Members of boards of directors will now have to have unique director identification numbers as a way of combating phoenix companies where businesses are sent broke but their assets rise again in another company. The federal government says illegal phoenixing costs the economy up to $3.2 billion a year. Among the latest measures are making…
Tough new laws will be introduced in a bid to crack down on dodgy company directors and their advisers. Key points: Company directors will be given unique ID numbers in a bid to stop “phoenixing” The Directors Identification Numbers (DINs) will allow authorities to track activities through various government databases Suspected phoenixers could also…
Written by Sunny Verma | New Delhi | Published:September 12, 2017 1:50 am The Court also asked the interim resolution professional (IRP) in the case to take over its management and work out a plan to protect the interests of homebuyers and creditors. Illustration: C R Sasikumar The initiation of insolvency process in the case…
Tata Steel UK on Monday announced it has received confirmation from Britains Pensions Regulator about the approval of a Regulated Apportionment Arrangement (RAA) in respect of the British Steel Pension Scheme (BSPS). The BSPS has now been separated from Tata Steel UK and a number of affiliated companies, the company said in a statement. Estimated…
The number of companies in the Netherlands being declared bankrupt continues to decrease. In August 39 fewer companies were declared bankrupt than in July, Statistics Netherlands reported on Monday. The number of bankruptcies in the Netherlands is now at its lowest level since 2001. A total of 258 companies and institutions, excluding sole proprietorships, were…
The Supreme Court on Monday asked real estate firm Jaypee to deposit Rs 2,000 crore before October 27 and asked for a plan within 45 days on how it will protect homebuyers interest. The court also restrained directors and managing director of Jaypee Infratech and its holding company, Jaypee Associates, from travelling abroad. The holding…
In a significant relief for thousands of home buyers in Noida, the Supreme Court today restrained Managing Director and other directors of Jaypee Infratech from flying abroad and asked the real estate company to deposit Rs 2000 crores by October 27. “We understand their plight. It is a human problem of great magnitude. We will…
Tough insolvency rules could be relaxed, according to a federal minister, as the government looks to reduce the number of businesses pushed prematurely into insolvency. Speaking to a recent industry conference, financial services minister Kelly ODwyer said the onus should be on supporting businesses to survive and grow, not on penalising difficulties. The government believes…
The Reserve Bank of India (RBI) has moved a second defaulter list against 28 NPA accounts for bankruptcy resolution under the insolvency and bankruptcy code. Photo: Reuters Mumbai: At least three large lenders including ICICI Bank Ltd, State Bank of India (SBI) and Bank of Baroda (BoB) are planning to ask the ministry of corporate…
CORPORATE recovery and business advisory firm Quantuma has signed up one of the UKs leading insolvency specialists. Mark Sands has joined the firm as a partner and will lead Quantumas personal insolvency offering. He will be based in Brighton and will also cover the London and Southampton offices. His appointment follows the arrival of partner…