MILAN, July 12 (Reuters) – Italian banks must improve the quality of bad loan data and use them to understand when to raise provisions on debts which are yet to be declared insolvent, the central bank governor said on Wednesday. A harsh recession which ended in 2014 saddled Italian banks with impaired debts that are…
Beena Parmar Moneycontrol News The Gujarat High Court will be hearing Essar Steel’s plea today challenging the Reserve Bank of India’s order directing lenders to refer the debt-laden company to the National Company Law Tribunal. In many ways, the verdict will have a bearing on the future course of resolution proceedings under the Insolvency and Bankruptcy…
STOCKHOLM–Securitas AB (SECU-B.SK) Chief Executive Alf Göransson has been declared bankrupt after falling victim to identity theft, the Swedish security company said Wednesday. A fraudulent loan application was made in Mr. Göransson’s name after his personal identification was stolen at the end of March this year, Securitas said in a statement. Despite reporting the incident…
Beena Parmar Moneycontrol News The National Company Law Tribunal will be hearing the insolvency petition filed by Era Infra Engineering‘s lender on July 25. Originally set for hearing on Tuesday, the case against the debt-laden company has been postponed as about 18 winding-up petitions are still pending against it in the Delhi High Court. On Tuesday,…
Former NBN contractor Daly International has been spared liquidation after its director Peter Daly agreed to pay the troubled companys creditors the proceeds of sales of company assets and guarantee a cash payment for an additional $900,000. The two payments are the key financial terms of a company deed that Daly successfully put to creditors…
July 12, 2017 Promoters of some companies where insolvency and bankruptcy proceedings have been triggered are taking on operating roles to remain close to the action when the insolvency professional takes over. Take, for instance, Bhushan Steel Ltd, one of the 12 companies which the Reserve Bank of India has identified for triggering the Insolvency…
The Government looks set to row back from a promise to establish a stand-alone mortgage court to help property owners with serious arrears problems to stay in their homes. Briefing papers from the Department of Justice indicate the Coalition has started to explore alternative solutions as a means of getting around the commitment, which was…
Mumbai: Era Infra Engineering Ltd on Tuesday questioned the Delhi bench of the National Company Law Tribunal (NCLT) over whether insolvency proceedings can be initiated against it when winding-up petitions are pending against the company. The tribunal was hearing an insolvency petition filed by Union Bank of India against Era Infra. The company is among…
Promoters of some companies where insolvency and bankruptcy proceedings have been triggered are taking on operating roles to remain close to the action when the insolvency professional takes over. Take, for instance, Bhushan Steel Ltd, one of the 12 companies which the Reserve bank of India has identified for triggering the Insolvency and Bankruptcy Code.…
Struggling fashion chain Store Twenty One is being liquidated with the loss of 900 retail jobs. The value clothing retailer, which was based in Solihull in the West Midlands, has entered compulsory liquidation and its 122 stores which ceased trading on Friday will not reopen. The company had been in a precarious financial situation since…