Under the bankruptcy bill, a debtor could be jailed for five years for concealing property or defrauding creditors. (File Photo) New Delhi: The Rajya Sabha passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover nearly 8 lakh crore in troubled…
NEW DELHI The Rajya Sabha passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover over $120 billion in troubled loans. Prime Minister Narendra Modi, who completes two years in office this month, had promised to introduce the code to address…
Parliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. (Reuters) Parliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. Insolvency is a situation where an individual or a company is unable to repay their outstanding debt.…
May 11 India’s upper house of parliament passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover over $120 billion in troubled loans. Prime Minister Narendra Modi, who completes two years in office this month, had promised to introduce the code…
The law firm of an attorney serving as insolvency administrator to German Pellets GmbH has released a statement noting three of the companys pellet plants in Germany have been sold, with negotiations ongoing in the sale of a fourth. According to the statement, a district court in Schwerin, Germany, opened the insolvency proceedings over the…
A court declared Czech hard coal miner OKD bankrupt on May 9. The move leaves creditors two months to file claims, with a meeting set for August 10. Meanwhile, the future of the companys 13,000 or so employees rests with the state, with the court saying OKD could be broken up or restructured. New World…
Fashion designer to the stars, Johanna Johnson, is struggling to sweep staff salary issues that led her enterprise into liquidation under the red carpet (Source: A Current Affair) Embattled fashion designer Johanna Johnson has registered a new company despite her old business being in liquidation and her employees claiming theyre owed tens of thousands of…
Written by Khushboo Narayan | Published:May 10, 2016 12:48 am Being bankrupt is a state of inability to repay debts to creditors. (Illustration by: C R Sasikumar) Lok Sabha last week passed The Insolvency and Bankruptcy Code, 2015, a law aimed at speedy winding up of insolvent companies, lowering NPAs, and redeploying capital productively. KHUSHBOO…
A convicted murderer has been declared bankrupt after being sued for damages by his victims family. William Kean is serving a life sentence after being found guilty of killing 80-year-old Jenny Methven in February 2012. Kean was declared bankrupt at Perth Sheriff Court after withdrawing his defence against the claim for compensation by Mrs Methvens…
R3 proposals for a new moratorium for insolvent companies has clear benefits for distressed companies and their directors but its creditor appeal will depend on the details Under R3’s proposals, published in April, a company could file for three weeks of protection from its creditors – which could be extended to six weeks…