Dr Evan Jones summarises the issues confronting the Hayne Royal Commission, which he has been investigating for over 30 years. [Read Part One: The Clayton’s Banking Royal Commission] OVER THE LAST 30 YEARS (since comprehensive financial deregulation), the scale of public exchange regarding complaints about banks, bank opposition to reform, and the combination of official formal concern…
The liquidation hearing of Markus Jooste-owned Mayfair Speculators was postponed to next year, after Judge Siraj Desai ruled that the matter needs a full hearing, as it has far-reaching implications. Court papers suggest that Mayfair Speculators owe three banks more than R1.2 billion. Absa claims R226 million, whilst Investec and Sanlam are owed R250 million…
JOHANNESBURG – Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Joostes Mayfair Speculators, the company that, until this week owned South Africas best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. READ: Steinhoff shares plunge 60% after CEO…
The Reserve Bank of India has advised banks to file for insolvency proceedings on their own rather than waiting for its instructions. The regulator has said that prompt action by lenders will help realise best value of these stressed assets. The RBI in its report on trends and progress in the banking industry has also…
JOHANNESBURG – Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Joostes Mayfair Speculators, the company that, until this week owned South Africas best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. READ: Steinhoff shares plunge 60% after CEO…
With effect from 15 December 2017 Metalyst Forgings announced that the application filed by State Bank of India under section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC 2016’) read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 before National Company Law Tribunal, Mumbai has been admitted by…
Troubled online sport apparel retailer Surfstitch, which slipped into voluntary administration four months ago, no longer has a chief executive. The retailer’s administrators from FTI Consulting have announced that Mike Sonand will cease his role CEO as of Friday and will not be replaced at this time. Mr Sonand will continue as a director of…
BRADEN FASTIER/STUFF Chain Rigging and Scaffolding have closed their doors nd gone into liquidation on December 19. (file photo) A Taranaki scaffolding company has been put into liquidation by the Inland Revenue Department. Chain Rigging and Scaffolding Limited, a division of the Chain Group, was placed in liquidation on December 19 by the Commissioner of the…
A bankruptcy case involving JEKPL Pvt Ltd has been resolved, becoming the first to close after the government recently barred promoters from bidding for their companies. Private equity firm Atyant Capital, which had earlier invested in Balaji Telefilms, will buy out the company. The resolution plan is for a full takeover of the existing shareholding…
DURBAN – Absa Bank has applied for the liquidation of Mayfair Speculators, a company belonging to former Steinhoff CEO, Markus Jooste. The company, until this week, owned South Africa’s best racehorse and hundreds of other racehorses as well as a property portfolio and a portion of Steinhoff shares. Racing is Jooste’s passion and he was…