MUMBAI/KOLKATA: Innoventive Industries, Indias first company to be tried under the new Insolvency and Bankruptcy Code, has failed to finalize a debt resolution plan in the stipulated six months, prompting the National Company Law Tribunal (NCLT) to extend the deadline by another three months – the maximum permissible before liquidation. If the company fails to…
By Edwin Okoth The government is set to let go of its shareholding in Uchumi Supermarkets once the troubled retailer stabilises under the ongoing bailout and restructuring plan. Trade Principal Secretary Chris Kiptoo yesterday said the shareholding exit will come after the government recoups taxpayers’ funds pumped into the company over the years. Uchumi is…
”The Corporate Commercial Bank” case went to the court. Tzvetan Vassilev and 17 other bankers and financiers will stand on the dock, reported bTV. Early this morning, 12,000 pages of indictment had been moved from the offices of the Prosecutor’s Office to the Special Criminal Court. Vasilev was the majority owner of Corporate Commercial Bank (Corpbank or KTB), which…
Debt agreements reached a record level in 2016-17. Numbers released today by the Australian Financial Security Authority (AFSA) show that debt agreements have reached record levels in 2016-17, a trend that has become an annual tradition since 2011-12. Debt agreements have increased 11.9% this year compared to 2015-16 and there were record debt agreements in every…
Bhushan Steel and State Bank of India (SBI) on Wednesday contested each others estimation of the companys liability at a hearing in the National Company Law Tribunal (NCLT) here. The steel companys counsel said SBIs claims were about Rs 100 crore more than the actual dues. Countering the argument, SBIs counsel said the…
By EDWIN OKOTHMore by this Author The government is set to let go of its shareholding in Uchumi Supermarkets once the troubled retailer stabilises under the ongoing bailout and restructuring plan. Trade Principal Secretary Chris Kiptoo yesterday said the shareholding exit will come after the government recoups taxpayers funds pumped into the company over the…
Snowy scene: The Walcha Saddlery in snowy weather in 1908. It replaced Seckolds earlier saddlery which was located on the eastern side of Derby Street. David John Callaghan, one of Walchas early saddlers, arrived in the late 1870s and, in 1880, moved into new purpose-built premises located in what is now Mountain Motors yard. The…
Boris Becker may have lost his £100m fortune in part because of questionable investments in the Nigerian oil industry, according to claims in the German press. Since the 49-year-old former tennis star was declared bankrupt in a London court last month, speculation has been rife over how he managed to squander a personal fortune estimated at…
Boris Becker may have lost his £100m fortune in part because of questionable investments in the Nigerian oil industry, according to claims in the German press. Since the 49-year-old former tennis star was declared bankrupt in a London court last month, speculation has been rife over how he managed to squander a personal fortune estimated at…
By Martin North, cross-posted from the Digital Finance Analytics Blog: WA experienced a 20% rise, in personal insolvencies in 2016-17, according to data released today by The Australian Financial Security Authority. On the other hand there were falls in NSW and VIC, highlighting the different economic conditions across the states. The number of personal insolvencies…