Category Archives: Bankruptcy

BRIEF-Tayo Rolls to refer to NCLT for corporate insolvency resolution process – Reuters

Tayo Rolls Ltd * Decided to refer co to NCLT for corporate insolvency resolution process Source text for Eikon: Further company coverage: ‘); $(‘.second-article-divide’).append($(‘.slider.slider-module’)); $(‘.third-article-divide’).append(‘ Also In Bankruptcy News ‘); var median = (relatedItemsTotal / 2); var $relatedContentGroupOne = $(‘.related-content.group-one ul’); var $relatedContentGroupTwo = $(‘.related-content.group-two ul’); $.each($relatedItems, function(k,v) { if (k + 1 Also In…

Millions rorted from government R&D scheme – The Age

Millions of dollars have been rorted from a federal government scheme introduced to encourage Australian companies to invest in research and development, including claims from bankrupts, a property spruiker and a disgraced businessman. The Research and Development (R&D) Tax Incentive program is the government’s largest industry innovation package, providing about $3 billion in tax offsets to businesses each year.…

Deputy lord lieutenant banned from company directorships – Insider Media

A deputy lord lieutenant of Nottinghamshire has been banned from being a company director for three years. Edwin Alexander Maxwell was the sole director of Nottingham-based E.A.M. Electrical Ltd which dealt with electrical installations. The Insolvency Service said Maxwell caused the company to trade to the “detriment” of HMRC in respect of Pay as You…

Millions rorted from government R&D scheme – The Sydney Morning Herald

Millions of dollars have been rorted from a federal government scheme introduced to encourage Australian companies to invest in research and development, including claims from bankrupts, a property spruiker and a disgraced businessman. The Research and Development (R&D) Tax Incentive program is the government’s largest industry innovation package, providing about $3 billion in tax offsets to businesses each year.…

ATO tax fraud: Behind a $191m Gen Y crime wave – The Australian Financial Review

This is the face of a Millennial crime wave: there’s the party guy, there’s the bovver boy and then there’s Mr Invisible, the guy who leaves no tracks. The Plutus Payroll scam, one of the largest alleged tax frauds in Australian history, was run by a handful of 20- to 30-year-olds, Gen Y stereotypes with…

They were Wimbledon rivals, but now Boris Becker is bankrupt while Stefan Edberg is building a second fortune – Daily Mail

Boris Becker and Stefan Edberg was a rivalry that lit up the tennis world  In three consecutive finals they both fought for the greatest prize in the game But despite being set for life, Becker was recently declared bankrupt  Edberg, however, has been busy building a second fortune since retiring  By Jonathan McEvoy for the…

Woman who was declared bankrupt and left with £5 now lives in a £1.5M Tudor mansion after using a VISION BOARD … – Daily Mail

Jo De Rosa, 45, lives in £1.5m property in Hertfordshire with 18 bedrooms In 2009 was declared bankrupt after franchise deal went wrong Made vision board of dream home and told herself she’d one day live there  Now she runs successful yoga retreat with her husband Dom   By Nilufer Atik For Mailonline Published: 17:22…

Boris Becker Says Disagreement on Interest Rate Led to Debt Dispute – Tennis World

Tennis – German tennis legend Boris Becker has said that he is not insolvent, although a British court has declared him to be bankrupt for failing to pay back a debt dating back to 2015. According to the German media outlet Suddeutsche Zeitung, Becker says that the only reason he has not paid back the…

Dozen more could face bankruptcy proceedings – Economic Times

NEW DELHI: Bankruptcy proceedings could soon be initiated against a dozen more companies, in addition to the 12 firms that are already undergoing insolvency proceedings. A final decision will be taken by the Internal Advisory Committee (IAC) of the Reserve Bank of India. The companies that the IAC will consider include Jai Balaji Industries, Nagarjuna…

How resolution professionals prepare to face a new fight of creditors – Economic Times

MUMBAI/KOLKATA: Resolution professionals, a key constituent of bankruptcy proceedings under Indias new law, are caught between term loan lenders who want sick companies to be liquidated and working capital lenders who favour restructuring the company, four people dealing with resolution of sick companies told ET. The trouble might be that the law does not make…