The corporate affairs ministry is working with the finance ministry, Reserve Bank of India and the Indian Banks’ Association (IBA) on the issue of the conduct of the committee of creditors under the insolvency resolution process, a senior official said on Friday. The role of Committee of Creditors (CoC) is crucial in deciding a resolution…
DetailsWith the implementation of the insolvency law, the days of feudalism of corporate debtors where they had considered it their divine right to be in control are gone, Chief Economic Adviser K V Subramanian said on Friday. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for a market-linked and time-bound…
DetailsLee John Palmer (41), a plumber from Knapton, was declared bankrupt on 28 January 2021 before the Official Receiver was appointed as Trustee. While reviewing Lee Palmers assets, the Official Receiver uncovered that Lee Palmer had bought a van on hire purchase but sold the vehicle without the permission of the hire purchase finance company.…
DetailsWest Australian buildingcompany Jaxon Construction is entering liquidation, with operations within the group ceasing. Key points: The liquidator says it’s assessing six entities in the group The union says builders are taking contracts with too low margins It follows the recent collapse of another major builder Pindan The move affectsfour sites in Western Australia. Alarm…
DetailsGLENN JEFFREY/Stuff Quinn Lewis Moore robbed the Big Barrel liquor store in Waiwhakaiho, New Plymouth, on December 27. On his way home after losing a large quantity of money on the pokie machines, a meth-addicted man with a $2000 drug debt to pay stopped at a Taranaki liquor store and robbed it at knifepoint. With…
DetailsThursday, August 26, 2021 Opening the door for the SME market, Sir Alistair Norris has sanctioned the first ever restructuring plan for a mid-market company. The plan sanctioned in Amicus Finance PLC (in administration) is also the first restructuring plan proposed by insolvency practitioners and the first to cram down a secured creditor. The sanction…
DetailsKOLKATA: The National Company Law Appellate Tribunal (NCLAT) has admitted the appeal of McLeod Russel chairman Aditya Khaitan that challenged the order of the National Company Law Tribunal (NCLT) for starting a corporate insolvency resolution process for the company. However, NCLAT has not stayed the NCLT order for now, but asked the respondent Techno Electric…
DetailsFour individuals have been charged in the District of Massachusetts with conspiring to deceive banks and credit card companies into processing more than $150 million in credit and debit card payments on behalf of merchants involved in prohibited and high-risk businesses, including online gambling, debt collection, debt reduction, prescription drugs, and payday lending, according to…
Details(Bloomberg) — Johnson & Johnson defeated an effort to stop it from using the so-called Texas two step bankruptcy strategy to rid itself of tens of thousands of asbestos poisoning lawsuits. U.S. Bankruptcy Judge Laurie Silverstein refused to block the consumer products giant from taking corporate restructuring actions related to its asbestos liabilities and indemnity…
DetailsMELBOURNE, Australia, Aug. 26, 2021 /PRNewswire/ — Although it is common to juggle a personal loan with a mortgage, credit card debt, and even perhaps another type of loan, such as a boat loan, managing multiple debts can become challenging over time. Consolidating these debts can seem like a quick fix that can help save…
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