News Update. 7 February 2018. Neil Gostelow and Mark Orton from KPMG have been appointed joint administrators to Oyster Marine Holdings Limited, the holding company for the Oyster Yacht group of luxury yacht builders. Having failed to secure sufficient funding to be able to continue trading, Oyster Yachts is currently carefully considering a number of…
The move to relax norms for levy of Minimum Alternate Tax (MAT) on companies facing corporate insolvency proceedings, as announced in the Budget, is likely to kindle investors interest in acquiring controlling stake in such companies. According to Section 115JB of the Income Tax Act, MAT is levied on book profit after deducting the amount…
ANI | Updated: Feb 07, 2018 21:54 IST
Bankrupt Toys R Us has received court approval to move forward with its plans to shutter about 180 stores, under both the Toys R Us and Babies R Us banners, across the U.S. The liquidation sales at those locations are beginning as soon as Wednesday, the company said. Discounts on items will be as much…
Romanian insolvencies stand twice higher than the East-Central Europe (ECE) average, according to the data presented this Wednesday by Coface representatives. 2017 brought 8,256 new insolvency procedures, an year-on-year growth by 3 percent. Despite the minimum from the last 15 years, Romania still has an average level of 2.4 percent of insolvent companies out of…
Insolvency resolution professionals will now be required to assess the fair value and liquidation value of the entity undergoing insolvency proceedings, with the latest set of amendments to the regulations. The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms pertaining to insolvency resolution process for corporate persons. Under the revised framework, the…
People walk past a branch of the Royal Bank of Scotland in London Thomson Reuters By Emma Rumney and Lawrence White LONDON (Reuters) – Royal Bank of Scotland on Tuesday denied a British lawmaker’s allegation that its executives misled a parliamentary committee over the extent to which the bank mistreated small businesses during and after…
The Insolvency and Bankruptcy Board of India (IBBI) on February 6, 2018 amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Here are the amendments made to the IBBI Regulations: Appointment of two registered valuers: The Resolution Professional has to appoint two registered valuers to determine the fair…
Hogan Lovells is representing Scottish Re in the implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (Cayman) Ltd. (SALIC), and SALICs U.S. subsidiary, Scottish Holdings, Inc. (SHI). Scottish Re Group Limited has commenced implementation of a sale and restructuring plan for its Cayman Islands subsidiary,…
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 yesterday. According to the Amendments, a. The Resolution Professional shall appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor. After the receipt of…