The court appointed Vita Dika as the new insolvency administrator for the insolvent Latvian steel company KVV Liepajas Metalurgs, the Kurzeme Regional Court reported. Dika, a certified lawyer, is currently serving as an insolvency administrator of a number of other companies. As reported, the Kurzeme Regional Court on March 21 removed Guntars Koris as…
Deccan Chronicle Holdings has received an additional 87 days to wrap up its insolvency resolution process beyond the 270-day initial deadline, on account of litigation. The Hyderabad bench of the National Company Law Tribunal (NCLT) has extended the time for this till July 10. The Hyderabad Bench of the National Company Law Board, without…
SolarWorld was reported to have cited the expected expiry of EU tariffs on Chinese produced PV modules and the end to the MIP (Minimum Import Price) agreement this year as well as the general trend of continuous lowering of module average selling price (ASP) as reasons behind the start of insolvency proceedings. Image: SolarWorld German-based…
A former Managing Director of the GCB Bank, Mr Simon Dornoo, is to lead a team of experts from accounting and auditing firm, KPMG to revive and stabilise uniBank Ghana Limited. The revival is to help bring the bank, which was declared insolvent by the Bank of Ghana on March 20, back to…
By M Umarji A new section 29A has been inserted in the Insolvency and Bankruptcy Code, 2016 (IBC 2016 ) which specifies various categories of persons who are not eligible to submit the resolution plan for insolvent companies, which includes the debtor company itself and its guarantors. It is reported that government is reviewing the…
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Tuesday adjourned hearing of ArcelorMittal and Numetal’s petitions challenging ineligibility of their bids for Essar Steel till April 4. While Numetal had moved the NCLT on March 20, ArcelorMittal had done so on Monday, March 26 challenging the decision to declare their bids…
Sir Philip Green has escaped a ban from serving as a company director by the Insolvency Service over the deal to sell BHS for £1 in 2015, a year before the retailer collapsed. However, Dominic Chappell, who led the consortium that bought BHS, faces a lengthy boardroom ban after a government inquiry into the collapse…
A former Managing Director of the GCB Bank, Mr Simon Dornoo, is to lead a team of experts from accounting and auditing firm, KPMG to revive and stabilise uniBank Ghana Limited. The revival is to help bring the bank, which was declared insolvent by the Bank of Ghana on March 20, back to…
Indias Insolvency and Bankruptcy Code has been operational for more than a year but how does it stand up to critical analysis? Shardul S Shroff offers an assessment In May 2016, India enacted the Insolvency and Bankruptcy Code, 2016 as a major legal reform. The code is not fully effective. The sections of the code…
Company administration is a hotly discussed topic in the industry. Recent reports have suggested the number of corporations facing administration has increased over the years. With the news of Toys R Us and Maplin entering administration, the insolvency procedure has been under the spotlight. Similarly, New Look and, most recently, Carpetright have requested company voluntary…