Azalina described the bill as a reform to provide for a fairer system for social guarantors. Picture by Choo Choy MayKUALA LUMPUR, March 29 The Bankruptcy (Amendment) Bill 2016, which among others, protects social guarantors from being declared bankrupt, was passed by Parliament today. Minister in the Prime Ministers Department Datuk Seri Azalina Othman Said…
MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI), the newly-established regulator to reorganise insolvency laws in the country, is working on guidelines for individuals who want to declare bankruptcy and will also allow voluntary liquidation by companies, chairperson Madhusudan Sahoo said in an exclusive interaction with ET. The IBBI is the nodal agency for…
Insolvency application: Arun Jagatramka said the future still looks bright for Gujarat NRE Coke. Indian mining mogul Arun Jagatramka, who left Wollongong after his company spluttered and was taken over, has filed for insolvency protection in his homeland. Gujarat NRE Coke, former parent company of what is now Wollongong Coal, has applied for insolvency resolution,…
Pacific Andes intends to continue its restructuring process. Two subsidiaries of Pacific Andes request to be declared bankrupt HONG KONG Wednesday, March 29, 2017, 02:50 (GMT + 9) As part of its restructuring process, Pacific Andes International Holdings (PAIH) announced that two indirect subsidiaries, Golden Target Pacific Limited and Nouvelle Foods International Limited, have filed…
28 Mar 2017 Idempapers has more time to restructure its business and find a buyer. The commercial court of Nivelles extended the restructuring period for the specialty paper maker until 8 May. Belgian specialty paper manufacturer Idempapers is to remain under court-supervised restructuring. The company told EUWID that it applied on 27 March for…
By Helena Soderpalm and Olof Swahnberg | STOCKHOLM An attempt by Ericsson’s (ERICb.ST) new chief executive to lay out his strategy for the Swedish telecoms equipment maker backfired on Tuesday when it exposed problems related to some of its main contracts. Chief Executive Borje Ekholm, who took charge only in January, announced up to $1.7…
Share this: Bulgarias Litex Motors, the owner and operator of the sole car assembly plant in the country, has filed for bankruptcy last month, reports in Bulgarian media said on March 28. Founded in 2008, the company struck an agreement to assemble cars from kits provided by Chinas Great Wall Motors. The plant near Lovech…
Bulgarian supermarket chain Piccadilly has been declared insolvent and a court has appointed a temporary receiver to the business. The company owes around BGN 86 million (42.9 million) of debt towards the State, banks and suppliers, reports local weekly Capital. A general meeting of creditors has been convened for April. In 2013, Piccadilly operatd 40…
New laws will encourage “honest” directors to take reasonable risks so companies can trade their way out of financial difficulty, as part of a push to make Australia more entrepreneurial. Legislation introduced to federal Parliament on Tuesday will afford directors legal protection from insolvency breaches while they are undertaking a restructure. Under the “safe harbour” provision, directors…
The federal government has introduced draft insolvency reforms designed to offer more protection for company directors and make it easier to restructure faltering businesses. The draft legislation creates a safe harbour from personal liability for company directors and institutes a stay on ipso facto clauses during a formal insolvency process. Revenue and Financial Services Minister…