On 5 October 2022, the UK Supreme Court confirmed that directors sometimes owe an extended duty to uphold the interests of a companys creditors when solvency is in doubt. The precise circumstances in which this special duty is triggered will be more fully developed in future cases, but the Court ruled that merely a real…
DetailsChina has stepped up support measures to alleviate a liquidity squeeze stifling the property sector. (AP PHOTO) China has ordered its top four state-owned banks to issue offshore loans to help developers repay overseas debt, sources have told Reuters, rolling out its latest support measure for the cash-starved property sector. The regulators have given “window…
DetailsIm sure many of you read in the newspapers recently that the Earths population of humans has now reached 8 billion. To put this in perspective, human population reached 1 billion in 1804, 2 billion in 1927, 3 billion in 1960 and 4 billion in 1974. The UN projects there will be 9 billion by…
DetailsNordic Shipholding Denmark-based Nordic Shipholding is to be wound down following the disposal of its entire fleet of product tankers earlier this year. Backed by its majority shareholder, Nordic Maritime, the company is calling for a general meeting to initiate a voluntary solvent liquidation. No distribution of funds to the shareholders is anticipated upon completion…
DetailsA debt fund has persuaded the Supreme Court to hear its appeal against approval for a personal insolvency arrangement (PIA) allowing a man to keep his 1.8 million farming assets. Promontoria (Oyster) DACs appeal relates to the personal insolvency arrangement of Co Wexford-based Fergus OConnor (47), who had debts totalling 1.1 million. It is understood…
DetailsIn the recent decision of Banerjee (Liquidator), in the matter of Eastside Formwork Pty Ltd (in liq) v Stojic[2022] FCA 1315, a liquidator succeeded in obtaining orders for a warrant to search for and seize books and records which had been concealed from the liquidator. The warrant was directed at the person deemed the guiding…
DetailsChina has ordered its top four state-owned banks to issue offshore loans to help developers repay overseas debt, sources have told Reuters, rolling out its latest support measure for the cash-starved property sector. The regulators have given “window guidance” – verbal orders that leave no paper trail – to the banks, setting a date of…
DetailsHONG KONG/SHANGHAI/BEIJING, Dec 2 (Reuters) – China has ordered its top four state-owned banks to issue offshore loans to help developers repay overseas debt, three people with knowledge of the matter told Reuters, rolling out its latest support measure for the cash-starved property sector. The regulators have given ‘window guidance’, or verbal orders that leave…
DetailsBENGALURU, Dec 2 (Reuters) – The highest bid India’s Reliance Capital (RLCP.NS), which is undergoing insolvency proceedings, received was 60% below its aggregate liquidation value, the Anil Ambani-led company’s administrator has let its lenders know, the Economic Times reported on Friday. The Reserve Bank of India superseded the board of Reliance Capital last year, saying…
DetailsHONG KONG, Dec 1, 2022 – (ACN Newswire) – – It was recently known to us that Wuling Motors (00305. HK) had completed the capital increase into Wuling New Energy. Wuling Motors, capitalized from the restructuring as an important participant, will expedite its in-depth deployment in the field of new energy vehicles in promoting a…
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