The countrys largest lender State Bank of India has initiated debt recovery proceedings under the Insolvency and Bankruptcy Code against steelmakers Monnet Ispat Ltd. and Electrosteel Steels Ltd. and power distribution company Jyoti Structures Ltd., one banker with direct knowledge of the matter confirmed to BloombergQuint. The case against Monnet Ispat has been filed at…
CASH CRUNCH The BoE warned that credit card debt, personal loans and motor finance grew much faster than household incomes HOME buyers are facing tougher borrowing rules when they apply for a mortgage, as the Bank of England raises fears of a debt boom. The BoE today said it will tighten affordability tests for mortgage lending.…
Banks are almost done giving mandates to insolvency professionals for the 12 big accounts, which are responsible for nearly Rs 2 lakh crore of bad debts in the banking system. According to sources, a bank with the highest exposure in working capital loans, and not term loans, will decide on the insolvency professionals.…
The Emerge Yoga Festival is no more. Mere days before it was set to open its doors, the event, billed as Canada’s yoga festival, has gone bankrupt. A notice appeared on its website announcing it was cancelled and has declared itself insolvent as of Monday. On June 26, 2017, Emerge made an assignment into bankruptcy…
7Sport on June 27, 2017, 12:07 pm Novak Djokovic hasn’t always seen eye-to-eye with Boris Becker, but he’s put their differences aside in his former coach’s time of need. Former German tennis star Becker said he was “surprised and disappointed” after being declared bankrupt by a court in London on Wednesday for failing to pay…
A failed education company, that left more than 5000 students without the qualifications they paid for, engaged in misleading and deceptive conduct, unfair contract terms and unconscionable conduct, the Federal Court has found. Get Qualified Australia (GQA) was an education consultant that assisted job seekers in obtaining Recognition of Prior Learning (RPL) qualifications in industries…
Pitcher Partners managing director Bryan Hughes has announced he will move on to chair the Perth-headquartered firm, with executive director Leon Mok to step into his role. From next week, Mr Hughes will become executive chairman of the accounting, audit and advisory firm. In a statement, he said Pitcher Partners restructuring and insolvency team had…
MUMBAI: State Bank of India has mandated bankruptcy specialist Alvarez & Marsal to act as interim resolution professional to reorganise Ruias-owned Essar Steel that defaulted on Rs 44,000 crore debt, said two people familiar with the development. The nation’s biggest lender has also hired Ernst & Young, Deloitte and PricewaterhouseCoopers to handle the insolvency proceedings…
The rules seemed clear. After anger at how EU taxpayers had to meet the cost of bank rescues during the financial crisis, any more failing lenders would have to be dealt with, as far as possible, by their own shareholders and creditors. But the 17bn of Italian government money committed at the weekend to deal…
With the Reserve Bank of India (RBI) asking banks to take defaulters through the insolvency process, the role of insolvency professionals has assumed importance and people are rushing to clear the qualifying examination. Sources said bankers last week met to decide on the appointment such professionals, considering the number of cases that…