Defaulting promoters, wilful or otherwise, are known to hide behind the shield that the law provides, treating a company as a separate legal entity, distinct from its promoters, other shareholders, and directors. Following the doctrine of limited liability, the law recognises that the liability of the shareholders of a company is limited…
Asia Bio-Chem Group Corp. Announces Insolvency Canada NewsWire TORONTO, March 11, 2016 TORONTO, March 11, 2016 /CNW/ – Asia Bio-Chem Group Corp. (CSE: ABC) (“Asia Bio-Chem” or the “Company”) announces today that, due to the continued high cost of corn in China and the economic downturn experienced over the past three years the Company has become…
Debt-laden engineer Abengoa said on Thursday it had agreed a draft rescue plan with creditors to cut debt and inject fresh cash, in the latest attempt to avoid what could be Spain’s biggest bankruptcy. Loss-making Abengoa, which started out 70 years ago as an engineering business in Seville and expanded into clean energy by taking…
The Nov. 30 shutdown of Health Republic Insurance of New York, a nonprofit cooperative established in connection with the Affordable Care Act, left policyholders scrambling to find new coverage and health care providers short millions of dollars. And it spurred an investigation into its practices and calls for legislation to protect providers and consumers. On…
The headquarters of KTB in central Sofia. Photo by Christina Dimitrova Lawmakers have voted to approved changes to the Bank Insolvency Act on a first reading which also allow for the publication of a report by UK-based consultancy AlixPartners on insolvent Corporate Commercial Bank (Corpbank/KTB), local media have reported. Until now the text was only…
Eddie Hayson leaves the NSW Racing headquarters after giving evidence at the 2013 inquiry into the More Joyous affair. Photo: Kate Geraghty Tales of the kidnapping of big-time punter and former brothel owner Eddie Hayson reached fever pitch in January with the chronic gambler owing millions of dollars to a raft of characters including drug…
Texas Toll Road Failure Raises Question Of PPP ViabilityThe SH130 public private partnership toll road in Texas has filed for Chapter 11 bankruptcy protection. A toll road in Texas declared bankruptcy last week, raising concern about tolling’s long-term viability. The 41-mile State Highway 130 project was the Lone Star State’s first public private partnership tolling…
Protection granted last month to developer James Nugent of Maple 6 in Dublin in respect of a multimillion euro bank debt was removed at the High Court sitting in Cork yesterday. Danske Bank, which claims that Mr Nugent owes it 9.5m, applied to have the debtor adjudged bankrupt. Last month the Personal Insolvency Practitioner (PIP)…
Ive always wanted a cognitive bias named after me. There is probably already a name for this, but its hard to search for these things on Google. So lets take Japan, for example. Japan does quantitative easing. If it works, it is declared a success and they do more. If it doesnt work, it means…
The ethically questionable practice of nominating industrialists with dubious reputation to Parliament haunted Rajya Sabha on Thursday morning. As House proceedings started on 10 March, Naresh Agrawal of Samajwadi Party raised the issue of UB Group Chairman Vijay Mallya essentially “absconding” from law. Should he continue to be a Parliamentarian? According to Agrawal, the issue…