters) – Alphabet Inc (GOOGL.O) said on Thursday its Executive Chairman Eric Schmidt will step down in January, ending a 17-year-run in which he played a central role in building a promising startup called Google into a global technology powerhouse.
He will continue to serve on the Alphabet’s board of directors and act as an adviser on focused on technical and science issues, the company said. (bit.ly/2BXJzz6)
The time is right in Alphabets evolution for this transition, Schmidt said in a statement.
Im incredibly excited about the progress our companies are making and about the strong leaders who are driving that innovation, said Chief Executive Larry Page in a statement.
Chain Rigging and Scaffolding have closed their doors nd gone into liquidation on December 19. (file photo)
A Taranaki scaffolding company has been put into liquidation by the Inland Revenue Department.
Chain Rigging and Scaffolding Limited, a division of the Chain Group, was placed in liquidation on December 19 by the Commissioner of the IRD.
The company had been placed in voluntary administration on December 2.
Liquidator Wendy Somerville said they would not have much information until their report was completed in January, as the liquidators were only appointed on…
SAN FRANCISCO (Reuters) – Alphabet Inc said on Thursday its Executive Chairman Eric Schmidt will step down in January, ending a 17-year-run in which he played a central role in building a promising startup called Google into a global technology powerhouse. He will continue to serve on the Alphabet’s board of directors and act as an adviser on focused on technical and science issues, the company said. (http://bit.ly/2BXJzz6) “The time is right in Alphabets evolution for this transition,” Schmidt said in a statement. “I’m incredibly excited about the progress our companies are making and about the strong leaders who are driving that innovation,” said Chief Executive Larr…
Ivanka Trump appeared on Fox News morning show, Fox & Friends, for the second time this week to promote the GOP tax bill.
Trump said that she and Sen. Bob Corker, a longtime deficit hawk, believe the tax cuts, combined with deregulation, will ultimately eliminate the countrys $US20.6 trillion debt.
That theory flies in the face of virtually all nonpartisan research, which shows that the GOP bill will increase the deficit by up to $US1.4 trillion.
Ivanka Trump, President Donald Trumps eldest daughter and top White House adviser, appeared on Fox News morning show, Fox & Friends, for the second time this week to promote the GOP tax bill, which Congress passed on Wednesday.
