The High Court of England and Wales has recognized Singapores new moratorium law for companies unable to pay their creditors. The ruling is positive for debt workouts across different jurisdictions and a boost to the city-states ambition to become Asias debt restructuring hub. Rajah & Tann Singapore and the London office of US law firm…
One of the objects of the Insolvency and Bankruptcy Code, 2016 is stated to be balancing the interests of all stakeholders. This object and purpose have recently been the subject matter of judicial interpretation as well as arguments in some of the significant resolution cases undertaken under the provisions of the code. One of the…
A FEDERAL agency chased a Gladstone man for nearly two years to fill out a form a magistrate said would take just five minutes. Former business owner Michael Rodney Stark pleaded guilty in Gladstone Magistrates Court last week to one count of fail to make out and file statement of affairs and furnish a copy…
By World Oil Staff on 5/13/2019 Photo: Weatherford President and CEO Mark McCollum. HOUSTON One of the worlds largest oilfield services companies filed for Chapter 11 Bankruptcy protection on Friday, and the move may finally give Weatherford International plc enough room/time to turn around its struggling operations. The firm announced…
NEW DELHI: Lenders of debt-ridden dairy firm Kwality on Monday decided to carry out voting on extending the May 15 deadline for submitting the resolution plan by interested bidders, including Haldiram and Kotak group firm, sources said. The lenders would also vote on seeking extension of insolvency proceedings by 90 days, they said. As many…
New Zealand-based CBL Corporation has been placed into liquidation by the High Court, as directors of the failed insurer withdrew their opposition to liquidate the group. CBL Corporation directors Alistair Hutchison and Peter Harris said they decided not to oppose the liquidation application after failing to obtain the agreement of the companys bankers to the…
The latest insolvency statistics published by Deloitte show that the total number of corporate insolvencies in Q1 2019 was 195, a marginal increase when compared to Q1 2018 when 188 corporate insolvencies were recorded. Further analysis of the insolvencies in the first quarter of the year reveals that eight out of ten companies (154, 79%)…
Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly note that the sixth meeting of CoC of Kwality Limited is schedule on 13th May, 2019 at 03:00 PM at The Claridges, Viceroy Hall, 12 Dr. A P J Abdul Kalam Road, New Delhi – 110011 as per the…
Laxman Pai May 13, 2019 Image: Weatherford International Irish-domiciled multinational oil and natural gas service company Weatherford International has entered into an agreement with its top creditors that will allow the company to file for a “prepackaged” Chapter 11 bankruptcy – after more than four years without making a profit. Weatherford expects…
By Express News Service Corporate insolvency and resolution is a work in progress. To smooth out its kinks, the Insolvency and Bankruptcy Board of India (IBBI) had, last week, proposed additional changes, allowing companies to withdraw an application from undergoing the insolvency process. Such an option doesnt exist now, and as a result though, several…