The Cherry Orchard apartments in Port Erin – A new management company is being formed to run the Cherry Orchard complex as a block of flats. Residents were given the news last week, but owner Robert Gillings assured them they need not worry about the future. A disagreement over charges at the complex led to…
Chinese government-owned construction giant China Railway Construction Group’s first venture into Australia with local partner Brisbane-based construction company Rimfire Constructions has collapsed. The joint venture formed by the two parties, CRCG-Rimfire Pty Ltd which debuted in the Australian market exactly a year ago has been placed under voluntary administration. Grant Thornton is handling proceedings, with…
The Cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code (IBC) to prevent wilful defaulters from bidding for stressed assets, two TV channels reported citing unnamed sources. The IBC is one of Prime Minister Narendra Modi’s biggest reforms. Some owners are reported to be getting ready to stake a claim for these…
On 07 November 2017, the Insolvency and Bankruptcy Board of India (IBBI) amended: (A) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and (B) The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (Fast Track CIRP Regulations), issued…
SHANGHAI China Huishan Dairy Holdings, the Hong Kong-listed firm targeted by short sellers, including Muddy Waters Capital, is preparing for provisional liquidation in a move that could protect its assets as it negotiates with creditors. The firm had told its Cayman legal advisers to make the preparations, it said in a Hong Kong stock exchange…
Keypoint Law has appointed a new consulting principal in Melbourne as it moves offices in the city. Vaughan Hager has joined the firm from boutique firm Nick Stretch Legal, where he was partner for more than two years. Prior to that, he was a sole practitioner. Hes also served as a senior associate at Mills…
NEW DELHI: The NCLAT has said financial creditors cannot recover any amount from a defaulter’s bank account without the nod of the Interim Resolution Professional (IRP) during the corporate insolvency resolution process. Declining relief to the Indian Overseas Bank (IOB) against Amtek Auto‘s IRP Dinnkar T Venkatsubramaniam, the National Company Law Appellate Tribunal (NCLAT) said…
Will China Huishan Dairy’s lurch towards provisional liquidation trigger an exodus of foreign capital from the world’s second largest economy? Major Chinese and international banks are bracing themselves for a bruising battle after the debt-laden Huishan told the Hong Kong stock exchange last week that it had instructed its Cayman legal advisers to prepare documentation to place the…
Fraud detectives are investigating the visa-for-jobs scheme run by Sydney businessman Lubo Jack Raskovic, who is accused of leaving dozens of migrants tens of thousands of dollars out of pocket. The scheme, first revealed in a joint SBS-Fairfax investigation, offered hopeful migrants a regional job, as a pathway to a permanent-residency visa, in return for…