New Delhi, Nov 12: Forensic audits should be mandated on promoters bidding for stressed assets under an insolvency process, several legal experts have said. Only genuine promoters should be allowed to proceed for insolvency proceedings or bidding for Stressed Assets, they said. “The conducting of the forensic audit of the Corporate debtor is essential to…
THE company behind a trio of failed Perth restaurants is being pursued for more than $300,000 by a landlord and suppliers. Five summons have been issued against Element WA, which ran The Trustee, Beaufort Local and Enriques School for to Bullfighting. They include a summons for $221,322.07 issued by Benjamin and Co which owns the…
The New Delhi bench of the National Company Law Tribunal has started corporate insolvency resolution proceedings (CIRP) against Applied Electro Magnetic for not paying salary to an employee for a long time, the Times of India reported. This is possibly the first ever instance of NCLT giving such a ruling under the Insolvency and Bankruptcy Code…
The Court of Appeal has dismissed the application of representative creditors regarding the distribution of a surplus of LBIE’s estate and their entitlement to statutory interest for periods after the administration starting. This decision is the latest in the series of the Waterfall proceedings which relate to the administration of Lehman’s European business, LBIE. Upon…
This follows WWSA chief executive officer Peter Lombard refusing to answer questions about the alleged closure of the business after team leaders were informed that the company could be shutting down and liquidating its assets. TimesLIVE has established that team leaders were sent a text message on Wednesday informing them to no longer engage in…
The governments new and improved rules for insolvency resolution are not good enough and will pave the way for huge political embarrassment for the government. Neither the original rules nor the new ones preclude original promoters who ran their companies into bankruptcy repossessing their assets on the cheap, shorn of debt. This is a bad…
BOUNTY Mining Limited has raised $17 million to purchase Cook Colliery mine, with plans to resume operations by early next year. Bounty will settle the acquisitions, which also includes the Minyango Coal Project, for $31.5 million, with $6.7 million paid on completion and the balance deferred and paid over 18 months. The purchase includes all…
Ten’s history shows Australia’s third free-to-air network struggling against a backdrop of declining advertising revenue, increasing competition and leadership tussles. 1964 – Launched as ATV-0 and owned by the Ansett transport and media group 1979 – Rupert Murdoch gains a 50 per cent stake in Ansett, giving him control of channel 0 1980 – The…
Gadens has appointed James Roland as partner in Sydney. Roland returns to the national firm from TurksLegal, where he has been a partner since 2014. Before TurksLegal, he was a senior legal counsel at National Australia Bank, where he moved to after a brief stint as senior associate in Gadens in 2009. Roland, who has…
TORONTO, Nov. 8, 2017 /CNW/ – Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (NEX: RDI.H; JSE: RDI) provides a further update as to the developments with respect to its three subsidiaries in South Africa which were placed in provisional liquidation on September 12, 2017. These subsidiaries are Rockwell Resources RSA (Pty) Ltd (Rockwell RSA), HC…