New Delhi: With a high-level panel suggesting a slew of changes to the insolvency law, Corporate Affairs Secretary Injeti Srinivas said on Wednesday that the amendments, as and when implemented, would be prospective in nature. However, he indicated that revised bids which are submitted under the insolvency resolution process after the amendments are in force…
A Tasmanian women who stole money while she was a Flight Centre travel agent to repay her son’s drug debt has escaped a jail sentence. Sally Anne Walters, 40, embezzled the money over 17 months between April 2014 and September 2015 when she was a team leader at Flight Centre’s Ulverstone branch. Chief Justice…
Twenty-two franchisees face an uncertain future as administrators work to determine the fate of poultry producer and retailer Red Lea Chickens, which collapsed into voluntary administration last Thursday. The Western Sydney business has been trading for over sixty years, according to its website, and has a processing plant employing 500 staff members, as well as…
HELP is on the way for Barbadians who continue to run up high credit card and other debts. It is coming from the Barbados Chapter of Chartered Professional Accountants of Canada (CPA), which is this month introducing a financial literacy education programme for those who see justice in the exercise. Ms. Felicia Sue, head of…
Under the Insolvency and Bankruptcy Code (IBC), a company has to be liquidated if it fails to complete the insolvency resolution process within 270 days of its admission to the bankruptcy court. While Jyoti Structures, one of the 11 companies referred to the National Company Law Tribunal (NCLT) last year, has already overstepped its liquidation…
Mehajer was granted bail last Thursday under strict conditions that included a $200,000 surety, provided by car dealer and friend Samir Bargshoon. Under the conditions set by Justice Desmond Fagan, Mehajer is required to live at a specified address in Lidcombe, which he is not to leave between the hours of 9pm and 7am. He is to…
It’s directed by Desiree Akhavan, who was a festival guest with her first film, Appropriate Behaviour, in 2014. “It’s a really inspiring film about sexuality and acceptance,” Moodley says. “And I very much hope she’ll join us at the festival again.” The line-up includes Israeli director Samuel Maoz’s Foxtrot, a Venice prizewinning drama about a…
by Letters editor Subcontractors need wage protection Almost on cue, another prominent builder goes bust a week before the Easter break, leaving hundreds of unsuspecting subcontractors owed millions and with little or no prospect of recovering even a small proportion of the monies owed to them (“Just the beginning: more builders face collapse, subbies say”,…
Sebis proposals will plug several of the disclosure gaps that exist in the current insolvency process pertaining to listed companies. Photo: Abhijit Bhatlekar/Mint The lot of minority shareholders of companies undergoing insolvency proceedings is a sorry one. The popular narrative might be one where the promoters (who are also the management) have mismanaged affairs or…
Collingwood and Geelong are among other AFL clubs trying to negotiate the sale of gaming assets, but the Demons are the first to complete a sale. As reported by The Age, Colllingwood have been in deep discussions with the Melbourne Racing Club over the sale of gaming assets. Melbourne chief executive Peter Jackson said the…