Billionaire Mukesh Ambanis prospects for bailing out his younger brothers phone company are fading after an Indian tribunal put his siblings Reliance Communications Ltd. into insolvency proceedings, which prohibit connected persons from acquiring assets of delinquent borrowers. Ambani is Indias richest man and the founder of upstart rival Reliance Jio Infocomm Ltd., which had agreed…
Groundwater being pumped from a highland aquifer, only to be whisked away in tankers and sold in little plastic bottles by a multinational corporation it’s a difficult concept for a small farming town to swallow. Just ask the residents of Stanley, Victoria, whose four-year court battle to stop a farmer bottling local groundwater for…
Small ways you can save To save in small ways, Tretina ditched cable and money-eating subscriptions like Netflix and Amazon. The money I spent on cable, I automatically applied that to my loans, she says. She also used coupons when she went grocery shopping and cooked most of her meals at home, which allows her…
THOUSANDS of new homeowners have been left without vital structural defects insurance after insurance carrier Alpha goes bust. Many homeowners who require the 10-year structural defects insurance will still be unaware that they have been left without cover. Alpha, who supplies the insurance new homes require to protect against structural defects, was declared insolvent in…
When the Insolvency (England and Wales) Rules 2016 (IR16) came into force on 6 April 2017 it was clear that significant amendments to the Practice Direction on Insolvency Proceedings were needed as it had been in force since 2014 and was based upon the Insolvency Rules 1986. A planned interim practice direction was never created,…
As banks and financial institutions try to resolve the bad loan cases there is huge demand for insolvency resolution professionals. So far, chartered accountants, company secretaries and lawyers have walked away with the mandate to provide resolution professional services. Non-professionals, including graduates from non-commerce backgrounds and having management experience of 15 years, and who have…
A scathing MPs report into the collapse of Carillion has revealed the stricken construction giant paid almost £4 million to an array of City firms in the days before it was declared insolvent. According to todays report, on 12 January, three days before the company went under and one day before chairman Philip Green wrote…
By: Chris Chase | May 16, 2018 7:31 am Follow @chrischaseftw With the Supreme Court ending a federal ban on sports betting, the floodgates have opened for some, or all, of the 50 states to legalize wagers on athletic events. With this brave new world of gaming, well see extra focus on players, officials, spreads,…
Employees at audit firm Nkonki have applied to a Pretoria court to block the companys liquidation and have it put into administration instead so that there is a chance the business can be rescued, according to a court filing. Last month, Nkonki said damage to its brand and uncertainty over future revenue streams had led…
Shares and bonds of Reliance Communications Ltd. tumbled after an Indian court ordered that the wireless carrier be placed in insolvency proceedings, jeopardizing its proposed $3.7 billion asset sale to Reliance Jio Infocomm Ltd. Shares of RCom, as the company is known, plunged 15.3 percent to 10.5 rupees in Mumbai, while its 2020 dollar bonds…