Indias Insolvency and Bankruptcy Code has been operational for more than a year but how does it stand up to critical analysis? Shardul S Shroff offers an assessment In May 2016, India enacted the Insolvency and Bankruptcy Code, 2016 as a major legal reform. The code is not fully effective. The sections of the code…
Company administration is a hotly discussed topic in the industry. Recent reports have suggested the number of corporations facing administration has increased over the years. With the news of Toys R Us and Maplin entering administration, the insolvency procedure has been under the spotlight. Similarly, New Look and, most recently, Carpetright have requested company voluntary…
The destinations of Dibbsbarkers partners who are not joining Dentons are starting to emerge. Hall & Wilcox and Piper Alderman will each get a partner as DibbsBarker prepares to close its doors on 30 April after more than 130 years in business. Dentons will welcome 18 partners in total from DibbsBarker 17 in partner roles,…
Simon Mundy in Mumbai March 26, 2018 Print this page A battle for control of one of Indias largest industrial assets is moving into the courtroom after bids for Essar Steel from both ArcelorMittal and a Russian-controlled investment vehicle were declared ineligible under Indias tough new bankruptcy code. Essar Steel was forced into insolvency proceedings…
We have witnessed “panic banking” in recent past due to the take-over of some banks by the Bank of Ghana (BOG) because of their insolvency. These banks had appeared in the public eye as doing well and therefore, enjoying huge patronage by customers. The UT Bank and the Capital Bank were last year liquidated by…
Myer has ruled out placing the beleaguered retailer into voluntary administration to hasten the exit or renegotiation of $2.7 billion in leases. While Myer has only $19.9 million in net debt and gearing about 3 per cent, the retailer is moving closer to breaching fixed charges cover covenants in banking agreements after a 24 per cent fall…
Brits living in seaside towns have the highest rates of personal insolvency where people are unable to pay their debts or meet their financial liabilities as these areas struggle to cope with economic decline, according to new figures. Research by accountancy firm Moore Stephens of 573 parliamentary constituencies found that seven out of the 10…
Former rugby league star Jarrod McCracken has been handed a $5000, two-year good behaviour bond for leaving the country while bankrupt. McCracken, 47, appeared in Brisbane Magistrates Court on Monday where he pleaded guilty to three charges of leaving Australia, and one of preparing to leave Australia, while an undischarged bankrupt. Former New Zealand rugby…
HONG KONG (Reuters) Noble Group Ltd <NOBG.SI> warned on Monday that it would begin insolvency proceedings if the beleaguered commodity traders $3.4 billion (£2.4 billion) debt restructuring proposal was not approved by shareholders. Nobles debt restructuring process is seen as critical for the firms survival. But the deal has been opposed by some bondholders and…
Former rugby league star Jarrod McCracken has been handed a $5000, two-year good behaviour bond for leaving the country while bankrupt. McCracken, 47, appeared in Brisbane Magistrates Court on Monday where he pleaded guilty to three charges of leaving Australia, and one of preparing to leave Australia, while an undischarged bankrupt. Former league star Jarrod…