Larisa Markus was president and founder of Vneshprombank, one of Russias largest banks, which was declared insolvent in 2016. In May 2017 she was convicted, in Russia, of embezzling $2 billion from the bank. In 2019 Rozhkovappointed to preside over the liquidation of Markuss assetsas Markuss Foreign Representative brought a Chapter 15 proceeding to locate…
Following the UK Supreme Court decision in Sequana1 at the end of 2022, the New Zealand Supreme Court has now weighed in on the issue of the duties owed by directors of a company in the zone of insolvency in a long-running case involving the liquidation estate of Mainzeal Property and Construction Limited.2 As directors around…
Which passenger airlines have gone bankrupt this year so far? We look at what went wrong, the remaining fleet and years in operation. Aeromar ATR 42 Aeromar: ( Mexico, 1987-2023) When Aeromar declared bankruptcy they stated it had not been able to recover from financial difficulties stemming from the global downturn in travel caused by the…
Several men and women across Cornwall are currently banned from running a company. The list includes bosses from construction companies, food businesses, electrical contractors, carbon traders, cleaning companies. Most of them are banned from running a business or being a company director for between four and six years. The majority of those below were involved…
Reuters. ATO has its eye on company directors Company directors beware … the Australian Tax Office (ATO) is coming for you. To recover debt, the ATO has turned its focus toward company directors using the ATO as a low-interest loan facility, with its sights set on billions of dollars accrued during the COVID pandemic. Deputy…
Company directors beware … the Australian Tax Office (ATO) is coming for you. To recover debt, the ATO has turned its focus toward company directors using the ATO as a low-interest loan facility, with its sights set on billions of dollars accrued during the COVID pandemic. Deputy commissioner of the Australian Taxation Office (ATO) for lodge and…
The National Company Law Appellate Tribunal has dismissed an operational creditor’s petition to initiate insolvency proceedings against Wipro Ltd. A two-member Chennai bench of the appellate tribunal held earlier that there was a pre-existing dispute over the payment between Wipro and the petitioner and observed that the Insolvency and Bankruptcy Code was not framed for…
The number of applications for insolvency and restructuring of companies has reduced in the first half of the year, pointing to reduced financial hardship by firms in an improved economy. Kenyas economy in the three months to March reversed seven straight back-to-back quarterly growth declines to post a 5.3 per cent gross domestic product growth…
The Association for Business Restructuring & Turnaround launches this week with the goal of accrediting specialists in company turnaround and setting professional standards. ABRT founder Eddie Griffith said the body would aim to address problems identified by the parliamentary insolvency inquiry and had sprung out of conversations between like-minded specialists. We came up with the…
Sep 2, 2023 Attorney-General Mark Dreyfus says bankruptcy laws should serve debtors, while protecting creditors. -AAP Image The time allowed for a debtor to respond to a bankruptcy notice could be raised under reforms being considered by the federal government. Attorney-General Mark Dreyfus is seeking to overhaul the Bankruptcy Act, releasing a discussion paper outlining…