By: PTI | New Delhi | Published:May 22, 2016 2:36 pm Photo for representational purpose Lenders, shareholders and even employees can seek attachment of all immovable assets, including those abroad, given as guarantee for loans by the promoters of a company going belly up to recover their dues under the new bankruptcy law. The Insolvency…
Lenders, shareholders and even employees can seek attachment of all immovable assets, including those abroad, given as guarantee for loans by the promoters of a company going belly up to recover their dues under the new bankruptcy law. The Insolvency and Bankruptcy Code approved by Parliament earlier this month empowers employees, creditors and…
The retail bond space has just become exciting with the launch of two new frameworks last Thursday. Small investors can look forward to a wider range of retail bonds over time, up from the current 11. Under the new rules, firms that issue bonds can do away with the need to issue a prospectus –…
Tony Hetherington is Financial Mail on Sunday’s ace investigator, fighting readers corners, revealing the truth that lies behind closed doors and winning victories for those who have been left out-of-pocket. Find out how to contact him below. Mrs K.L. writes: My brother, who is 84 years old, has just received a letter saying he has…
On May 6, the U.S. Department of the Treasury (Treasury) denied Central States Pension Funds rescue plan application under the Multiemployer Pension Reform Act of 2014 (MPRA). The Trustees have met with the Funds actuaries and legal advisors to carefully consider the most appropriate next steps. Based on those discussions, it was concluded that…
A life in rugby league: Phil Gould. Photo: Jacky Ghossein
A proposal to reduce the default bankruptcy period from three years to one year has drawn fire from the Personal Insolvency Professionals Association, which says such a move would “incentivise” bankruptcy. Earlier this month the Government issued a consultation paper, saying that current insolvency law puts too much emphasis on penalising and stigmatising failure, and…
A round-up of some this week’s appointments, promotions, board moves and resignations Grant Thornton Grant Thornton has appointed James Cruttenden as partner. He joins Grant Thornton’s Actuarial and Risk team. Cruttenden has over 20 years’ experience specialising in life actuarial work and is a fellow of the Institute and Faculty of Actuaries. EY Andy…
May 19, 2016 4:30 p.m. ET The pension fund representing hundreds of thousands of truck drivers and warehouse workers wont make a second bid at overhauling one of the nations largest multiemployer retirement plans, according to the groups executive director, following a Treasury Department rejection of its original turnaround plan. The decision by the Teamsters Central…
Alberta Chief Justice Neil Wittmann has ruled to put lenders ahead of clean-up costs when energy companies go bankrupt. The Redwater Energy case is one that the energy sector, international investors, bankers, lawyers and regulators were all watching closely. Redwater was a tiny oil and gas company that went into insolvency in the spring of 2015. It owned a stake in 16 producing oil and…