The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) was enacted to make special provisions for the timely detection of sick (and potentially sick) companies owning industrial undertakings. The Board for Industrial and Financial Reconstruction (BIFR) was formed under the SICA to determine the sickness of such industrial companies and to prescribe measures either for…
Assets collect risks around them in one form or another. Inventory is one risk, and accounts receivable is another risk. Michael Dell, founder and CEO of Dell Technologies. All businesses face the ongoing challenge of generating cash flows in excess of their borrowings. If a business is unable to pay its debts owed, it is…
An insolvency division has been added to the Supreme Court to deal with provisions of the Insolvency Act, Chief Justice Zaila McCalla announced last weekend. She made the announcement at a training session where members of the judiciary were sensitised on the new provisions of the Act, according to a release from the Court Management…
Supreme Court establishes new insolvency division Wednesday, February 22, 2017 | 12:09 PM KINGSTON, Jamaica Chief Justice, Zaila McCalla announced over the weekend the establishment of the Insolvency Division of the Suprem… Read the full article at: http://www.jamaicaobserver.com/news/Supreme-Court-establishes-new-insolvency-division
New Delhi, Feb 22 (PTI) Former Deputy CAG Suman Saxena today took charge as whole time member of the Insolvency and Bankruptcy Board of India (IBBI). She would look after research and regulation wing apart from national insolvency programme, continuing professional programme as well as knowledge management and partnership, an official release said. The research…
Embattled milk broker National Dairy Products (NDP) has gone into liquidation after months of failed negotiations. NDP went into voluntary administration in November after farmer suppliers, owed tens of thousands of dollars, walked away from the company. Victorian dairy farmers are owed millions of dollars for milk supplied during 2016. But other creditors…
Perhaps my most famous constituent is Nick Kyrgios, Australia’s top-ranked male tennis player. But despite his extraordinary serve and blasting forehand, there is one aspect of Kyrgios’s game that I, along with other Australian sports fans, cannot condone. Not trying. Failing on purpose. Tanking. Around and around: phoenix activity is when a business’ owner switches…
20 February 2017 Emma Ryan comments An Australian law firm has announced it has nabbed a new principal and head of insolvency and reconstruction from MinterEllison. Brian Ward & Partners has welcomed Ian Walker (pictured) to the…
SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) today announced dividends on eleven series of preferred stock. A quarterly cash dividend of $20.00 per share was declared on its 8.00% non-cumulative perpetual class A preferred stock, Series J, liquidation preference $1,000 per share. This dividend equals $0.50 per depositary share, each representing a 1/40th interest…
Michael Lee at the Austinmer pools as the storm hit on Friday afternoon. More than two years after he folded his firm, the pool restoration job is not complete. Picture: Sylvia Liber Council designs for the Austinmer pool renovation were flawed and not realistically able to be completed, claims the contractor whose company went into liquidation on…