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…
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…
The Reserve Bank of India (RBI) is understood to be almost ready with a second list of companies that banks can refer to the National Company Law Tribunal (NCLT). (PTI) Now that a resolution for eight stressed companies can be attempted via the Insolvency and Bankruptcy Code, a new list of companies from whom bankers…
Contrary to what you may believe, investing isn’t only a rich man’s game. Here’s how you can grow your wealth with just R500 per month You might think youre too broke to start investing your money, but the reality is that you can actually start with as little as R100 a month. However, since the…
When a little-known company Shiv Sneha Associates advertised that it would file bankruptcy proceedings against the NYSE-listed MakeMyTrip, valued at $3 billion, to recover its dues, it showed how a new law can become a tool to intimidate businesses. A number of frivolous petitions at the National Company Law Tribunal (NCLT), which administers the Insolvency…
A SCOTS lawyer and former hedge fund manager accused of defrauding property investors out of millions of pounds has been declared bankrupt. Gregory King, of Glasgow, is accused by regulators of being behind an alleged £6 million property scam where investors money was used to buy land from him at massively inflated prices. Mr King,…
With the NCLT admitting ICICI Banks petition against ABG Shipyard, the companys board of directors will be dissolved. The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Tuesday admitted the insolvency petition against ABG Shipyard filed by ICICI Bank under the Insolvency and Bankruptcy Code (IBC). The bench has appointed Sundaresh Bhat of…
Law firm Howes Percival is targeting further national expansion of its insolvency team following the acquisition of Summers Nigh Law, and the recruitment of Michael Green, Weightman’s former national head of Restructuring/Insolvency. Summers Nigh Law is a niche insolvency firm with a significant number of local and national clients in the development & construction, manufacturing,…
Bankruptcy filings in the first half of 2017 were down 1.5% from the same time a year ago in Wisconsin.(Photo: Journal Sentinel file photo) Wisconsin posted its fewest bankruptcy filings in a decade in the first half of 2017, a reflection of an improved economy and the availability of jobs. The 8,921 bankruptcy petitions filed…
If the orders are granted, all nine individuals could be disqualified from holding any role to do with the running or control of a company for periods of between two and a half and six years, according to a statement from the Insolvency Service. Director disqualifications run for a minimum of two and a maximum…