A curious issue of whether a company can register itself as a resolution professional and raise the main bills for the services, so granted, has cropped up in the nascent discipline of insolvency. The issue stirred a debate after an insolvency professional registered a complaint with the sector regulator against a…
Dov Charney refuses to disappear. In a recent interview with Bloomberg, the disgraced CEO of American Apparel, whose famously skeezy behaviour saw him ousted from his business two years ago, unveiled a thriving new venture a wholesale basics company called, you guessed it, Los Angeles Apparel. “It still is a nail-biter,” says Charney, who has re-hired…
There were 1,259 new applications in the second quarter of this year for arrangements, according to the Insolvency Service. This is an increase of 71pc on the same period last year. Most were to deal with mortgages. They are seeking a personal insolvency arrangement (PIA), which provides for the restructuring or settlement of mortgage debts…
Yet another large defaulter, ABG Shipyard Ltd., on Tuesday saw insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) 2016 being initiated by the Ahmedabad bench of National Company Law Tribunal (NCLT). The bench, chaired by Justice Bikki Raveendra Babu, admitted the petition for insolvency proceedings initiated by lender ICICI Bank against ABG…
Festival organizer Valtifest was declared bankrupt on Tuesday, the organization announced on their website. The 10th edition of Valtifest, with the theme ArtiFarti, was set to take place on the NDSM site in Amsterdam on September 9th. Whether this can still happen is unclear, Het Parool reports. “The bankruptcy administrator is busy with various parties…
The number of people seeking debt solutions continued to rise between April and June, according to new figures from the Insolvency Service of Ireland (ISI). There were 1,259 new applications for debt solutions during the second quarter, an increase of 71% on the same period last year. The vast majority of the applications (1,082) were…
NEWCASTLE has the highest rate of personal insolvency in regional NSW according to figures released by the Australian Financial Security Authority. Across the Hunter there were 215 cases of personal insolvency in the June quarter of 2017, with Newcastles 43 debtors the largest in the state outside of Sydney. Across Australia there were 7,729 debtors who entered a…
New Delhi, Jul 27 () The National Company Law Tribunal (NCLT) today appointed an interim resolution professional to carry out the insolvency process of debt-ridden auto component maker Amtek Auto, according to a regulatory filing. “NCLT, Chandigarh has today…appointed Dinkar Tiruvannadapuram Venkatsubramanian as an interim resolution professional (IRP) for carrying out the CIRP (corporate insolvency…
The Australian Financial Security Authority have revealed Bunbury’s statistics for personal insolvency from March to June this year, with 43 new cases – the highest in regional WA. Bunbury has topped the list of regional personal insolvency statistics for Western Australia in June 2017. The Australian Financial Security Authority (AFSA) recently released regional personal insolvency…
In another setback for Essar Steel, the Ahmedabad bench of National Company Law Tribunal (NCLT) on Wednesday admitted the insolvency petition against the defaulter company filed by lenders State Bank of India (SBI) and Standard Chartered Bank (SCB) in a common order. Through the order, the NCLT bench rejected Essar Steel’s…