China Railway Construction Group’s Brisbane debut derailed – The Australian Financial Review

Liquidation

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…

Cabinet approves changes to banking code that may block promoters from insolvency bids – Economic Times

Liquidation

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…

IBBI Amends Regulations Governing Corporate Insolvency Resolution Process – Live Law

Liquidation

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…

Huishan Dairy set for provisional liquidation, Companies & Markets … – The Straits Times

Liquidation

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…

IRP nod must for recovering money from defaulter’s bank a/c: NCLAT – Economic Times

Liquidation

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…

China’s dairy in the debt coalmine – The Australian Financial Review

Liquidation

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…