He said that earlier, the group had allowed all of its subsidiaries to manage their own businesses, but now the company had |restructured so that all opera-tions are managed by six group executives. Under the new system, there will be six business units. The unit overseen by the chief operating officer will be responsible for…
The RBI has reportedly asked banks to make steep increases in the provisioning for bad loans that are referred to bankruptcy courts. This might appear tough: the banks will have to find something like an additional Rs50,000 crore this year and a like amount next year, at a time when they, for the most part,…
The rules seemed clear. After anger at how EU taxpayers had to meet the cost of bank rescues during the financial crisis, any more failing lenders would have to be dealt with, as far as possible, by their own shareholders and creditors. But the 17bn of Italian government money committed at the weekend to deal…
With the Reserve Bank of India (RBI) asking banks to take defaulters through the insolvency process, the role of insolvency professionals has assumed importance and people are rushing to clear the qualifying examination. Sources said bankers last week met to decide on the appointment such professionals, considering the number of cases that…
Greece might have a long way to go to recover from its devastating crisis, but things are finally starting to look up after the countrys creditors agreed a deal to unlock the next stage of its bailout programme and help it avoid a default. Prices for the governments few publicly-traded bonds hit their highest level…
As Ten Network struggles through a drawn out insolvency process, there are many industry experts talking about the value that would have been preserved if the company had been able to get legal protection from its creditors. It now appears certain that the mess at Ten will be exacerbated by the appointment of receivers by…
Police swoop on a luxury Sydney apartment building, ending the 11-month flight of a problem gambler said to be linked to a colourful former mayor’s decision to carry a bag with $50,000 through a Melbourne airport. Inside the Sydney apartment, Queensland police will allege, is $207,000 in cash and another $50,000 in poker chips, despite…
The new rules aim at facilitating debt recovery in cross-border insolvency proceedings. They will make it easier for businesses to restructure and for creditors to get their money back, by ensuring that collective procedures for cross-border debt recovery are effective and efficient. The Regulation focuses on resolving the conflicts of jurisdiction and laws in cross-border…
By Sebastian Shakespeare for the Daily Mail Published: 10:57 +10:00, 26 June 2017 | Updated: 11:20 +10:00, 26 June 2017 e-mail 34 View comments Kevin Maxwell faces being declared bankrupt at the High Court in London for a second time, Sebastian Shakespeare reveals Kevin Maxwell was declared the biggest personal bankrupt in British history in 1992,…
A large potion of Auctionatas holdings is going under the hammer in Berlin and Cologne this week, marking perhaps the final chapter in the companys tumultuous five-year history. The sales, which come five months after the German online art auctioneer began insolvency proceedings (the German equivalent of bankruptcy) in January, offer new insight into Auctionatas business…