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In order to help smaller companies the government is reviewing the insolvency provisions, including recent amendments barring defaulting promoters from
British music tech startup Beatroot has ceased trading.The Manchester-based company was founded in 2015, operating an online platform which enabled record
If the global economy is being rearranged by changes in technology to such an extent that it makes Rupert Murdoch and Frank Lowy read the tea leaves and head for the exit doors, then what does that mean for everyone else?
Chief executives need to ask themselves if their business is facing large-scale unpredictable change or not.
And if it is, have they got control over that change?
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A high number of incumbent businesses can take up to two years to do anything about any disr…
TEL AVIV, Dec 13 (Reuters) – Israel-based Teva Pharmaceutical Industries will unveil a restructuring plan on Thursday that will include layoffs, the Calcalist financial news website said on Wednesday.
The plan includes closing its research and development centre in the coastal city of Netanya, selling its logistics centre in Shoham and laying off a third of its 6,800 workers in Israel, Calcalist said, citing people familiar with the matter.
A spokeswoman for Teva declined to comment.
Teva, the worlds largest generic drug maker, employs more than 56,000 people. Last week, Bloomberg reported that the firm was considering cutting up to 10,000 jobs to reduce costs by $1.5 billion to $2 billion in the next two years.
In order to help smaller companies the government is reviewing the insolvency provisions, including recent amendments barring defaulting promoters from bidding for their own assets undergoing insolvency.
The committee, formed in November and chaired by the secretary, ministry of corporate affairs, and includes members involved in the drafting of the IBC, has already met to discuss the issue, sources told Moneycontrol.
Lawyers, corporates, bankers and other experts have pointed out that the new clause does not distinguish between ordinary and wilful defaulters.
The prohibition of promoters will reduce the bids coming in especially for the smaller and medium sector enterprises (SMEs). We have been told that a committee is…
The Chennai bench of the NCLT (National Company Law Tribunal) has dismissed as “withdrawn” the corporate insolvency resolution process against Trivitron Healthcare, a leading medical devices maker, under IBC (Insolvency and Bankruptcy Code), following its compromise with RNB Design Arc Systems. RNB initiated insolvency proceedings against Trivitron in the fourth week of November over pending dues. The principal amount of Rs 8,97,659 and interest amount of Rs 2,35,000 is being paid by Trivitron to RNB. For the total amount of Rs 11,32,659, four DDs (demand drafts) have been handed over to the representative of RNB.
“Since the IRP has not been appointed in the matter and both the parties have settle…
MUMBAI: The wait for framing final regulations to punish high profile individuals, including promoters, who have given personal guarantees for corporate loan defaulters may soon be over as the regulator is set to make a call on the matter next week. The governing body of Insolvency and Bankruptcy Board of India (IBBI) is expected to finalise broad contours for dealing with personal guarantors of defaulting entities seen as an additional tool to punish truant promoters at a meeting on Dec 19.
A working committee of insolvency professionals had submitted its recommendations on proposed regulations to IBBI more than a month ago.
“The draft regulations, along with public comments and recommendations of the advisory committee, …
Almost 5000 companies were reported to the corporate regulator for insolvent trading in 2017 and high cash burn or inadequate cash flow was the main reason for corporate death.
Regulator ASICs 2016-2017 insolvency report found administrators reported 4878 cases of insolvent trading.
The next two major forms of misconduct were not undertaking director duties carefully and not keeping good financial records.
Companies that went insolvent did so because of money problems, poor strategic management and bad financial control.
While ASIC says the number of external administrator appointments was down 18.4 per cent in fiscal 2017, in the first half of the new financial year there have been a spate of colourful co…
PETALING JAYA: They lived the fast life, a life of Pradas and Guccis. When the cash is out, they max out on their credit cards.
Some even go as far as taking up personal loans to finance overseas trips, buying the latest expensive gadgets and holding lavish weddings.
And before they even turn 30, they are bankrupt.
Malaysias youth are seeing a worrying trend with those aged between 25 and 44 forming the biggest group classified as bankrupt.
They constituted almost 60% of the 94,408 cases reported from 2013 to August, according to the Insolvency Department.
Director-general Datuk Abdul Rahman Putra Taha said there were multiple factors that contributed to the trend, but singled out that many of them just wanted to start their own life.
Chennai: Can insolvency proceedings be initiated against a company for failing to refund the security deposit it took to lease premises? No, says National Company Law Appellate Tribunal (NCLAT). The reason such dues do not fall within the meaning of ‘operational creditor’, who along with financial creditors, can file for insolvency against a company under the provisions of IBC (Insolvency and Bankruptcy Code). Jindal Steel and Power, which took premises owned by DCM International in Gurugram on lease, initiated corporate insolvency resolution process against the latter stating that it failed to pay the security deposit of Rs 1 crore after the termination of the lease. “We hold that the appellant tenant (Jindal Steel and Power) do not …
BIRMINGHAM, Ala. (AP) Police are investigating the slaying of a man found shot at an Alabama apartment complex.
Birmingham police say officers were called Sunday evening to the HighPointe Apartments complex. The victim was found shot in one of the apartments.
Al.com reports that police say their preliminary investigation shows the slaying may have results from an argument over a gambling debt or a dice game…
Almost 5000 companies were reported to the corporate regulator for insolvent trading in 2017 and high cash burn or inadequate cash flow was the main reason for corporate death.
Regulator ASICs 2016-2017 insolvency report found administrators reported 4878 cases of insolvent trading.
The next two major forms of misconduct were not undertaking director duties carefully and not keeping good financial records.
Companies that went insolvent did so because of money problems, poor strategic management and bad financial control.
While ASIC says the number of external administrator appointments was down 18.4 per cent in fiscal 2017, in the first half of the new financial year there have been a spate of colourful collapses in the sma…
British music tech startup Beatroot has ceased trading.
The Manchester-based company was founded in 2015, operating an online platform which enabled record labels and publishers to pull together their music catalogue, audio files, album artwork, metadata and rights data into one place and share these with clients, streaming services and music stores.
Steven Wiseglass, of insolvency practice Inquesta, has been appointed liquidator of Beatroot Music.
All five employees at Beatroot which was run by CEO Miles Galliford have been made redundant.
The firm received early-stage, six-figure venture capital investment to develop its platform, but failed to win enough customers to make the business sustainable.
An attempt was made earlier this year to…