Directors of companies facing the insolvency process cannot go unscathed while the companies they ran are hauled over the coals. For the first time ever, insolvency regulator IBBI has warned of action under the Insolvency and Bankruptcy Code (IBC) against those directors who failed to discharge their duties in the interest of the creditors during…
The publisher of Womens Health and Fitness, Nourish and Australian Natural Health has gone into liquidation. Blitz Publications and Multimedia Group, which also publishes Muse, Gluten-Free Heaven, Natural Vegan and Blitz Martial Arts Magazine was liquidated on March 1, according to an insolvency notice. Some of the titles Blitz Publications previously ran The publisher has…
By Rick Archer Law360 (April 4, 2018, 5:01 PM EDT) — Schulte Roth & Zabel LLP announced Monday that a new restructuring partner is joining the firms New York City office from Clifford Chance. Kristine Manoukian, who had been a partner at Clifford Chance for just under two years, has joined the firms Business Reorganization…
In a critical twist to the use of the Insolvency and Bankruptcy Code (IBC), concerns are being raised on promoters trying to escape loan repayments by claiming bankruptcy and going to the insolvency courts. Educomp Solutions (ESL), which was once a promising player in the private education space, defaulted on loans. With lenders staring at losses…
14:4404 Apr In 2004 Clinton Portis had the world at his feet, the running back signed by the Washington Redskins on an 8-year, $50million contract a decade later he was retired from the game, mired in debt and passing bouncing checks in an attempt to pay off his gambling debts, this week agreeing to settle…
60 jobs go as Hexham firm hits the wall HEXHAM company Total Fabrication Services has gone into liquidation, leaving more than 60 employees owed more than $1.5 million in entitlements. Although the employees should receive some entitlements through the federal governments Fair Entitlements Guarantee scheme, the Australian Manufacturing Workers Union says the company was three months behind with…
Home buyers should be treated as financial creditors for the Insolvency process, the MCA-appointed Insolvency Law Committee (ILC) has suggested. They should be treated as financial creditors owing to the unique nature of financing in real estate projects and the treatment of home buyers by Supreme Court in ongoing cases, said the ILC report made…
Pinterest has confirmed that its head of ad products, Jon Alferness, has left the company and that it has made a change to its product organization team. According to a Pinterest spokesperson, the companys consumer product and ads product teams are now combined into one group an integrated product team led by SVP of Product…
Throwing another lifeline to banks, the Reserve Bank of India has reduced the provisioning requirement for large accounts referred to the National Company Law Tribunal (NCLT) up to March 31, 2018. This comes on fears that banks may be worse off due to bad loans provisioning when they declare their financial results for FY2018, Provisioning…
Irish drinks company C&C has bought the wholesale business of Conviviality, after the ailing alcoholic drinks retailer and supplier appointed administrators on Wednesday. Following advanced discussions with Conviviality, which owns brands such as Wine Rack and Bargain Booze, C&C said it had agreed to buy Conviviality brands Matthew Clark, Bibendum, Catalyst, Peppermint, Elastic and Walker…