This move will reduce the burden on the NCLT to hear cases and pass an admission order and hence the tribunals can focus on the core issues of insolvency cases Mumbai: The government is mulling introduction of a procedure of deemed admission of companies under the Insolvency and Bankruptcy Code (IBC). In certain cases where…
Richard Haymes, Head of Financial Difficulties at TDX Group, an Equifax company, believes personal insolvencies may have reached their peak, but addressing the stigma of debt is vital to achieve better outcomes for consumers. Debt is at record levels with personal credit now exceeding 215 billion or 4,100 for every adult in the UK. However,…
The former chief executive of a failed investment firm has been given just over two weeks to pay a record 76m fine by the City regulator. The Financial Conduct Authority formally imposed the huge fine on Stewart Ford today over his role in one of the UKs largest investment scandals. He must find the funds…
Eddie Lampert, the billionaire hedge fund manager who served as CEO of Sears from 2005 until the company filed for bankruptcy in 2018, was responsible for many of the decisions that led to the companys decline and eventual insolvency. Now hes pulling Sears back from the brink of liquidation and saving himself from liability according…
A Perth family has warned homeowners about the importance of research after a botched renovation left them with a damaged house and a massive clean-up bill. Tamara Van Kerkof and Jason Williamson had been waiting years to be able to afford a renovation on their modest Perth hills home. But that dream turned into a…
An insolvency court in Mumbai has ordered the liquidation of Bharati Defence and Infrastructure Ltd, after rejecting the resolution plan submitted by Edelweiss Asset Reconstruction Co Ltd, leaving two dozen defence vessels stranded and a clutch of lenders standing to lose as much as 11,373.40 crore the debt-laden shipbuilder owes them. More than 850 employees…
The Philippine business community was rocked on Jan. 8 by the announcement of the bankruptcy of Hanjin Heavy Industries and Construction Philippines the Korean shipbuilding company based in the country. The biggest corporate bankruptcy. This is the biggest corporate bankruptcy to ever hit the Philippines. Hanjin is the biggest foreign investor in the Subic Bay…
A Birmingham-based debt advisory firm has been bought out by personal insolvency provider Creditfix. B2C Finance, which trades as Back2Credit, is based near Sutton Coldfield. Glasgow-based Creditfix, which specialises in helping people manage personal debt, said the undisclosed deal would help it create 20 new jobs. Chief executive Paul Mason said: “We know it can…
The Lanco Infratech counsel made a similar point as part of argument during the hearings to determine whether the corporate debtor should be admitted for proceedings under IBC. By Mitali Salian Lanco Infratech, the flagship company of the Lanco Group and once among the larger private players in the field of power and infrastructure engineering,…
A long queue of people waiting to get into Yaohan Katong on the second day of its opening on Aug 28, 1977. The Japanese department store company opened at Plaza Singapura in 1974. In 1997, its parent company in Japan was declared insolvent. Photonico is a website offering high-quality stock photos that celebrate Asian contemporary…