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Section 29A of the Insolvency and Bankruptcy Code bars ousted promoters of an insolvent company from regaining control. It has not specifically disarmed any class of participants, but disallowing wilful defaulters from participating in asset-bids would mostly hurt promoters of debt-ridden companies, experts opine.
ET spoke to industry watchers to gauge their views. Leave aside some large loopholes, consensus seems that the Ordinance will stop dishonest promoters. Anil Bhattar, COO of Radisson Consulting, a firm specialising in bankruptcy cases, says, Dishonest promoters, viewed the Code as a means to settle debt cheaply and regain control of business. Section 29A may help to prevent such practices.
The tiny house movement has made a big impact on the United States over just a few years, with over 10,000 tiny houses and counting located across the country. But as the lifestyle becomes more popular, even the top mobile tiny house maker has found itself struggling.
When Tumbleweed Tiny House owner and CEO Steve Weissman approached serial entrepreneur Marcus Lemonis to help save his company from collapsing, Weissman did not realize he was the main culprit behind its failure.
Weissman, a former restaurateur, beginning running the country’s largest manufacturer of tiny house RVs in 2012, but had z…
It is hard to believe, when you have been living in the quiet hell of Mortgage Arrears that you can still be your familys hero.
This week a national campaign has started where the Irish Mortgage Holders Organisation (IMHO) are asking you, if you are in long term Mortgage Arrears to contact us.
I know, and the IMHO know how hard Mortgage Arrears is. This has been our business for half a decade.
You lose hope, direction, even the capacity to voice your case.
Every envelope that comes in the door is a stealth bomber.
But there are solutions.
In the case of the Irish Mortgage Holders Organisation 90% of people we work with stay in their homes.
No matter how steep it is debt can be controlled and managed i…
BuzzFeed is laying off about 100 employees in the US and restructuring its advertising sales operation amid a tough digital media market.
In an email to staff, BuzzFeed CEO Jonah Peretti said Greg Coleman, a veteran advertising executive and BuzzFeed’s president, is transitioning to an advisory role. The cuts in the US, which come from the business operation, reflect about 8% of staff.
BuzzFeed News Editor-in-Chief Ben Smith said in an email to staff that the US news team was not directly affected.
In the email, Peretti said BuzzFeed’s UK operation would refocus on core topics like investigations and politics, resulting in both editorial and business cuts. Smith spoke to staff in London on Wednesday, describing the chang…
Alitalia SpA, the bankrupt Italian airline searching for a rescuer, will get new uniforms designed by one of Italys most prominent stylists, the second re-branding in two years.
The airline, which is on state support, said Wednesday that Alberta Ferretti will renew the companys look “to ensure that all personnel, both ground and flight staff, is comfortable in each working environment and throughout any season.” The design collaboration comes at no cost to Alitalia, the carrier said in a statement.
This is the second time in as many years that Italys main carrier is re-designing its clothing line. The previous collection, designed by Ettore Bilotta, was presented in June 2016 and inspired by 50s and 60s style.
A regional trial court has issued an order to liquidate the assets of the Uniwide group, declaring as insolvent the former high-flying retailer which was still pleading for a chance to undergo corporate rehabilitation.
In an order dated Nov. 23, the RTC of Parañaque Branch 258 issued an order to liquidate Uniwide Sales Inc., Uniwide Holdings Inc., Naic Resources and Development Corp., Uniwide Sales Realty and Resources Corp., First Paragon Corp. and Uniwide Sales Warehouse Club.
The court petition for liquidation was filed by creditor Manila Bay Development Corp., through Zamora Poblador Vasquez & Bretana Law Offices.
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As local and foreign investors line up to pick bargains out of Indias $207 billion bad-loan debacle, one of the countrys most seasoned managers of distressed assets has some sobering advice: Be prepared to stay for the long haul and deal with multiple setbacks.
Managing many of these complex assets on a day-to-day basis is going to be very tough, as this is not a market where you can just jump in and out and make money, said Vinayak Bahuguna, chief executive officer of Asset Reconstruction Company (India) Ltd., which has been buying bad loans for about 15 years.
India is embarking on its most far-reaching effort to break up distressed corporate borrowers and resolve soured debts, and global money-management titans fro…
But what do you do if you cant? What if youre saddled with debts you cant pay, and you dont know where your next meal is coming from? What if youre overwhelmed?
The good news is that you dont have to struggle alone.
Christians Against Poverty or CAP, as its known exists to help those with debt problems by working with them to find ways to consolidate their debt.
The first step for families and students applying for college is to complete the Free Application for Federal Student Aid (FAFSA). That form is available now for next school year. Students should apply as soon as possible. Because the FAFSA tells schools how much aid students qualify for, it is a vital part of planning college finance.
“Applying for financial aid while important is just the beginning of planning a strategy to minimize student loan debt,” Housser says. “Student loans can be useful tools. But if you are unable to repay those loans, you may face unmanageable debt. That debt, in turn, could wind up seriously damagi…
eChoice, an award-winning mortgage aggregator with more than 400 brokers, could be sold to a ‘major financial institution’ after being placed into voluntary liquidation because of unsustainable debt.
Tony Wales, a director of eChoice and Welas, a private investment company, which is a secured creditor of eChoice, called in liquidators’ Rodgers Reidy after deciding that he could no longer support the group in its current form.
A spokesman for the liquidator said eChoice is in liquidation because of an “unsustainable historical debt burden to Welas Pty Ltd, which had supported the group for many years but formed the view that it could no longer continue support”.
India plans to exclude more than half of the $7.6 billion debt owed by the struggling national airline to help burnish its appeal as Prime Minister Narendra Modi presses ahead with a sale, people with knowledge of the matter said.
The government proposes to transfer all of Air India Ltd.s non-aviation assets and short-term loans of as much as 300 billion rupees ($4.7 billion) to a separate company, readying the airline for prospective buyers, the people said,…
Unified communications vendor, Avaya, expects to emerge from Chapter 11 bankruptcy in its home country by December after the United States Bankruptcy Court for the Southern District of New York approved its second amended reorganisation plan.
Avaya said on 28 November the decision is likely to see it emerge from its restructuring process before the end of the year. The vendor declared bankruptcy in January, in an effort to transition from a hardware to a software and services company.
Avaya president and CEO, Jim Chirico, said the courts approval of the plan was a culmination of months of hard work and extensive ne…
