The National Company Law Tribunal (NCLT) on Tuesday admitted insolvency proceedings against textile company Alok Industries, which owes about Rs 23,000 crore to a consortium of lenders. An application for insolvency was filed on June 29 by State Bank of India–one of the lenders to the company–in order to recover its Rs 3,772-crore loan to…
By MR Umarji The Reserve Bank of India has recently prescribed provisioning requirements for banks in cases where insolvency resolution process is initiated against any company. The banks initiating insolvency resolution process have to make a provision of 50% of the secured portion of the loan and 100% of the unsecured portion. The provisions will…
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The governments latest insolvency statistics show that the Isle of Wight was in the top 5 local authorities for the highest rates of personal insolvency a combination of bankruptcies, individual voluntary arrangements and debt relief orders in 2016 and that such insolvencies are most common in coastal towns, says insolvency and restructuring trade body R3. The statistics show that the Island has the fourth…
Jitendra Kumar Gupta Moneycontrol Research On Monday, Inox Wind lost Rs 141 crore in market capitalisation following a claim made by one of its creditors for a sum of Rs 57 lakh. While the damage is already done, the magnitude and implications are little understood. To put it in perspective, Jeena & Company, the creditor…
By Lisa Mcloughlin For Mailonline Published: 22:11 +10:00, 18 July 2017 | Updated: 23:07 +10:00, 18 July 2017 e-mail 11 View comments Boris Becker has landed his fourth parking ticket in a matter of weeks since he was declared bankrupt late last month. The tennis champ, 49, was left reeling after his luxury Porsche was…
The former senator Scott Ludlam has had some bad luck. He found out he was a New Zealander. Boom, boom. Things have moved beyond a joke since Friday when Mr Ludlam resigned immediately after discovering he was a dual citizen of Australia and New Zealand and so, ineligible to stand for Parliament, let alone sit…
Wigan is ranked fourth worst when it comes to personal insolvencies in the North West. Only Blackpool, Preston and neighbouring St Helens notch up poorer results in a survey of individual hardship. For the first time in six years levels of personal insolvencies has increased, according to latest government figures. Wigan had 27.5 cases per…
Firm Appointee/Solicitor appointed as for Company Name Published Date HLB Mann Judd Kimberley Stuart Wallman liquidator Batlow Pty Ltd 17/07/2017 FTI Consulting Ian Charles Francis liquidator Monnif Pty Ltd 14/07/2017 Ticcidew Insolvency Simon Roger Coad liquidator Wolfberry Holdings Pty Ltd 14/07/2017 Mackay Goodwin Domenico Alessandro Calabretta liquidator Culinary Ventures Pty Ltd 14/07/2017 Melsom Robson Evan…
Once the youngest player to have won the Wimbledon mens singles championship, 49-year-old German-born tennis star Boris Becker was declared insolvent by a British Bankruptcy and Companies Court at the end of last month. Becker, who, according to news reports, at one time boasted an estimated personal fortune of over £100million (R1.7billion), is not the…