Disenchanted by the long-drawn-out proceedings for insolvency resolution cases filed against large borrowers that have failed to repay loans, many banks are planning to approach the Insolvency and Bankruptcy Board of India (IBBI) for some succour. Nearly a year after the Reserve Bank of India recommended a dozen large bad loan accounts for resolution under…
New legislation expected to come into force from the government’s defined benefit (DB) white paper has the potential to increase company insolvencies and send their schemes into the pensions lifeboat, a lawyer has warned. The Department for Work & Pensions (DWP) published in March its 76-page defined benefit white paper, which besides creating new legislation to introduce a criminal offence to…
Administrators say it is in the interests of creditors for the company, which is linked to Alpha Insurance, to liquidate ahead of watershed meeting. CBL Corporation, the parent company of Ireland-based CBL Insurance Europe and CBL Insurance in New Zealand, should go into liquidation according to voluntary administrator KordaMentha. The administrators stated in a creditor…
Local building contractor Archiapps has entered into voluntary administration, less than two weeks after the Building Commission issued a warning to consumers about the company. Cameron Shaw and Richard Albarran of Hall Chadwick WA have been appointed as the administrators of the company. Earlier this month, Building Commissioner Ken Bowron raised concerns over the financial…
The Insolvency and Bankruptcy Code (IBC), 2016 no doubt is a path-breaking initiative in the whole reform process. Not surprisingly, it has triggered huge debate and one of the key grey areas that had emerged in a recent cases pertained to rights of the customers in an insolvency process. The Supreme Court had reportedly indicated…
Deloitte also criticised the M and A Group’s record keeping. “We note that we have been provided access to the company’s management accounting file maintained through [accounting software] Xero. “However, this file appears incomplete and unreconciled. “It is our preliminary opinion the books and records have not been maintained in accordance with Section 286 of…
JSW Steel today said the Competition Commission of India has approved the bid by a consortium led by it to acquire bankrupt Monnet Ispat and Energy Ltd (MIEL) in an insolvency auction. The committee of creditors (CoC) of Monnet Ispat and Energy, which is undergoing insolvency proceedings, had on April 12 approved the resolution plan…
Early Australian leader in tablet development, Mogeneration, has gone into liquidation, Mumbrella has learned. The company, which once counted ACP Magazines, The Australian, PwC and Mumbrella among its clients was founded in 2008 by former News Corporations employees Keith Ahern and Tom Adams. Mumbrellas Encore iPad app was one of Mogenerations products Ahern, who now…
MUMBAI: Come oh come ye tea-thirsty restless ones — the kettle boils, bubbles and sings, musically. Nobel laureate Rabindranath Tagore probably wrote the famous line on a tea farm his grandfather was instrumental in starting back in the 1830s. Little could Tagore have imagined that the farm would, about two centuries later, cause a Rs.…
Related Story: Gas company ‘knew it was causing damage but allowed it to continue’ A gas company has been convicted and fined a record $4.5 million for causing serious environmental harm at its underground coal gasification plant on Queensland’s western Darling Downs. Linc Energy was found guilty by a District Court…