A major Telstra and Foxtel contractor has gone into voluntary administration, while facing a $400 million class action from Shine Lawyers. The class action against Tandem Corporation, formerly known as Infrastructure Services Group Management (ISGM), filed in November, 2018, was the largest employment-related class action in the country. The case was due to go to…
Seeking to enhance transparency in the insolvency process, the Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations. The IBBI said in a release on Wednesday that the amendments were aimed at enhancing the discipline, transparency, and accountability in corporate insolvency…
Lenders to Venugopal Dhoot-founded Videocon Group will eventually take 50-55 per cent haircut and not 95 per cent as is being reported after considering about Rs 15,000 crore expected from the sale of the group’s overseas oil and gas assets, its former CFO Rajneesh Gupta claimed. Videocon Industries Ltd, which is comprised of its consumer…
SINGAPORE — Troubled water treatment company Hyflux will finally go into liquidation now that a court has approved an application for winding up the company, marking the end to a charismatic founder’s once high-flying startup. “I am grateful for all the assistance rendered by all parties,” Justice Aedit Abdullah said on Wednesday during the Singapore…
CORPORATE insolvencies rose by almost a fifth last month to one of the highest figures seen since the start of the pandemic. A representativeof the insolvency industry in Dorset and Hampshire says the delay in lifting the final lockdown restrictions may have contributed to the rise. Statistics for June showed corporate insolvencies in England and…
Photo courtesy of Luby’s Cafe Shareholders of cafeteria operator Lubys Inc. will receive nearly 4% more from the companys liquidation than had been previously projected, a per-share bump of 15 cents, according to management. In a securities filing, the company attributed the sweetened forecast to a combination of higher-than-expected proceeds from recent sales and improved…
The 49-year-old Mr Papas, also known as Basile Papadimitriou, is named as a respondent along with Forum Finance and Forum Enviro in civil court claims relating to alleging schemes to defraud Westpac, French bank Socit Gnrale, and Sumitomo Mitsui Banking of Japan by presenting false invoices and documents for financing. The director has placed Iugis…
The Insolvency and Bankruptcy Code (IBC) is broke. It must be fixed, both to increase recovery and to redeploy the assets locked up in failed firms. While 4,540 insolvency cases have been admitted for Corporate Insolvency Resolution Process (Cirp), significant recovery has materialised only in a handful of cases, such as Essar Steel and Bhushan…
Chapter 11 bankruptcy protection is supposed to allow companies to shed debt and get a fresh start. Ideally, creditors recover most of what theyre owed as the restructured firm begins turning a profit. Yet, more companies are liquidated than rebuilt, giving up the second chance at success that the law aims to encourage. In the…
Despite becoming collateral damage in an alleged $400 million dollar fraud scandal, Autonomous Energy (AE) says it remains a viable business and is looking to emerge as smoothly as possible from a period of voluntary administration. In March this year AE was acquired by iuigis, one of several companies operated by Bill Papas, who is…