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.
SAN JOSE, Calif.--(BUSINESS WIRE)--Immersion Corporation (NASDAQ: IMMR), the leading developer and licensor of touch feedback technology, today announced a series
New government rules for dealing with guarantors of corporate loans to bankrupt companies are likely to provide for selling off individuals assets to recover the unpaid dues, top government sources told HT.
The government is likely to notify the rules that will provide for proceedings by the National Company Law Tribunal against individual guarantors.
The rules also propose a repayment plan and a concept of mediation.
The proposed rules have been vetted by an advisory committee headed by Justice Srikrishna.
There are two types of individuals, those with personal guarantees for corporate loans and those with or without business interests. We are first framing rules for promoters businessmen who are personal guarantors for loans to defaulting…
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.
Star Wars: The Last Jedi has hit theaters, bringing with it quite a few twists and turns. When Luke says, “This isn’t going to go the way you think,” he’s really not kidding. Episode VIII, which was written and directed by Rian Johnson, takes us to unexpected places and doesn’t really let up with the twists until the very last second. On top of that, the movie answers plenty of important questions, such as who Rey’s parents are, and also asks a few new ones.
Fans have been asking one question in particular – and we’re about to hit SPOILER territory so turn back now while you have the chance. Who is the Force-sensitive boy working the stables in Canto Bight?
Gujarat NRE Coke Ltd is staring at liquidation after the Kolkata bench of the National Company Law Tribunal (NCLT) on Wednesday declined to extend the deadline for finalizing a rescue plan for the insolvent firm beyond the mandatory 270-day period allowed under Indias new bankruptcy code.
At least four companies are interested in taking over Gujarat NRE Coke, but none will be able to submit binding bids within the specified time frame, the NCLT-appointed administrator, or resolution professional, said on Wednesday. He has time till 1 January to submit a plan with binding offers.
For creditors, liquidation may not be the most optimal way of recovering their duesespecial…
A LIQUIDATOR has been appointed to wind up a 67-year-old Toowoomba company.
Family-owned Peters Coaches closed its doors last week after six decades of operation.
Shareholders of Peters Coaches, trading as RDP Enterprises Pty Ltd, voted to place the company into liquidation.
Toowoomba liquidator Adam Ward of Worrells Solvency and Forensic Accountants said the company was hit hard by the downturn in the resources sector over the past few years, and that attempts to refocus the business on the tourism industry had proved unsuccessful.
“They had increasing pressure from financiers… and as a result of numbers not stacking up, they’ve had to close their doors,” he said.
NEW DELHI: The Companies Amendment Bill passed by Parliament has brought relief for creditors involved in insolvency proceedings allowing them to acquire shares of insolvent company at a discounted price.
The Section 53 of the amended Companies Bill states, “a company may issue shares at a discount to its creditors when its debt is converted into shares in pursuance of any statutory resolution plan or debt restructuring scheme.” Earlier provision under Section 53 of Companies Act 2013 said, “Any share issued by a company at a discounted price shall be void.”
The amendments to Section 53 are expected to bring down the turnaround time for the entire restructuring process. “The amendment would provide a flexibility to credi…
WHITE BEAR LAKE Good news regarding the Sports Center renovation: bids came in below the $5.5 million estimate.
For months, the city’s engineering department has been working to gather preliminary plans and estimated costs to upgrade the 28-year-old Sports Center, especially its aging refrigeration system. Bids were received last month for 15 components of the work and approved by City Council Dec. 12.
Kraus-Anderson Construction Co. will remain the main contractor on the project, which came in at $5.15 million. The most pricey item is the new rink, which will cost $1.26 million. Rink-Tec International Inc. of Little Canada won the bid…
NEW DELHI: The government will fix a few urgent problem areas in the insolvency ordinance when it is brought to Parliament in the ongoing session but is likely to make substantive changes to the law in the upcoming budget after the panel looking into the Insolvency and Bankruptcy Code (IBC) makes its recommendations.
The government had last month issued an ordinance to list eligibility condition for those participating in the resolution process of insolvent companies, barring promoters of such companies from bidding for the company or its assets.
The government has also set up a committee to identify areas that need to be addressed after seeing the working of the insolvency code for about a year. Some of t…
HONOLULU (AP) Hawaiian Airlines’ parent company agreed to purchase Island Air’s operating certificate and other assets in a move that could save the failed company from liquidation.
The trustee overseeing Island Air’s bankruptcy case filed a last-minute motion disclosing Hawaiian Holdings Inc.’s purchase.
If the sale is approved, then the trustee’s attorney Simon Klevansky said he would convert the case to a Chapter 11 reorganization bankruptcy
The Honolulu Star-Advertiser reported Tuesday that Hawaiian Holdings Inc. said it would buy the operating certificate for $450,000 and immediately provide cash advances to p…
A year after being declared bankrupt, Independent TD Mick Wallace is scheduled to walk away from debts of more than 30m, writes Elaine Loughlin.
Wallace leaves behind debts of 30m as he exits bankruptcy
Mr Wallace was adjudicated a bankrupt at the High Court on December 19, last year on foot of a 2m judgment debt. He was therefore scheduled to leave bankruptcy yesterday.
Mr Wallace had been allowed to remain on in the Dáil over the past 12 months after the law was changed in 2014. Previously, TDs would automatically lose their seats if declared bankrupt.
During last Decembers 10-minute hearing Ms Justice Caroline Costello granted the bankruptcy petition by the Promontoria (Aran) Ltd fund.
The fund had obtained a 2m judgment in the Commercial …
SAN JOSE, Calif.–(BUSINESS WIRE)–Immersion Corporation (NASDAQ: IMMR), the leading developer and licensor
of touch feedback technology, today announced a series of restructuring
actions designed to sharpen the companys strategic focus and establish
a more cost-efficient operating structure.
As part of these changes, Immersion plans to take the following steps:
Significantly reduce its presence in China to focus primarily on
Mobile OEM licensing;
Focus development efforts to bolster its IP licensing model for the
Gaming and VR/AR markets; and
Parekh Aluminex announced that Corporate Insolvency Resolution Process has been initiated under the provision of Insolvency and Bankruptcy Code, 2016 by an order of the National Company Law Tribunal with effect from 23 November 2017. The powers of the Board of the…
