Toys R Us is expected to enter administration tomorrow unless an eleventh-hour deal to rescue the ailing company is struck. See related Frantic attempts to secure a buyer before Tuesdays deadline for payment of a £15m VAT tax bill have so far failed, with a potential investor pulling out at the last minute, the Retail…
Just as a bunch of high-value assets are about to exit India’s fledgling bankruptcy process, it appears founders won’t relinquish control of their steel, power and cement plants without exhausting every last legal trick in the book. A knot of clumsily crafted eligibility rules introduced by the government in November have become a thorn in the…
MUMBAI: A dedicated bankruptcy court finalising the insolvency of Bhushan Power and Steel has asked the resolution professional (RP) to submit his stand by March 2 on opening the Liberty House bid that came in after the deadline for the debt-laden company had ended. UK-based Liberty House is also keen to buy Bhushan Power and…
Nevin John New Delhi Last Updated: February 26, 2018 | 22:20 IST Finding resolution in bankrupt companies through insolvency proceedings is becoming murkier after the estranged promoters and the rivaling bidders take the legal routes to put spanner in the process. When the UK-based Liberty House questioned the rejection of its bid for Bhushan Power and Steel, the…
The Weinstein Companys sales talks failed, and now the one-time revered studio says they are going to pursue bankruptcy. The film industry is currently in a state of turmoil following numerous sexual assault allegations levied against producer Harvey Weinstein, one of the co-founders of The Weinstein Company. As a result, the studio opted either to…
A Co Galway couple were overcharged 1.23 million by KBC Bank Ireland after they were incorrectly moved to higher interest-rate mortgages on their properties instead of a tracker rate. It is the biggest single case of overcharging by a bank to emerge in the tracker mortgage scandal, which has cost almost 1 billion and so…
A Co Galway couple were overcharged 1.23 million by KBC Bank Ireland after they were incorrectly moved to higher interest-rate mortgages on their properties instead of a tracker rate. It is the biggest single case of overcharging by a bank to emerge in the tracker mortgage scandal, which has cost almost 1 billion and so…
With bidders and owners of companies that defaulted on debt repayments complaining of arbitrary use and interpretations of the Insolvency and Bankruptcy Code (IBC) by insolvency resolution professionals (IRPs) and lenders, more cases relating to non-performing assets (NPAs) resolution are likely to head to court. While the resolution process of Binani Cement, Videocon Industries,…
Billy Kenber Phil Shiner, 61, was found guilty of professional misconduct last yearJOHN STILLWELL/PA A lawyer who brought false claims against British soldiers who fought in Iraq has had his bankruptcy extended by five years after he tried to avoid paying creditors by transferring almost £500,000 of assets to his family. Phil Shiner, 61, was…
Crippled with a debt of US$877 million (S$1.16 billion), offshore services provider Otto Marine is seeking insolvency protection from the High Court in a bid to salvage the company and stave off liquidation. The troubled company, which has been delisted from the Singapore Exchange (SGX), filed an application last week to be placed under judicial…