The process seeks to cover debtors with annual income less than Rs 60,000, debt less than Rs 35,000, assets less than Rs 20,000 with no dwelling unit. The process can only be initiated by the debtor before the debt recovery tribunal through a resolution professional. If the tribunal passes an order of discharge of debt,…
British Steel has entered insolvency, putting 5,000 jobs directly at risk and endangering thousands more in the supply chain after talks with the UK government failed to reach an agreement on emergency funding. The high court on Wednesday granted an application by the directors of British Steel to enter an insolvency process. Control of the…
Liquidation application will be looked at in Court on 31 May as insolvent provider says it is still pursuing sale options. Unrated insurer, Lampapplied for liquidation at the Supreme Court of Gibraltar late last week. In a statement the Gibraltarian firm said that it made efforts to secure more investment, but its liquidation application will…
British Steel, the UKs second-largest steelmaker, is on the brink of collapse just three years after it was revived, putting thousands of jobs at risk. When buyout firm Greybull Capital bought theScunthorpe steelworks and other sitesfor the princely sum of 1 from Indias Tata in 2016 and revived the British Steel brand in 2016, the…
British Steel is on the brink of collapse unless it can secure 30m in emergency funding from the government, putting about 5,000 jobs directly at risk and endangering thousands more in the supply chain. The UKs second-largest steel producer is preparing to call in administrators on Wednesday unless the government steps in with a loan…
ICharter Limited was incorporated in November 2014 as a travel agency for private clients, with offices in Chatham, Kent. The company, however, entered into Creditors Voluntary Liquidation on 5 March 2018 after it could not pay debts of more than 127,000. Insolvency Practitioners were appointed to wind-up the company and their report to the Insolvency…
Doug Ford had a private plan to surprise Ontarians. His first budget would recast him as a kinder, gentler premier. Not too tough, not too soft just right. It didnt go according to plan. By holding back the bad news under the guise of a good-news budget Fords Tories are belatedly paying a heavy price.…
Specialist legal practice OSM Partners has named Andrew Croughan as new partner and head of personal insolvency and Raymond Lambe as a new partner in the corporate and commercial litigation department. Andrew Croughan has over 10 years experience in the area of commercial litigation, dispute resolution and insolvency and has acted in cases before all…
Photos are for representational purposes only. Loading… Contemporary Delhi: Debt-ridden Essar Steel has registered an EBITDA (earnings sooner than curiosity, tax, depreciation and amortization) of Rs 4,229 crore in some unspecified time in the future of its Company Insolvency Resolution period (over 600 days).In an affidavit filed sooner than the National Company Legislation Appellate Tribunal…
New Delhi: Debt-ridden Essar Steel has registered an EBITDA (earnings before interest, tax, depreciation and amortisation) of 4,229 crore during its Corporate Insolvency Resolution period (over 600 days). In an affidavit filed before the National Company Law Appellate Tribunal (NCLAT) last week, the resolution professional said the company earned 4,000 crore from its operations between…