Tata Steel UK (TSUK) has confirmed it had signed documentation for a pact with the Trustees of the £15 billion British Steel Pension Scheme, which will allow the steelmakers pension scheme to be separated from the business, reducing the risks to the company. The deal, which would remove the main obstacle to a potential merger…
TWO dozen bankruptcies were filed in Bundaberg during the last quarter. The 24 bankruptcies represented almost half of the 49 insolvency cases in the area during the three months to June. Insolvencies in Bundaberg were up 26.5% on the previous quarter and up 10% on the June quarter last year. Seven of the insolvencies were…
The Insolvency and Bankruptcy Code, 2016 was enacted with the intention of improving the ease of doing business in India, a country perceived to have a weak insolvency framework and where defaulting debtors abuse the law. At the outset, the Code appears to have the interests of business at heart: it aims to overhaul laws…
Tata Steel has reached an agreement over its £15bn pension scheme, in a move that the pensions regulator hopes will help secure jobs at the Indian-owned company that employs more than 8,000 people across the UK. The 130,000 members of the scheme one of the UKs largest are to be contacted by the trustees to…
LONDON: A 58-year-old Indian-origin director of a pizza company in the UK has been banned for seven years for making payments totalling at least 205,000 pounds to a company in which he had a personal interest. Balwinder Singh’s Charnwood Foods Ltd in the WestMidlands region of England had the franchise for Papa John’s Pizza in…
A day after the Allahabad bench of the National Company Law Tribunal (NCLT) admitted IDBI Banks insolvency plea against Jaypee Infratech, homebuyers staged a protest outside Jaypee Groups Sector 128 office. The protesting homebuyers, who have booked flats in Jaypee Groups Wish Town in Sector 128 and Jaypee Aman housing projects in Sector 151 gathered…
A good number of people, who invested their life savings for a dream home, were left in the lurch when builder Jaypee Infratech was declared bankrupt. The National Company Law Tribunal has admitted the plea of public lender IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech and appointed an interim…
Britains pensions regulator on Friday gave the initial approval to a proposal from Tata Steel UK to restructure the British Steel Pension Scheme (BSPS) and prevent the company becoming insolvent. The development is likely to finalise pension arrangements that were a hurdle to the sale of Tata Steels UK assets and lead to merging its…
Balwinder Singh, the Indian-origin director of a Worcestershire-based pizza company, has been disqualified as a company director for diverting funds he had secured from loans to a partnership in which he had a personal interest, officials said. The Insolvency Service said Singh, 58, was the sole registered director of Charnwood Foods Ltd but an investigation…