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.
Home buyers of Jaypee infratech are facing an unprecedented situation: it is the first housing company that has entered insolvency proceedings. Complications are little when it comes to insolvency of, say, a steel company. But the case of real estate company which is in the middle of constructing homes becomes challenging, especially for buyers. That’s why Jaypee Infratech is a test case where different, and sometimes colliding, laws will be interpreted for all future cases.
What should the Jaypee Infratech home buyers do now?
Raise your claim The National Company Law Tribunal (NCLT) has appointed an insolvency professional to carry out the proceedings under the Insolvency and Bankruptcy Code. The buyers in Jaypee projects can rais…
London- A 58-year-old Indian-origin director of a pizza company in the UK has been banned for seven years for making payments totalling at least 205,000 pounds to a company in which he had a personal interest.
The company went into liquidation on August 26, 2015, with no assets, owing an estimated 358,816 pounds to creditors of which 308,233 pounds was owed to a bank in respect of bank loans.
An investigation by the UK’s Insolvency Service found that Singh “unreasonably caused payments” of at least 205,000 pounds to a partnership he had a personal interest in.
Footage from the last interview given by infamous WA businessman Alan Bond has been released, two years after his death.
In it, Bond reveals mistakes he made in his life and reflects on the highs and lows throughout his high-flying career.
To many, the businessman was equal parts hero and villain and he was, at various times, the worlds biggest gold producer, Australias biggest brewer and a real estate and media mogul.
In the interview, recorded as part of an internet series called The Thread, Bond spoke of the Americas Cup victory in 1983 and how he felt cut down by Australias culture of tall-poppy syndrome.
I think Im the outstanding candidate, he said. I think Australians by and large love to build you up but by the same token theyre eq…
Tata Steel UK (TSUK) has confirmed it had signed documentation for a pact with the Trustees of the £15 billion British Steel Pension Scheme, which will allow the steelmakers pension scheme to be separated from the business, reducing the risks to the company.
The deal, which would remove the main obstacle to a potential merger of the companys European business with Germanys ThyssenKrupp and obviate the risk of insolvency, would cost the company £550 million and a 33% equity stake, under the terms agreed.
Best possible outcome
Considering the continued challenges in the global steel industry as well as the uncertain global politico-economic environment, the RAA [Regulated Apportionment Arrangement] presents the best possible structural outcom…
SCOTTSDALE, Ariz., Aug. 11, 2017 /PRNewswire/ — Nuverra Environmental Solutions, Inc. (“Nuverra” or the “Company”) announced today that, on August 7, 2017 (the “Effective Date”), the Company and its material subsidiaries emerged from Bankruptcy protection under chapter 11 of the United States Bankruptcy Code. Pursuant to their Amended Joint Plans of Reorganization (collectively, the “Plan”), which were confirmed by the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), the Company eliminated over $500 million of previously outstanding debt. The Company believes that the completion of the chapter 11 cases allows the Company to move forward with a solid financial foundation from whi…
If youre worrying about debt this summer, you are not alone. We owe a staggering £200billion on credit cards, loans and overdrafts the highest level since the financial crisis in 2008.
The average household owes over £7,000 in unsecured debt when you add in mortgages, it shoots up to over £57,000.
Alarm bells are beginning to ring with debt charities as they are seeing huge numbers of people coming to them for help.
National Debtline says more than 59,000 people called for help in the first six months of this year up almost 10% on the same period in 2016. At the same time, its website was visited more than 660,000 times, a staggering increase of 23%.
The charity expects these trends to continue as Bank of England figures show debt is …
A COLLAPSED shared-living community at Mt Burrell serves as a warning to potential investors of alternative housing schemes.
With its court-ordered dismantling this week, the Bhula Bhula Intentional Community has left in its wake at least 20 financially ruined investors and a litany of complex legal clashes.
The NSW Land and Environmental Court ordered the community to “cease habitation”, remove its makeshift homes, caravans, spiritual yurts and unauthorised roadworks by August 7.
Unauthorised works, which were demolished after legal action by the Tweed Shire Council. Contributed /Tweed Shire Council
First marketed in 2014 by the Truthology movement, the commune at a 250ha former farm at 3222 Kyogle Rd was purchas…
Anxiety continues to mount over Ezion Holdings’ chunky debt numbers, with trading in the stock still on hold amid news that the firm is planning to restructure a staggering US$1.48 billion (S$2 billion) in loans.
A report by Debtwire on Thursday said that Ezion has appointed RSM Singapore as financial adviser for a planned restructuring of its debt, according to two unnamed sources.
This debt includes six tranches of Singdollar bonds. The earliest due is a $60 million issue, due for maturity in August next year. Separately, $120 million of 3.65 per cent notes due Aug 5, 2020, are backed by a committed funding facility provided by DBS Bank. This means Ezion has the option of drawing down the DBS facility to repay bond holders, shou…
Tata Steel group executive director Koushik Chatterjee played a key role in negotiating the pension deal that was signed on Friday. As part of the arrangement, the deal will impact 125,000 members of the pension scheme. Chatterjee said the agreement ends months of negotiations and brings finality to Tata Steel’s year-and-a-half long UK business restructuring plan.
Edited excerpts:
What does the agreement mean for Tata Steel? The Regulated Apportionment Agreement (RAA) process is essentially structured around derisking the future of Tata Steel UK to the future volatility of pensions. It is a well thought out process with regulatory support in the UK. It is targeted at ensuring the underlying business is sustainable in fut…
One week into the 2017 profit reporting season and this old chestnut about whether companies should provide earnings guidance is, with apologies to William Shakespeare, firmly back on the agenda.
Some would argue the company would have been better off not saying anything but Chanticleer disagrees. The market has been warned to be cautious about the impact of fickle consumer confidence.
When toll-road operator Transurban this week issued distribution guidance slightly below the market consensus, the stock fell 3 per cent. But experienced analysts said CEO Scott…
The Insolvency and Bankruptcy Code, 2016 was enacted with the intention of improving the ease of doing business in India, a country perceived to have a weak insolvency framework and where defaulting debtors abuse the law. At the outset, the Code appears to have the interests of business at heart: it aims to overhaul laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms, and individuals; attempts to ease the process of recovery of money by operational and financial creditors in a timely manner; and places the onus on professionals to put forth resolution plans within 180 days. It seeks to ensure that there is neither scope for any further claims by the creditors, except through the Codes mechani…
