Trouble seems to be brewing for debt-ridden Jaiprakash Associate Limited (JAL) as the Supreme Court on Wednesday ordered the company to payback all dues to homebuyers and warned its directors and promoters from alienating their properties as well as the assets of their family members. The real estate firm, however, deposited a demand draft of…
Following an investigation by the Insolvency Service, the Secretary of State for Business, Energy, & Industrial Strategy accepted a disqualification undertaking from Juris Vezenkovs for seven years, effective from this month. Vezenkovs was a director of McDouglas Developments Limited who failed to ensure that the receipts were declared on the companys VAT Returns which resulted…
The Cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code (IBC) to prevent wilful defaulters from bidding for stressed assets, two TV channels reported citing unnamed sources. The IBC is one of Prime Minister Narendra Modi’s biggest reforms. Some owners are reported to be getting ready to stake a claim for these…
UN body wants debt relief for hurricane-ravaged Caribbean countries Wednesday, November 22, 2017 ‘); } else { $(“.fotorama-caption”).addClass(“remove_caption”); } }) .fotorama(); UNITED NATIONS (CMC) The United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC) Monday presented its debt for climate adaptation swaps proposal for Caribbean countries ravaged by recent hurricanes. ECLAC outlined the…
Related Story: Victorian woman faces court over alleged $4.3 million fraud A woman has been sentenced to five years jail for stealing hundreds of thousands of dollars while working as a law clerk on Phillip Island, south-east of Melbourne. Cheryle Margaret Rowe, 63, stole $666,000 from clients of the solicitors firm…
Florida insurance regulators have placed workers compensation carrier Guarantee Insurance Co. in receivership due to inadequate reserves. According to documents from the Florida Office of Insurance Regulation (OIR), the company was materially under-reserved at year end 2016 and consented to being placed in receivership on Nov. 13, 2017. Guarantee Insurance Co. (GIC) provides workers compensation…
China Railway Rolling Stock Corp, the Chinese manufacturer of locomotives and rolling stock, has split its struggling freight train manufacturing business into two units to reduce competition and eliminate excess capacity, as part of a corporate restructuring. The Beijing-headquartered CRRC said on Monday that the new units will be created under the aegis of Heilongjiang-based…
Centrelink will enlist up to 1,000 staff from labour-hire firms to help it recover debts and enforce the compliance of welfare recipients. The move has prompted a furious response from the main public sector union, which labelled it yet another example of the government privatising our safety net. But a spokesman for the Department of…
Michael McGrath, Fianna Fáil’s finance spokesperson, has introduced legislation that will give borrowers the right to appeal a banks veto over a Personal Insolvency Arrangement. Fianna Fáils Personal Insolvency (Amendment) Bill 2017 has been drafted in response to a September decision from the Circuit Court that decided that the borrower has no such legal authority.…
With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law. The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take stock of the implementation of the Code, according to…