Photo: iStock Photo: iStock The height of a global pandemic may not seem like a particularly propitious time to roll out a transformative piece of corporate legislation, but in June 2020 the UKs Corporate Insolvency and Governance Act (CIGA) came into force. The Insolvency Service described it as the most significant change to the UKs…
The second lender claim from Westpac, Chinas Bank of Communications and Spains Banco Bilbao Vizcaya Argentaria alleges both insolvent trading and material adverse effect (MAE) against remaining Arrium treasury employees Ms Sparkes and Mr Bakewell. Marcus Pesman, SC, who represented the Arrium directors in the liquidator action as well as Mr Bakewell across all three…
State-owned NBCC and Suraksha group, which are in the race to acquire debt-laden Jaypee Infratech Ltd (JIL), will submit their revised bids by Tuesday. According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency…
A controversial Sydney property developer who was the first to fall foul of NSWs laws to stamp out illegal sunset clawbacks has gone bust leaving the buyers of its latest apartments, already three years behind schedule, devastated in its wake. Developer-builder Parker Logans apartment complex The Acre, that it began building in blue-chip Bellevue Hills…
State-owned NBCC and Suraksha group, which are in the race to acquire debt-laden Jaypee Infratech Ltd (JIL), will submit their revised bids by Tuesday. According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency…
Analysis of ASIC and ABN Lookup data reveals the full list of companies to close down in your area over the past year, updated hourly throughout the day. THERE has been one company liquidation notice in the Yarra Ranges Local Government Area today and 12 for the past year. News Corp analysis of ASIC Insolvency…
NEW DELHI: The Reserve Bank of India (RBI) has shot down suggestions of a fresh suspension of the Insolvency & Bankruptcy Code (IBC) due to the second wave of Covid-19, while making it clear that banks can still restructure distressed but viable loans, ensuring that their balance sheets remain transparent.During initial discussions with the government,…
The Biden administration recently revealed its report on how to conserve 30 percent of lands and waters in the United States by 2030. Rebranded as the America the Beautiful campaign, the report lays out eight principles that will guide the national 30 by 30 effort. Although the report lacks clear details on implementation, the importance…
Former promoters of defaulting companies that are under the insolvency process can hope to take back control of their companies if the debt resolution process fails to find new owners. The recent decision by consortium of lenders led by IDBI Bank to allow C Sivasankaran to take ownership of his company by paying an amount…
By Reuters Staff 2 Min Read SYDNEY, May 6 (Reuters) – Qantas Airways Ltd said on Thursday it would keep its corporate headquarters in Sydney and low-cost arm Jetstar would retain its head office in Melbourne after reviewing its property portfolio in an effort to cut costs during the pandemic. It will make some smaller…