Houston-based offshore contractor McDermott has reached an agreement with its creditors and stakeholders on a restructuring plan that will push out debt maturities and deliver a new cash injection. The company has secured backing from most of its key creditors to extend repayment deadlines on its letter of credit facility and term loans to 2027. …
DetailsThe National Company Law Tribunal (NCLT), Kolkata comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Balraj Joshi (Technical Member) allowed an application filed in Mr. Sanjeev Jhunjhunwala vs. Mr. Bimal Kanti Choudhury against PM Cold Storage Private Limited (Respondent) for the payment of Corporate Insolvency Resolution Process (CIRP) costs and pass an Order appointing…
DetailsThe National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in M/s Tata International Limited v M/s Trident Sugars Ltd., has rejected a petition under Section 9 of IBC since the creditor failed to serve the Demand…
DetailsReuters. ATO has its eye on company directors Company directors beware … the Australian Tax Office (ATO) is coming for you. To recover debt, the ATO has turned its focus toward company directors using the ATO as a low-interest loan facility, with its sights set on billions of dollars accrued during the COVID pandemic. Deputy…
DetailsArun Estates, one of the largest independent estate agents in South East England, is restructuring its East London and Essex brand Douglas Allen which is resulting is six offices shutting up shop. Explaining the change Aldo Sotgiu, Group Managing Director of Arun Estates, says that specifically for East London (main picture) they have decided to…
DetailsCompany directors beware … the Australian Tax Office (ATO) is coming for you. To recover debt, the ATO has turned its focus toward company directors using the ATO as a low-interest loan facility, with its sights set on billions of dollars accrued during the COVID pandemic. Deputy commissioner of the Australian Taxation Office (ATO) for lodge and…
DetailsThe National Company Law Appellate Tribunal has dismissed an operational creditor’s petition to initiate insolvency proceedings against Wipro Ltd. A two-member Chennai bench of the appellate tribunal held earlier that there was a pre-existing dispute over the payment between Wipro and the petitioner and observed that the Insolvency and Bankruptcy Code was not framed for…
DetailsThe number of applications for insolvency and restructuring of companies has reduced in the first half of the year, pointing to reduced financial hardship by firms in an improved economy. Kenyas economy in the three months to March reversed seven straight back-to-back quarterly growth declines to post a 5.3 per cent gross domestic product growth…
DetailsSMEs also in line for rescue measures PUBLISHED : 11 Sep 2023 at 04:30 A protest held by farmers outside the Finance Ministry last year. The farmers demanded the government step in to help with their debts owed to state-run banks.Arnun Chonmahatrakool The Finance Ministry plans to roll out rescue measures by suspending debt payments…
DetailsLeft to right: Care Financial Counselling and Consumer Law CEO Carmel Franklin and Care Consumer Law Principal Lawyer Agata Pukiewicz. A free legal service that supports Canberrans involved in consumer or credit law disputes has received a funding boost ensuring it will be available for another year. The Consumer Law Duty Service assists with disputes…
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