The Supreme Court, while deciding the constitutional validity of various provisions of the Insolvency and Bankruptcy Code, 2016 (code), in the case of Swiss Ribbons Pvt Ltd v Union of India, upheld the mandate of section 29A with minor distinctions. Section 29A of the code lists persons or entities not eligible to submit a resolution…
DetailsIn a welcome development, the Supreme Court on Tuesday declared as unlawful RBIs February 12, 2018 circular, which ordered banks to refer defaulting companies for insolvency proceedings if they missed repayments even one day beyond the 180-day grace period. The Bench led by Justice Rohinton Nariman said that in light of Section 35AA of the…
DetailsChinese police officials have gone creative in busting illegal gambling dens across the country. Gambling is legal only in Macau which is Chinese territory. Gambling is illegal in mainland China; however, illegal gambling activities are on the rise. In a recent drive to curb and crack down on such unlawful…
DetailsKiwi trainer Tony Pike remembered a debt when booking jockey Damian Lane to ride Surely Sacred in Saturdays Australian Derby at Randwick. The debt stretches back to when Lane rode Pikes classy performer Sacred Elixir to wins in the 2016 Caulfield Guineas Prelude and the Moonee Valley Vase, but Zac Purton was booked…
DetailsFORT LAUDERDALE, Fla., April 02, 2019 (GLOBE NEWSWIRE) — Swisher Hygiene Inc. (the Company) today reported liquidation basis accounting for the year ended December 31, 2018. As previously announced, on August 12, 2016, the Securities and Exchange Commission (the SEC) granted the Companys request for no-action relief from filing future periodic reports under Section 13(a)…
DetailsFORT LAUDERDALE, Fla., April 02, 2019 (GLOBE NEWSWIRE) — Swisher Hygiene Inc. (the Company) today reported liquidation basis accounting for the year ended December 31, 2018. As previously announced, on August 12, 2016, the Securities and Exchange Commission (the SEC) granted the Companys request for no-action relief from filing future periodic reports under Section 13(a)…
DetailsBogen Communications International, Inc., (Pink Sheets: BOGN) announced its German subsidiary Speech Design GmbH (Speech Design) filed an application in Hamburg for preliminary insolvency proceedings on January 10, 2019. The court approved debtor-in-possession management of the business, in conjunction with an insolvency advisor retained by Speech Design and a court appointed preliminary insolvency custodian. On…
DetailsIndias supreme court has struck down tough central bank rules on corporate defaults that had been designed to address the banking industrys chronic bad loan problem. The Reserve Bank of India issued a directive in February last year ordering banks to declare a default on the first day of delayed loan repayments from large corporate…
DetailsNon-government organisations have hit out at the Coalition after it cut foreign aid in the Federal Budget, calling the move “selfish” and “short-sighted”. Key points: Total aid expenditure will fall by more than $115 million Parts of the aid budget are being repurposed and given a sharper strategic edge The Pacific has largely been…
DetailsSouthGobi Resources: Adoption of dividend policy TSX: SGQ www.southgobi.com Mr. Munkhbat Chuluun reports: VANCOUVER, British Columbia, April 02, 2019 (GLOBE NEWSWIRE) — SouthGobi Resources Ltd. (TSX: SGQ; HK: 1878) (SouthGobi or the Company) is pleased to announce that the board of directors (the Board) has approved and adopted a dividend policy (the Dividend Policy) effective…
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