Zurich-based ATC communications business Schmid Telecom AG has been declared bankrupt after the administrator appointed as part of ongoing insolvency proceedings suspected its owner Peter Schmid of siphoning off money meant for the ailing business creditors. In a judgement dated 27 September issued by the Zurich District Court, administrator Rolf Schuler detailed a catalogue of…
HYDERABAD: The Institute of Company Secretaries of India (ICSI) has stepped up efforts to train and produce insolvency practitioners citing that the sector has huge need of professionals.ICSI has set up Insolvency Professional Agency to train insolvency professionals as there is huge need for professional in this sector and there is also huge growth potential.…
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THE INSOLVENCY Service has managed to secure fifty six debt release orders (DRO) for debtors who were unable to repay dues of up to twenty five thousand Euro, as a result of the economic crisis. So far 1,019 applications have been submitted from citizens who request a debt write-off, head of the Insolvency Service Costas…
Watpac claims it is owed $3.2 million for mining services work carried out, at the request of KordaMentha, at Pluton Resource’s Cockatoo Island. Brendon Thorne Property developer and mining contractor Watpac has lashed insolvency firm KordaMentha after launching legal action against three of its partners as it seeks $3.2 million for work on an iron…
Insolvency firm McGrathNicol has released its report on the financial state of troubled law firm Slater Gordon concluding that a restructure may be required subject to additional forward projections. The report comes as original lenders to the company have offloaded their loans to distressed debt funds and investment banks, amid a growing perception that a “debt-for-equity”…
An Armenian court last week declared the state-owned Nairit synthetic rubber plant bankrupt in response to a request by the national power utility Electricity Networks of Armenia, which is owed some 1.24 billion drams ($2.6 million) in unpaid electricity bills by Nairit’s management. The ruling on the shuttered Yerevan plant, a former economic flagship seen…
The tribunal in the canton of Neuchatel said in a statement that Bulat Chagaev had been found guilty of criminal mismanagement, embezzlement, attempted fraud and falsification of documents. Eighteen months of the sentence was suspended for a period of two years, the court said. Chagaev had denied wrongdoing. Chagaev took over the…
The Independents4Change TD has hired a personal insolvency practitioner to write to AIB to see if the family home can be kept. He is also in the process of drafting a statement of affairs, which will be given to the court later this month. Mr Wallace is expected to fight efforts by vulture fund Cerberus…
The High Court has heard that Mick Wallace is trying to save his family home as part of proceedings to have him declared a bankrupt. Lawyers for the Independent TD have also revealed that he is looking at possible alternatives to bankruptcy. Promontoria Limited is an Irish subsidiary of Cerberus, which came to public attention…