Fashion chain Tuunte was declared bankrupt by the court in Zutphen on Tuesday, director Louis van Andel announced. He already informed the 250 employees working in the 45 Tuunte stores. The stores will likely remain open for the time being, and a bankruptcy administrator will investigate whether a restart is possible, ANP reports. Tuunte’s stores…
On July 25, the NCLT had sought a clarification from Union Bank of India on the maintainability of the bankruptcy petition against Era and reserved its order. The Principal bench of the National Company Law Tribunal (NCLT) in New Delhi on Tuesday reserved its order in the insolvency proceedings against Era Infra Engineering filed by…
If one takes a conventional measure where debt to EBIDTA ratio of more than 4 times represents a stressed company, total loan assets of such firms in India are closer to Rs 30,000 crore, which is 30% of all advances. Nikhil Shah, managing director, India, Alvarez & Marsal, a specialist firm in resolution, discusses with…
News Jessica Fino 8 Aug 2017 02:33pm An insolvency practitioner has been given an eight-year bankruptcy restriction undertaking … Read the full article at: http://economia.icaew.com/en/news/august-2017/insolvency-practitioner-given-eight-year-bankruptcy-extension
Moneycontrol News As the Insolvency and Bankruptcy Code (IBC) comes into force this August, insolvency professionals are now rushing to buy insurance for themselves, as per a LiveMint report. But there’s one roadblock. General insurers in the country presently do not offer insurance cover for an insolvency practitioner. Currently, there is no personal indemnity cover for me. But…
A TOTAL of 28 Coffs Harbour residents have declared bankruptcy or have gone into debt within three months. The Australian Financial Security Authority have released the latest quarterly personal insolvency statistics, revealing the number of residents who became bankrupt or entered debt or a personal insolvency agreement between April 2017-June 2017. The statistics only include…
Why directors mustn’t ignore warning signs on the viability of their business BelfastTelegraph.co.uk It would appear that the only certainty in the current pre-Brexit, politically paralysed climate is uncertainty itself. In the short term, the consensus view is that business owners and directors can expect to have to navigate an economic landscape that may change…
TWELVE Fraser Coast businesses have declared bankruptcy in the last financial quarter. Four of the businesses were from Hervey Bay and eight were from Maryborough. The figures released by the Australian Financial Security Authority revealed how many new incidences of financial problems occurred in Gladstone between April 2017 and June 2017. In Hervey Bay 18…
LATEST figures reveal personal insolvency has sky-rocketed in one Coast suburb and continues to climb in another. The total number of debtors in Nambour jumped from 17 in the March Quarter of 2017 to 27 in the June Quarter of this year. Personal insolvency also increased in Maroochy, from 24 debtors to 27 in the…
Sources said it was attended by State Bank of India (SBI) and Punjab National Bank (PNB), among others. (Image: Reuters) A group of top lenders on Monday met officials from the Indian Banks Association (IBA) to review the progress of insolvency proceedings against 12 companies sent to the National Company Law Tribunal (NCLT). Sources said…