SEBI has moved the Supreme Court against an order by the National Company Law Tribunal (NCLT) in the matter of collective investment schemes (CIS) where the tribunal ruled that the Indian Bankruptcy Code (IBC) will prevail over the SEBI Act. The SC has issued a notice to the parties involved and the next hearing is…
DetailsWith concerns growing that children and vulnerable people are being targeted by rogue online gambling advertising, my new research suggests the current sanctions arent enough to change the practices of online advertisers. In April 2019, the UKs Advertising Standards Authority (ASA) ran an experiment using an advertising avatar, an online identity which mimicked the internet…
DetailsA total of 347 people agreed deals with their lenders in the first three months of this year in situations where they are unable to pay the full amount. This was up 16pc on the number of arrangements put in place in the first quarter of last year, figures from the Insolvency Service of Ireland…
DetailsThe liquidators of CBL Corporation have published their first report on the New Zealand-based insurers financial position, showing that it owes more than $179 million to creditors. Kordamentha, the appointed liquidator, stated that preferential creditors are owed $566,766, secured creditors are owed $6,617,438 and unsecured creditors are owed $172,801,592. CBL Corporation was placed in voluntary…
DetailsThe Supreme Court, in the recent case of JK Jute Mill Mazdoor Morcha v Juggilal Kamlapat Jute Mills Company Ltd through Its Director & Ors, held that a trade union can file as an operational creditor for the purpose of the Insolvency and Bankruptcy Code, 2016 (IBC). The court said that a trade union is…
DetailsThe number of mature age Australians carrying mortgage debt into retirement is soaring. And on average each mature age Australian with a mortgage debt owes much more relative to their income than 25 years ago. Microdata from the Bureau of Statistics survey of income and housing shows an increase in the proportion of homeowners owing…
DetailsIf there is one word to describe Jet Airways it is this: beleaguered. The former Indian aviation giant is staring down the barrel of yet another major blow that could prevent them from returning to the skies. After collapsing in April, Jet Airways now could be headed towards bankruptcy as creditors seek to recover their…
DetailsChennai: Integrated sugar maker Thiru Aarooran Sugars (TA Sugars) has knocked the doors of the National Company Law Tribunal (NCLT) to kick-start the process of corporate insolvency resolution plan after SBI moved the tribunal upon default of loans.The petition for resolution under the Bankruptcy Code was filed by SBI claiming dues of Rs 149.36 crore.…
DetailsRichair By Alexander Whiteman 11/06/2019 Leisure Cargo (LC) is to enter insolvency following the loss of contracts with TUI and another carrier. Aspokesperson for the GSSA confirmed to The Loadstarit had begun insolvency proceedings at a court in Dusseldorf, with White & Case appointed trustees. Reorganisation manager Tillmann Peeters, of Falkensteg Restrukturierung, said: We want…
DetailsLoading A loan taken out 2-3 years ago was based upon different metrics and lender requirements, he says. Following changes in requirements, many people can no longer refinance or increase their borrowing capacity even though their financial position might not have changed. For many, this means they cannot switch to another lender at a reduced…
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