Xi Jinping Reuters Tightened credit conditions have one Chinese manufacturer with $7 billion in debt begging for help. It won’t be the last one to do so. Beijing will have to start deciding who lives and who dies in China’s corporate sector. Investors shouldn’t just worry about who gets bailed out, they should also worry…
Guwahati: A proposal to make direct payment to vendors and sub-contractors to accelerate work on Guwahati water supply project has been made. The insolvency resolution professional appointed by the National Company Law Tribunal (NCLT) for Iragavarapu Venkata Reddy Construction Limited (IVRCL), the company hired to set up water distribution system under the project, recently wrote…
We seem to have lost sight of the laudable objective of reviving an entity. Photo: iStockphoto The Insolvency and Bankruptcy Code (IBC) of 2016 was meant to signal a break from the past. While there were larger macroeconomic objectives at play, such as solving the twin balance-sheet problem, developing a robust corporate bond market, improving…
NEW DELHI: Companies referred to bankruptcy courts may not be allowed to leave the process once bids have been invited or a resolution plan has been accepted. The government is considering setting a time limit for withdrawing cases admitted for insolvency resolution, ending ambiguity on a key aspect of the procedure. A 14-member law committee…
KR Srivats The Insolvency and Bankruptcy Board of India (IBBI) may shortly go for some light touch regulations on the increasingly controversial aspect of fees quoted by insolvency professionals (IPs) handling corporate insolvency resolution processes (CIRP). The regulations will seek to improve transparency (disclosures) and promote best practices in the area of compensation for IPs…
FILE PHOTO: A general view of the lobby outside of the Carlyle Group offices in Washington Thomson Reuters By Sumeet Chatterjee and Kane Wu HONG KONG (Reuters) – Carlyle Group is set to close its biggest-ever Asia private equity fund at $6.5 billion, people with direct knowledge of matter said, in a deal that adds…
FILE PHOTO: A general view of the lobby outside of the Carlyle Group offices in Washington Thomson Reuters By Sumeet Chatterjee and Kane Wu HONG KONG (Reuters) – Carlyle Group is set to close its biggest-ever Asia private equity fund at $6.5 billion, people with direct knowledge of matter said, in a deal that adds…
Cape Town Telkom [JSE:TKG] announced on Monday that it would be cutting ties with Nkonki Inc as its joint auditors following developments that have led the latter to undergo voluntary liquidation. The company said, as per its announcement in August 2017 it was prepared to procure from Nkonki Inc as its external audit services to…
11:32 07/05/2018 MOSCOW, May 7 (RAPSI) The Commercial Court of Moscow Region has declared one of the former Trust Bank owners Nikolay Fetisov bankrupt, RAPSI learnt in the court. In November, the court initiated the procedure of debt restructuring on the request of Trust Bank against Fetisov. The banks demands seeking 3.59 million euros and…
New reforms, enhanced data analysis and co-operation between agencies are set to clamp down on directors trying to re-birth phoenix companies and clip the wings of unscrupulous pre-insolvency advisers. The Australian economy loses about A$3.2 billion a year through illegal phoenixing activity, and much of this is facilitated by unscrupulous pre-insolvency advisers. In many…