NEW DELHI: The government on Wednesday said insolvency resolution plans, such as sale and transfer of assets, do not require approval from shareholders or the company as the law provides a detailed process from the receipt of the resolution plan to approval by the adjudicating authority. The clarification by the ministry of corporate affairs is…
One of Australia’s largest private training colleges has collapsed, leaving 15,000 students in limbo and plunging 1000 staff into unemployment. The embattled Careers Australia was placed into voluntary administration late on Thursday – six weeks after it was stripped of federal funding due to dismal completion rates and aggressive recruitment practices. Classes have been suspended at the…
A nearly three year old elevator insolvency case has been closed. Almost. It involves the Grand Forks Bean Company. That elevator dealt with edible beans. It went into insolvency after not being able to pay farmers claims. The last such claim has now been paid. The courts said Curt Amundson had a credit sale contract…
OTTAWA Innovation Minister Navdeep Bains says the federal government will consider legislation to protect employees’ pensions when a company goes bankrupt. While there’s no plan for the government to introduce legislation at the moment, he says it will carefully examine two different private member’s bills on the subject, put forward a New Democrat MP and…
Thu, Oct 26, 2017 – 7:58 AM JAYA Holdings on Thursday said it is seeking voluntarily liquidation, with the remaining cash to be distributed to shareholders. The company has submitted a proposal on the proposed voluntary liquidation to the Singapore Exchange (SGX). It will be convening an extraordinary general meeting to approve the proposal, and…
In his argument, Union Banks advocate said the IBC is a consolidating law relating to insolvency of corporate entities which provides for resolution of the corporate debtor before ordering liquidation. Citing legal precedents and rules under the Insolvency and Bankruptcy Code (IBC), Union Bank of India on Wednesday argued before the National Company Law Tribunal…
OTTAWA Innovation Minister Navdeep Bains says the federal government will consider legislation to protect employees’ pensions when a company goes bankrupt. While there’s no plan for the government to introduce legislation at the moment, he says it will carefully examine two different private member’s bills on the subject, put forward a New Democrat MP and a Bloc Quebecois MP.…
Anthony Joshua, 28, is said to be worth more than £16.7million He is currently preparing to defend his heavyweight title for the fourth time Joshua insists he will not follow in the footsteps of previous heavyweights who have lost their earnings By Mark Stainforth, Press Association Published: 02:48 AEDT, 26 October 2017 | Updated: 07:04…
NEW DELHI: Attorney General KK Venugopal on Tuesday strongly opposed in the Supreme Court a proposal by Jaiprakash Associates to hive off the Yamuna expressway to a Singapore-based company to raise Rs 2,000 crore it had been asked to deposit to meet refund demands by homebuyers for projects. Technically, the Yamuna Expressway is owned by…
Practice of promoters to bid in bankruptcy or insolvency cases is prevalent in developing countries Mumbai, October 25: As insolvency proceedings at some of 12 stressed accounts identified by the RBI earlier this year are moving forward, key question that has emerged is whether promoters of these companies are better placed to get back control…