The Supreme Court on Thursday held that “any creditor of a company in liquidation” can become a party to the winding up petition against the defaulting firm and seek transfer of the plea from a high court to a National Company Law Tribunal (NCLT), set up under the new law on insolvency and bankruptcy. A…
DetailsNov 19, 2020 8:00 AM thyssenkrupp reaches agreement on the restructuring of the automotive plant construction business in Germany thyssenkrupp has reached an agreement with the employee representatives on the restructuring of the German sites of the System Engineering unit. The negotiating partners have concluded a framework agreement and a social plan for all seven…
DetailsWITH DEBTS looming and dollars scarce, Zambia has wrestled in recent months with a predicament. It knew that failing to pay bondholders would be damaging. But paying only them, having failed to pay others in full, could be worse. Other creditors would blow off my legs, the countrys finance minister said. So on November 13th…
DetailsA pharmacy embroiled in an ongoing PBS fraud case has unsuccessfully tried to pay its liquidators using funds confiscated by the Australian Federal Police Pharmacy Depot Hurstville has had a motion to allow debts incurred by its liquidators to be met out of funds restrained by the Australian Federal Police (AFP) rejected. The pharmacy and…
DetailsBy Dearbail JordanBusiness reporter image copyrightGetty Images Royal Mail has said revenue from parcel deliveries has surpassed letters for the first time, fuelled by a surge in online shopping during the pandemic. The postal group said turnover from parcels now makes up 60% of its total revenue, which rose by nearly 10% in the first…
DetailsThe Research Insights has published an innovative data, titled as Corporate Development And Restructuring Consulting Services market. To discover the desired statistics for prediction of the current and future trends, it uses the primary and secondary research techniques. This report is summarized with provisions of the industries as well as requirements of the customers. It…
DetailsExecutive summary On a UK companys insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying against the move (including in light of the COVID-19 pandemic), the UK government has persisted with the change, perhaps in an attempt…
DetailsMONTGOMERY, Ala. (WSFA) – It is a staggering number. About 45 percent of all bankruptcies in Montgomery County alone are tied to massive medical debts. But two Montgomery churches and a synagogue are doing their part to help lift the burden from those saddled with the debts. Kreg Sherbine is a member of First Christian…
Details{{featured_button_text}} COPENHAGEN, Denmark (AP) Low-cost carrier Norwegian Air Shuttle said Wednesday it is seeking restructuring and bankruptcy protection in Ireland, where its fleet is held, saying the decision was in the interest of its stakeholders. Norwegian will continue to operate its route network and both its bonds and shares will trade as normal on the…
DetailsSaudi Minister of Finance Mohammed al-Jadaan wears a protective mask as he attends a virtual meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia July 18, 2020. G20 Saudi Arabia/Handout via REUTERS As the pandemic-induced global recession continues to batter African economies, the Group of Twenty (G20) governments have sidestepped the…
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