Administrators of embattled online retailer SurfStitch Group will kick off a formal sale process in the next week after receiving “multiple” approaches from potential buyers. FTI Consulting director John Park said the administrators would go to market towards the end of this week or early next week seeking interest in a recapitalisation of the SurfStitch Group and offers for its…
SAVED: Former Arrium Administrator Mark Mentha had to battle against the odds to rescue Arrium from its debt. With the sale of Liberty OneSteel, formerly Arrium, now complete, former Administrator Mark Mentha looks back on the long journey to this point. Introduction Arriums Whyalla operation had been under significant pressure for a sustained period before…
The NCLT bench heard the arguments raised by both the parties and reserved the order. The Chennai bench of National Company Law Tribunal (NCLT) on Tuesday reserved order on the insolvency case filed against the now-defunct homestay start-up Stayzilla by city-based Jigsaw Solutions. The NCLT bench heard the arguments raised by both the parties and…
NEW YORK, Sept. 12, 2017 /PRNewswire/ — Kobre & Kim, the premier law firm for global disputes and investigations, welcomes Daniel Saval to its cross-border insolvency litigation practice in New York. Mr. Saval represents clients in multijurisdictional insolvency and corporate restructuring disputes, and has particular experience in contentious proceedings involving funds in liquidation triggered by fraud…
On June 13, the Reserve Bank of India (RBI) came up with an advisory asking banks to file insolvency and bankruptcy proceedings for 12 loan accounts, in which banks had an exposure of more than Rs. 5,000 crore each. This constituted about 25% of the systems bad loans whose total is estimated at Rs. 7…
One of the companies owned by high-flying Durban businesswoman Shauwn Mpisane is facing liquidation over a multimillion-rand tax bill. “Interested parties” have been given until next week to state why Mpisane’s Zikhulise Cleaning, Maintenance and Transport should not be placed under final liquidation. The Pretoria High Court placed the company under provisional liquidation last month…
The Murdoch family-controlled 21st Century Fox has intervened in a Supreme Court battle for control of Network Ten as America’s CBS seeks to buy the failed free-to-air network. Billionaire Network Ten backer Bruce Gordon is seeking a court declaration that Ten’s administrators failed to give creditors adequate information about a joint bid by his company…
Andrew Bell, SC, for Mr Gordon’s Birketu and Ten’s regional affiliate, WIN Corporation – which is majority owned by Mr Gordon – rejected claims Birketu was a “disappointed underbidder”. Birketu was a “disappointed overbidder” and the administrators should put its proposal to creditors for a vote, Dr Bell told the court on Tuesday. He said…
Expert panel plans to exempt low-level defaulters from constituting a committee of creditors Veena Mani | New Delhi Last Updated at September 11, 2017 20:34 IST … Read the full article at: http://www.business-standard.com/article/economy-policy/govt-draws-up-rules-for-individual-bankruptcy-117091101338_1.html
The Supreme Court on Monday directed holding companies of Jaypee Infratech to deposit Rs 2,000 crore by October 27, in the latest development in an ongoing suit where homebuyers have challenged the companys move to declare itself bankrupt. Last week, the apex court had stayed insolvency proceedings against Jaypee Infratech. More than 30,000 buyers of…