The Securities and Exchange Commission has settled charges against Crowe, two of its partners, and two additional partners at a now-defunct audit firm for significant audit failures connected to a payroll services firm that went bankrupt. According to the SEC, Crowes audit team identified pervasive fraud risks in its 2013 audit of Corporate Resource Services…
DetailsTHE COMPANY behind the renovation of a historic Richmond hotel is set to be liquidated with debts of more than 230,000. Best Friend Limited, the trading name for The Fleece Hotel, is to be placed in a creditors voluntary liquidation. The papers reveal there are 71 creditors, including members of staff, suppliers, directors and others,…
DetailsLenders to insolvent SBQ Steels have preferred to take the liquidation route for the entity, expressing reservations over UK-based Liberty Houses capability to take the process ahead, sources close to the development said. The resolution professional (RP) has filed an application under Section-33 of the Code of Liquidation, before the Chennai Bench of…
DetailsThis article will take you 3 minute(s) to read Its no mystery that many startups and small businesses eventually fail. If there is life, there is death; similarly, for every billion-dollar unicorn company, there is a humongous number of startups that have gone onto the other side. More often than not, startups go bankrupt…
DetailsAn analysis of Federal Reserve data projected that by the end of 2018, the total consumer debt in the US will reach $4 trillion. Americans spend at least 10% of their monthly income repaying debts like credit cards, student loans and car loans, and they basically owe 26% of their total income. These numbers are…
DetailsAmritsar/Bathinda/Patiala: The crop loan waiver of Rs 2 lakh may not have been enough to revive the fortunes of most farmers, but a section of them is now eyeing fresh loans to put their derailed financial condition back on track once the government waives their old debts. Our reputation in banks will automatically improve if…
DetailsA first-round American baseball draft pick has surprised his parents witha big Christmas gift -usingthe money from his new job to pay off all of their debt. Brady Singer, a 22-year-old player with the Kansas City Royals, posted a video on Tuesday of his parents as they read a note from him announcing the gift,…
DetailsThe jury is still out on Section 74 of the Insolvency and Bankruptcy Code (IBC), which details provisions for punishment of company officials who breach the moratorium or terms of the resolution plan approved by the committee of creditors as well as the adjudicating authority. While some experts say that invoking the…
DetailsChinas second largest e-commerce player, JD.com, has announced a restructuring of its main shopping site and the creation of an office of the chief executive to better serve its customer-centricstrategy and allay investor concerns amid rapid changes in the countrys online shopping industry. The overhaul will divide JD Mall, the companys main revenue driver, into…
DetailsChallenges of a liquidator include wading through complicated land ownership patterns of the corporate debtor. Photo: Bloomberg When Santanu T. Ray, a resolution professional, learnt that Conros Steel Pvt. Ltd will have to be liquidated, the first thing he did was to approach the committee of creditors (CoC) and requested all lenders to relinquish control…
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