The Insolvency Law Committee (committee), in its third report, recommended that section 32A be inserted into the Insolvency and Bankruptcy Code, 2016 (code). This granted immunity to the corporate debtor and its property from any action under penal laws following a successful corporate insolvency resolution process (CIRP). This section attempts to balance the codes goal…
DetailsReference is made to earlier information provided regarding Prosafe SEs (Prosafe or the Company) ongoing financial process with its lenders. Prosafe is pleased to announce that it has received support from lenders of Prosafe SE and Prosafe Rigs Pte. Ltd. on a comprehensive and material restructuring of the financial indebtedness of the group (the Transaction).…
DetailsHONG KONG — With billions of dollars in aviation and other assets in play, creditors of China’s bankrupt HNA Group gathered online and in person for their first official meeting on Friday. The group’s restructuring likely has months or even years to go, with the meeting representing a key step forward in a process that…
DetailsGrant Evan Donley of Sydney, NSW has been disqualified from managing companies for two years for his role in the failure of three companies and trading while insolvent. The three construction companies specialised in interior fit-outs. They include: Conceptual Interiors NSW Pty Ltd A.C.N 165 311 795 (Conceptual Interiors NSW); Conceptual Interiors Group Pty Limited…
DetailsHotel quarantine security provider Unified Security has gone into liquidation, a court has been told. Picture: Toby Zerna The firm responsible for security at a major Victorian hotspot hotel has gone into liquidation as it faces a lawsuit alleging the states second wave was its fault. Unified Security is the lead defendant in a class…
DetailsA federal judge’s ruling this week could shield the Sackler family from Massachusetts’ lawsuit over the family’s role in the opioid epidemic, and Attorney General Maura Healey is not happy about it. Healey was among the first state attorneys general to file lawsuits against both Purdue Pharma and members of the Sackler family – who…
DetailsA young Dublin father who said he was holding drugs, tobacco and a loaded firearm for others in order to pay off gambling debts has been jailed for four years. illiam Fagan (29), of Merchants Square, East Wall, pleaded guilty at Dublin Circuit Criminal Court to possession of cannabis for sale or supply, possession of…
DetailsEditorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Being able to borrow money to make important purchases can help dreams come true, but, if payments on debts become more than you can manage, the situation can become…
DetailsAaron Drever talks to staff at The Fish and Chippery in Grey Lynn. Liquidator Gareth Hoole claims Drever helped negotiate the deal to buy the outlet. A fish and chip company with links to struck-off real estate agent Aaron Drever is in liquidation and officials plan to refer allegations of potential wrongdoing to police and…
DetailsThe federal government appears to have declared war on retirement. Unlike other wars, this one isnt only undeclared, it wasnt even intended. But, intended or not, the federal government has taken a series of steps that have given us a war nonetheless. Ironically, this war began with Social Security in 1935. Rather than establishing a…
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