One of the companies owned by high-flying Durban businesswoman Shauwn Mpisane is facing liquidation over a multimillion-rand tax bill. “Interested parties” have been given until next week to state why Mpisane’s Zikhulise Cleaning, Maintenance and Transport should not be placed under final liquidation. The Pretoria High Court placed the company under provisional liquidation last month…
The Murdoch family-controlled 21st Century Fox has intervened in a Supreme Court battle for control of Network Ten as America’s CBS seeks to buy the failed free-to-air network. Billionaire Network Ten backer Bruce Gordon is seeking a court declaration that Ten’s administrators failed to give creditors adequate information about a joint bid by his company…
Andrew Bell, SC, for Mr Gordon’s Birketu and Ten’s regional affiliate, WIN Corporation – which is majority owned by Mr Gordon – rejected claims Birketu was a “disappointed underbidder”. Birketu was a “disappointed overbidder” and the administrators should put its proposal to creditors for a vote, Dr Bell told the court on Tuesday. He said…
Expert panel plans to exempt low-level defaulters from constituting a committee of creditors Veena Mani | New Delhi Last Updated at September 11, 2017 20:34 IST … Read the full article at: http://www.business-standard.com/article/economy-policy/govt-draws-up-rules-for-individual-bankruptcy-117091101338_1.html
The Supreme Court on Monday directed holding companies of Jaypee Infratech to deposit Rs 2,000 crore by October 27, in the latest development in an ongoing suit where homebuyers have challenged the companys move to declare itself bankrupt. Last week, the apex court had stayed insolvency proceedings against Jaypee Infratech. More than 30,000 buyers of…
Moneycontrol News With the process of liquidating companies becoming easier under the Insolvency and Bankruptcy Code, 2016, it’s not only the stressed companies that are taking the winding-up route but also some solvent companies are filing for voluntary liquidation. These firms are financially-sound and are capable of settling their dues but want to shut shop for…
NEW DELHI: The Supreme Court on Monday re-initiated the insolvency resolution proceedings against Jaypee Infratech, while asking its parent company Jaiprakash Associates to deposit Rs 2,000 crore by October 27. Handing over the management of Jaypee Infratech back to the insolvency resolution professional (IRP), the apex court has asked the professional to submit an interim…
An Allahabad High court ruling involving troubled automaker LML has put the spotlight on the need for neat sequencing of recovery initiatives by lenders, with both banks and company managements often rushing to dedicated tribunals to start bankruptcy proceedings. The court barred parallel proceedings in the National Company Law Tribunal (NCLT) and the Debt Recovery…
The bid by Australian billionaires Lachlan Murdoch and Bruce Gordon for the Ten Network just didnt stack up against the offer from Americas CBS, according to administrators KordMentha. The American broadcast giant, a key content provider to Ten and one of its biggest creditors, is paying a minimum of $201.1 million for the Ten Network.…
MUMBAI: An Allahabad High court ruling involving troubled automaker LML has put the spotlight on the need for neat sequencing of recovery initiatives by lenders, with both banks and company managements often rushing to dedicated tribunals to start bankruptcy proceedings. The court barred parallel proceedings in the National Company Law Tribunal (NCLT) and the Debt…