A partnership between CanadoreĀ College and Swiss Space Systems appears to be dead on the launch pad today as reports out of Europe sayĀ S3 is bankrupt. Two years ago, then MP Jay AspinĀ announced funding for a partnership between Canadore Aviation and Swiss Space Systems (S3) as part of a $10 million project that would haveĀ seenĀ the development…
A former billionaire who was once one of the richest men in the country has been cleared by a jury after claiming ‘I didn’t mean it in a racist way’. Simon Halabi – once the 12th richest man in Britain before being declared bankrupt in 2010 – was cleared of racially aggravated assault and one…
BOULOGNE-BILLANCOURT, France–(BUSINESS WIRE)–Regulatory News: The Extraordinary General Shareholders Meeting of SoLocal Group (Paris:LOCAL) which met on 15 December 2016 has approved all the resolutions required for the implementation of the revised financial restructuring plan presented by the Company. As announced, the Board of Directors of the Company will meet in the coming weeks to decide…
New Delhi: The government on Friday notified the rules by which companies can go through liquidation under the Insolvency and Bankruptcy Code (IBC), 2016. The regulations for the liquidation process are part of the rules being notified by the Insolvency and Bankruptcy Board of India (IBBI) to implement the code and, in the process, improve…
Indias Debt market is bad and over Rs 25,000 crores that is blocked as Stressed Assets in the economy can be unlocked in five years with the ICSI training insolvency professionals through the ICSI Insolvency Professional Agency, Mamta Binani, President, Institute of Company Secretaries of India, said at a joint national conclave on Insolvency &…
TORONTO–(BUSINESS WIRE)–Telehop Communications Inc. (TSX-V:HOP) announced it has agreed with its debenture holders to effect a partial conversion into common shares and reduce the interest rate on the remaining balance and extend the final maturity date. The particulars of the restructuring are as follows: 1. That effective December 31st, 2016, the interest rate on the…
Denis OBriens Digicel Group has started an unprecedented cost-cutting plan and hired financial consultants McKinsey and Goetzpartners to help cut its massive debt burden as the mobile phone group grapples with declining earnings. Digicels 6.2 billion debt is at unsustainably high levels at 6.2 times earnings at the group, Michael Chakardjian, an analyst with US…
New Delhi: Beginning Thursday, the National Company Law Tribunal (NCLT) formally takes over winding-up matters under the Companies Act 2013. The government earlier notified that all pending proceedings and cases of reconstruction and winding-up will stand transferred to the NCLT from 15 November. It also notified rules empowering the NCLT to be the appropriate adjudicating…
Share this: The manner in which the law is currently being implemented seems to focus more on expeditious operationalisation rather than effective implementation. The Bombay Stock Exchange (BSE) building is illuminated during a special muhurat trading session for Diwali, the festival of lights, in Mumbai, India, November 11, 2015. Credit: Shailesh Andrade/Reuters/Files The Insolvency and…