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…
WHAT is the best way to kill a zombie? Fans of Daryl Dixon, a character in The Walking Dead, a television series, will know the answer: a crossbow bolt to the brain. Getting rid of corporate zombies, however, is a much more complicated process. Ageing populations mean that the workforces in developed economies are likely…
Business recovery practice Begbies Traynor has said the number of failing companies has increased this year due to ongoing political uncertainty and a slowdown in consumer spending. Begbies Traynor said it was well placed to capitalise on the growing number of insolvencies in the UK, which are beginning to rise after years of decline. The…
Former Cardiff City and Manchester United player Philip Mulryne has been ordained a Roman Catholic priest in the Dominican Order. Mulryne was a product of the Red Devils’ youth academy and made five appearances for Sir Alex Ferguson’s side before joining Norwich City for £500,000 in 1999. Read More He made more than 150 appearances…
Geneva: A Swiss court has rejected a 36.5-million-euro claim against tennis legend Boris Becker by a former business partner, according to a judgment published Monday. Swiss businessman Hans-Dieter Cleven claimed the German former world number one owed him 40 million Swiss francs ($41.4 million, 36.5 million euros), after Becker was declared bankrupt by a court…
MUMBAI (Reuters) – In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India’s $150 billion bad debt overhang. The company, which makes steel tubes and auto parts for customers including Ford (F.N),…
Swiss court has rejected a 36.5-million-euro claim against tennis legend Boris Becker by a former business partner, according to a judgment published Monday. Swiss businessman Hans-Dieter Cleven claimed the German former world number one owed him 40 million Swiss francs ($41.4 million, 36.5 million euros), after Becker was declared bankrupt by a court in London…
Mumbai: In January, Innoventive Industries, a speciality steelmaker based in Pune, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve the country’s $150 billion bad debt overhang. The company, which makes steel tubes and auto parts for customers including Ford, Volkswagen and Tata…
Shareholders pursuing troubled legal firm Slater and Gordon will receive just $36.5 million, after the firm agreed to settle a number of class actions against it. -Key points: Hedge funds will now assume ownership of the 82-year old law firm Directors’ indemnity insurance the only source of funds available from Slater and Gordon $36.5…