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…
The Association is of the belief that an effective law on corporate insolvency would enable companies to fall on options to recuperate rather than closing the company, as is the common prescription under the countrys current laws. Jacob Saah, the Executive Secretary of GARIA Mr. Jacob Saah, the Executive Secretary of GARIA made the call…
A Queensland training college with four campuses has collapsed into voluntary administration. College of Australian Training called in external managers late last week, with Sam Kaso and Daniel Juratowitch from Cor Cordis appointed joint voluntary administrators. College of Australian Training has campuses in Townsville, Cairns, Maroochydore and the Gold Coast. The college offers nationally recognised…
In his Union Budget speech of 2014-15, the finance minister had announced the development of an effective bankruptcy code for easy exit. Following this announcement, the Viswanathan Committee was set up on August 22, 2014, to study the corporate bankruptcy legal framework in India. Commendably, within a short span of time, a comprehensive Insolvency and…