Of the 40 largest NPA accounts sent to various National Company Law Tribunals (NCLTs) since last July, which together constitute around 40 percent of over Rs 11 trillion worth of bad loans, only seven had been resolved so far, where the banks took an average haircut of over 60 percent since some accounts such as…
KATIE Price and Mel B are apparently teetering on the brink of bankruptcy but theyre not the only super-rich celebs who have faced financial problems. The Sun has taken a look at some of the ones who went broke and a couple who came very close. Toni Braxton Was worth: $13 million How she blew…
The main contractor of M+, the West Kowloon Cultural Districts contemporary art museum, was fired by the government-appointed management authority on Friday due to alleged insolvency. In a press statement, the West Kowloon Cultural District Authority (WKCDA) said it has terminated its contract with Hsin Chong Construction Company Limited over the troubled project. Hsin Chong was…
Alex Ralph The focus on pre-packs increased after Sports Direct acquired House of Fraser but avoided taking on liabilitiesCLIVE GEE/PA The government is facing pressure to bolster the rules around pre-pack administrations after figures showed that a voluntary scheme was being shunned. Only 11 per cent of eligible cases were referred to the Pre Pack…
We’ve previously covered the messy demise of Cafe Brass, the swanky restaurant in Melbourne’s inner-city that failed after only a few months, after its wealthy backers including billionaire investor Alex Waislitz, real estate classifieds wizard Antony Catalano, high street jeweller Marcus Rose and KPMG wheeler-and-dealer Jon Adgemis pulled the pin on the venture, which had…
Liquidator Steven Kugel of Insolvency Experts confirmed he was dealing with more than 1300 creditors, including one secured creditor and 15 employees, and around 500 debtors. The role of the liquidator was to act for the benefit of all creditors including employees, secured and unsecured creditors, he said. “In that regard, as liquidator, I will firstly…
Liquidator Steven Kugel of Insolvency Experts confirmed he was dealing with more than 1300 creditors, including one secured creditor and 15 employees, and around 500 debtors. The role of the liquidator was to act for the benefit of all creditors including employees, secured and unsecured creditors, he said. “In that regard, as liquidator, I will firstly…
Mumbai: The government plans to come up with a separate legislation for registered valuers who can help arrive at better valuation of bankrupt companies under the insolvency process, Corporate Affairs Secretary Injeti Srinivas said on Saturday. Of the 40 largest NPA accounts sent to various National Company Law Tribunals (NCLTs) since last July, which together…
IN a sliding doors moment, Nathan Tinklers former right-hand man, Troy Palmer, has been declared bankrupt with debts of more than $21 million, just as word emerges that his former one-time billionaire boss has had his personal bankruptcy annulled. The Herald can reveal that retail giant Gerry Harvey has bailed Mr Tinkler out for a second time, loaning…
IN a sliding doors moment, Nathan Tinklers former right-hand man, Troy Palmer, has been declared bankrupt with debts of more than $21 million, just as word emerges that his former one-time billionaire boss has had his personal bankruptcy annulled. The Herald can reveal that retail giant Gerry Harvey has bailed Mr Tinkler out for a second time, loaning…