Resolution professionals said they had submitted their suggestions on the issue to a government panel formed to address concerns around the IBC. Photo: Mint Mumbai: Resolution professionals (RPs) appointed to manage companies taken to the bankruptcy court have sought clarity on how to proceed when these companies refuse to cooperate with them, two RPs working…
The state-backed Royal Bank of Scotland has been accused of scuppering an 11th-hour deal to save Carillion. Keith Cochrane, the interim chief executive of Carillion, has claimed that the bank took unilateral action that in the companys view undermined the groups efforts to conserve cash. He made the claim in a witness statement submitted to…
MUMBAI: Employee buyouts or participatory managements are not commonplace in India, but the model could be explored for some companies hauled before insolvency courts, where affected staff-members at units without hopes of a revival have urged tribunals to liquidate the entities as ‘going concerns.’ “There is a growing tendency among employees and workers to save…
Handsome dividends paid to Sears Canada shareholders even as the company was faltering and its employee pension fund was running a deficit are being reviewed by the court-appointed monitor handling the companys insolvency. The monitor is carrying out a review of certain material transactions, according a new report on the insolvency by the monitor, FTI…
TUC boss calls on government to establish group to share knowledge on collapsed firm Unions are worried about the impact of the firms collapse on sub-contractors and Carillion staff. Photograph: Darren Staples/Reuters Trade unions have demanded that a taskforce be set up to help deal with the fallout from the Carillion collapse and accused ministers…
Those payments as well as several others stretching back to 2005 were met with consternation by industry observers at the time Sears Canada gave up the ghost this year after more than a decade of pundits calling for its demise. Leah Hennel/Postmedia TORONTO Sears Canadas bankruptcy monitor is investigating more than a half billion dollars…
Ukraine’s central bank says an investigation into the country’s largest lender, PrivatBank, shows that it had been “subjected to a large-scale and coordinated fraud” over at least a decade. The fraud resulted in the bank, which was taken into state control in 2016, suffering a loss of at least $5.5 billion, the central bank said…
Gujarat NRE Coke is one of the companies affected by the recent ordinance which bars promoters from bidding for stressed assets unless they repay the interest and principal amount. Mumbai: The chairman and managing director of Kolkata-based Gujarat NRE Coke Ltd, Arun Kumar Jagatramka, has criticised bankers and regulators for allowing viable companies to go…
2.38am AEDT02:38 ITVs Joel Hills has more details of the Carillion witness statement, and its very bad news for creditors: Joel Hills (@ITVJoel) Witness statement filed at High Court by Carillion CEO is doing the rounds. Its fascinating. Reveals that expected recovery for creditors in liquidation is 0.8p – 6.6p in the £. Ouch. January…
(Adds Kolomoisky comment, quote from central bank deputy governor, background) By Natalia Zinets KIEV, Jan 16 (Reuters) – Ukraines central bank said on Tuesday an investigation into the countrys largest lender, PrivatBank, which was taken into state control in 2016, showed it had been used for money-laundering and shady deals over the course of at…