Former Union law secretary T K Viswanathan was the key architect of the just-enacted Insolvency and Bankruptcy Code, as chairman of the Bankruptcy Law Reforms Committee which produced the report in this regard. An interaction on it with Sudipto Dey. Edited excerpts: Now that Parliament has cleared the Code, by when do you…
The U.S. Bankruptcy Court approved Shadow Tree Capital Managements emergency motion to convert Hydrocarb Energy Chapter 11 reorganization proceeding to a liquidation under Chapter 7. The order states, For the reasons stated on the record pursuant to Bankruptcy Rule 7052, these jointly administered cases are converted to chapter 7. As discussed on the record, a…
Fitch Ratings expects India’s new Insolvency and Bankruptcy Code to improve the environment for creditors over the medium to long term, although effective implementation will be key. The bill once it becomes law will replace the multiple laws applicable for insolvency and bankruptcy, and allow speedier and harder deadlines for resolving corporate insolvency, which should…
The administrators of Linc Energy say it is in the creditors’ interests that the company be placed into liquidation. In its report to creditors, PPB Advisory said Linc Energy owed more than $298 million. The report also found that charges brought by the Queensland Government resulted in a cash deficit because the company was…
By Benjamin Hulac, E&E reporter The coal mining company Alpha Natural Resources Inc. is moving to sell off chunks of its business and has provided limited details about its future operations, based on plans the company submitted in court papers, the Justice Department said. In an objection filed Tuesday, attorneys for the U.S. Trustee Program…
Make sure you get your shares right before making that VC transaction. (Image via Indianexpress.com/ C R Sasikumar) The number and type of shares a founder owns in a startup is a crucial point to think about in the context of venture capital transactions. Joint stock companies (JSC), which are the most common form of…
ROSEMONT, Ill.–(BUSINESS WIRE)–Comdisco Holding Company, Inc. (OTCQB: CDCO) and (OTCQB: CDCOR) (Comdisco) today reported financial results for its fiscal second quarter ended March 31, 2016. Comdisco emerged from Chapter 11 bankruptcy proceedings on August 12, 2002. Under Comdiscos First Amended Joint Plan of Reorganization (the Plan), Comdisco was charged with, and has been, liquidating its…
Last Modified: Thu, May 12 2016. 01 06 AM IST Rajya Sabha passes Insolvency and Bankruptcy Code 2016; implementation will be the key, say analysts The Rajya Sabha on Wednesday passed the Insolvency and Bankruptcy Code 2016, a vital reform that will make it much easier to do business in India. Once the President…
The College of Australian Training has gone into voluntary administration, leaving 450 hospitality, hairdressing and beauty students’ education uncertain. The organisation, which has 35 locations across Australia, has blamed recent Federal Government changes to TAFE funding for its downfall. Administrators hope to sell the business, and have been encouraged by the interest shown so…
Federal officials lambasted Alpha Natural Resources restructuring plan in court documents filed Tuesday, saying the Virginia-based firms proposal lacked sufficient details and was more akin to a liquidation. The objections of the U.S. Trustee present a hurdle in Alphas attempts to emerge from Chapter 11 protection. They come in advance of a hearing next week…