Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today. The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either…
JOHANNESBURG – A group of Steinhoff creditors have appointed financial adviser PJT Partners and law firm Latham Watkins to represent them in any potential debt restructuring, PJT said. Steinhoff, owner of more than 40 retail brands including Poundland in Britain, is fighting for survival after admitting accounting irregularities last month that triggered an 85 percent…
New Delhi, Jan 29 (PTI) Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today. The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution…
Discount grocery chain NQR has become the latest retail casualty of 2018, with the 18-store supermarket network placed into voluntary administration last Wednesday. NQR Pty Ltd, which was rescued from administration by the founders of Bakers Delight, the Gillespie family, in 2009, appointed Luke Targett and Bruno Secatore of Cor Cordis as administrators on January…
Press Trust of India Japanese imaging and electronics majors Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities. The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said. The company has come to a position where it…
By Jasmine Ng , Jack Farchy , and Javier Blas January 29, 2018, 3:53 AM EST Updated on January 29, 2018, 4:10 AM EST Noble Group Ltd. reached an in-principle deal to restructure $3.5 billion in debt, people familiar with the matter said, saving the troubled commodity trader from bankruptcy at the cost of handing control…
By Chris Thomson | posted on January 25, 2018 A RECENT purchase by Albanys Mount Romance sandalwood plant of a $3 million cache of wood has failed to stop the subsidiary that runs it, and parent company Quintis Ltd, going into voluntary administration. On Saturday, Quintis revealed that US hedge fund…
Almost four years after his SensaSlim product was found to be a scam, career con artist Peter Foster has been declared bankrupt after failing to cough up his dues. Foster, who is currently in remand on charges relating to a separate con, was fined $660,000 by the Federal Court in April 2014 after an ACCC investigation found that SensaSlim Australia was…
Hannah Murphy January 29, 2018 SThree, the UK recruitment agency, said its profits were little changed in its last fiscal year as enduring Brexit uncertainty and increased restructuring costs weighed on the business. The specialist science, tech, engineering and maths recruiter said that pre-tax profit in the year to the end of November was £37.7m…
“In 2016, I sat on my couch crying heavy tears. I’d gone from 55kg to 76kg, racked up thousands of dollars of debt and didn’t know how to fix my life.” Photos: Supplied We all go through hard times in life, but with every difficulty we face there is hidden opportunity. 16 months ago, I…