Continuing its effort to facilitate investment and economic growth, amid opposition protests in Parliament, the Narendra Modi-led government on Monday introduced a bill to put in place an effective legal framework for time-bound resolution of corporate insolvency. Finance minister Arun Jaitley introduced the much-awaited Insolvency and Bankruptcy Code in Lok Sabha that will speed up…
Officials from the ministries of finance and corporate affairs today briefed a Parliamentary panel on the Insolvency and Bankruptcy Code, 2015, which seeks to provide an easy exit option for insolvent and sick firms. The briefing was given to the 30-member Joint Committee on the Insolvency and Bankruptcy Code, 2015. The panel is…
Secretary of the Treasury Jacob Lew will meet with Puerto Rican officials on Wednesday to address the island’s mounting debt crisis. Puerto Rico has defaulted twice on its payments and it suffers with a high public debt of $72 billion, and the secretary hopes that the U.S. Congress will act by March of this year.…
Stonewood Homes managing director and found Brent Mettrick says the closure of franchises in Marlborough and Hamilton is not indicative of a wider endemic. Stonewood Homes Marlborough has gone into liquidation, with debts of more than $1 million. The franchise of nationwide construction company Stonewood Homes went into liquidation last year, appointing Biz Rescue chartered…
Jan. 19, 2016 4:45 p.m. ET A year ago, when the worlds elite last met in Davos, Europe itself appeared to have survived a series of threats to its cohesion. The launch of the European Central Banks quantitative-easing program looked set to underpin a modest recovery. Banks had bulked up on capital. A newly installed…
Romanias Policyholder Guarantee Fund, which will compensate those who held outstanding insurance policies at the Romanian insurance company Astra Asigurari that went into bankruptcy last fall, aims to get RON 680 million (EUR 150 million) from the companys liquidation. The fund will thus become the insurers largest creditor. Astra has already started liquidation…
London-based coloured diamond investment company Heritage FA has been ordered into provisional liquidation following a petition presented by the Secretary of State for Business, Innovation & Skills to wind up the company on grounds of public interest. The petition was issued following confidential enquiries carried out by Company Investigations, part of the Insolvency Service,…
Hospitality and gaming venue The Bendigo Club entered voluntary administration on Wednesday. A DEBT of $800,000 to the state government for gaming machine entitlements has forced The Bendigo Club to enter voluntary administration. The Strathdale-based hospitality and gaming venue spent $2 million on entitlements for about 40 machines during the state government auction in 2010, but has…
The way we employ and are employed is drastically different from the way of previous generations and employment law has been forced to adapt. Lara Bullock reports. Gone are the days of getting a free tertiary education, landing a good job, and moving up the corporate ladder at the same company until retirement. Like many…
About two weeks after reports of it shutting down surfaced, HealthSpot, which offered telemedicine kiosks for workplace and retail locations, has filed for Chapter 7 bankruptcy liquidation, according to a report in Columbia Business First. There were some positive events in the operation of the business, but the company simply did not have enough cash flow…