NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has sought comments on contents of Request for Proposal (RFP) document for applicants to bid for business insolvency resolution process. RFP, here means an invitation for resolution plans from prospective resolution applicants who wish to bid for business of a corporate debtor going through Corporate…
Overview In May 2016 the UK government published its Review of the Corporate Insolvency Framework – A Consultation on options for reform. Brexit may have taken over the economic and political landscape, but in the meantime other nations are reforming their insolvency laws. This article asks the question if the UK does not, does it…
* CBL insurance is largest division of CBL Corp * Central banks in NZ, Ireland probing CBLs French unit * CBL shares in trading halt since Feb. 5 (Adds CBL statement) SYDNEY, Feb 23 (Reuters) – New Zealands High Court placed insurance firm CBL Insurance Ltd, the main subsidiary of CBL Corporation Ltd, in interim…
The administrator of collapsed snack business Johns Nuts says franchisees have been left in a very challenging condition after the company entered voluntary administration at the end of January. On January 30, Michael Caspaney of Menzies Advisory was appointed to the five companies that operate the Johns Nuts business, a kiosk-style snack food operator that…
New Delhi, Feb 21 (PTI) State-owned Allahabad Bank today said it has an exposure of Rs 516.79 crore to crisis-hit Rotomac group and the lender has made required provisioning for the same as per RBI norms. Responding to a clarification sought by exchanges on news article “Rotomac owner flee New Delhi, Feb 21 (PTI) State-owned…
Melbourne-based online technology retailer, Warehouse1, has been placed into liquidation. The company, which claims a physical retail outlet in Melbournes Docklands along with an online store, made a name for itself selling equipment from a number of vendors, including Acer, Dell, Apple, HP and Seagate, among others. Warehouse 1 sold tech items across a number…
Creditors of capsized Sydney analytics software vendor Veriluma have accepted a $660,000 acquisition proposal from wholesale investor Canary Capital. Canary was one of several potential suitors for Verilumas two entities, Veriluma Limited and Veriluma Software. Administrators had been sizing up their rival bids to recapitalise ASX-listed Veriluma, which fell over in late 2017 after ongoing cash-flow difficulties and millions…
MUMBAI: Four years after Jatin Mehta of Winsome Diamonds and Jewellery duped banks of Rs 7,000 crore, lenders have now initiated corporate insolvency process against the firm. The Ahmedabad NCLT gave a green light to initiate bankruptcy on 13th February and Sunit Shah has been named the interim resolution professional. Creditors have been asked to…
After six months of painstaking insolvency proceedings and due diligences, the beleaguered Essar Steel received just two bids last week, from ArcelorMittal and Numetal Mauritius. And now it looks as though the tug-of-war between steel king LN Mittal and the Ruias may end up seeing no winner because the legal and financial consultants advising the…
Meccano menswear is the latest retailer to face trouble, being placed in voluntary administration this morning. The menswear retailer has appointed KordaMentha partners Grant Graham and Neale Jackson as administrators. Jackson said all Meccano stores would remain open over this period while it looked for a buyer. “Having just been appointed, we are seeking urgent…