Resolution plans under the Insolvency and Bankruptcy Code (IBC) are likely to get easier approvals from creditors committees, with a government panel agreeing to recommend only 60 per cent of their members needed to pass these. At present, the requirement is 75 per cent votes. In a meeting on Monday, the panel,…
The insolvency proceedings for Bhushan Power & Steel and Jyoti Structures might be hit as their resolution professionals have quit audit firm BDO India and joined rival Price Waterhouse. BDO India has filed a petition in the Bombay High Court against two of its partners, Mahendar Khandelwal (Bhushan Power & Steel) and Vandana Garg…
MUMBAI: Old habits die hard and Indian promoters and companies are proving just that when it comes to bankrupt firms and those bidding for them. They are pursuing legal options that may end up delaying or even disrupting the insolvency resolution process. While bankrupt companies such as Videocon Industries and BILT Graphic Paper are using…
MUMBAI: Homebuyers could be treated on a par with unsecured financial creditors at insolvency proceedings for real estate companies. If adopted, the move will cheer those who have acquired residences from companies such as Jaypee Inftratech, Unitech and Amrapali and find themselves at the back of the queue when it comes to seeking recompense. This…
End user IT training provider TP3 Group has been liquidated after 30 years in business, with all staff losing their jobs though many have since been hired by a competitor. TP3 Group, which offered Microsoft and Adobe courses, was wound up by the Australian Taxation Office in December. A report from court-appointed liquidator Nicols &…
Company directors are dodging measures designed to stop abuse of the insolvency system so that they can avoid paying their creditors, new research suggests. Experts have expressed concern about the number of phoenix companies, which are created by directors after a firm is put into whats known as a pre-pack administration. In a pre-pack, a…
Bloomberg reported on Thursday that Toys ‘R’ Us is making preparations for a liquidation of its bankrupt US operations. The company has struggled to find a buyer or reach a debt-restructuring deal with lenders, leaving it with few options. It has insisted its Australian operations will not be affected by the insolvency. Claire’s Stores, another…
Bloomberg reported on Thursday that Toys “R” Us is making preparations for a liquidation of its bankrupt U.S. operations. The company has struggled to find a buyer or reach a debt-restructuring deal with lenders, leaving it with few options. It has insisted its Australian operations will not be affected by the insolvency. Claire’s Stores Inc.,…
By Rupert Rowling March 10, 2018, 7:01 PM EST British lawmakers released documents that show law firms and consultants got millions of pounds from Carillion Plc, a day before the failing companys chairman asked for an emergency government loan in a letter that one committee head called a ransom note. Carillions board requested 10 million…
Letter to the editor WITH 1190 SCHOOL SUSPENSIONS PER YEAR, IT IS BLEEDINGLY OBVIOUS THE SYSTEM NO LONGER WORKS IT WAS with a great degree of sadness and concern I read the headline story in The Gympie Times (Saturday, March 3) . YOUR SAY: Suspensions catch bullying victims in crossfire Sad for the lost opportunity…