Multinational pharmaceutical company Daiichi Sankyo and HDFC Bank are at logger heads with each other to ensure that they are not denied their rightful money by erstwhile Fortis promoters, the Singh brothers. In the latest twist of the tale, Daiichi has moved the National Company Law Tribunal (NCLT) to stay insolvency proceedings of RHC Holdings,…
DetailsCraig Levy has said he’s sorry for killing his Airbnb visitor over a $210 debt, but Ramis Jonuzi’s sister has told a Melbourne court she’ll never forgive him. Naime Balla struggles to remember the good times with her brother – her last memory is his body lying on a slab in a coroner’s office. Levy,…
DetailsFollowing a joint investigation by the Insolvency Service and the Metropolitan Police, Sarkis Agop Kouyoumdjian (55), of Kensington High Street, West London, appeared at Southwark Crown Court on Friday 14 September where he also received a nine year directorship disqualification. The court heard that in November 2011, Sarkis Kouyoumdjian voluntarily accepted a disqualification undertaking in…
DetailsBy James Forsyth The UKs corporate insolvency and restructuring landscape will be changing dramatically, following the Governments announcement on 26 August 2018. The Government proposes to introduce a wide range of reforms including:1. A standalone restructuring moratorium for companies which are in financial distress2. A statutory restructuring process which will potentially bind dissenting creditors; and3.…
DetailsAn insolvency specialist is warning business owners to be alert to the risks associated with falling property prices, given the family home is often used as security for business finance. Trent Devine, a partner at Jirsch Sutherland, suggested that the huge boom in values particularly on Australias east coast has helped many businesses stay afloat…
DetailsIn the world of corporate insolvency, the list of industries at the highest risk of insolvency has changed very little over the last ten years. According to ASICs Insolvency Statistics, of the over 11,000 corporate insolvencies in Australia annually, 76% come from five industries: Construction (19%), Accommodation and food services (10%), Retail trade (7%), Transport…
DetailsHOUSTON, Texas (KTRK) — Luby’s announced it plans to shutter more restaurants after closing eight properties in May due to declining sales. The sale totaled $11.6 million, helping the company pay down its $39.5 million outstanding debt. President and CEO Chris Pappas says the company plans to sell off more properties. It’s also looking at…
DetailsROHNERT PARK, Calif., Sept. 17, 2018 /PRNewswire/ — Ameritech Financial is closely following the recent trend of companies offering employees assistance with college education. Such programs can help to minimize student debt or pay it off, depending on the specifics of the program. For example, companies such as Starbucks, UPS, Wells Fargo and Comcast are offering employees…
DetailsStudent debt looms large as a retirement savings impediment, particularly for younger workers. However, a recent private letter ruling from the IRS was seen by some as offering a step toward aligning those interests. This week, wed like to know what youre hearing and thinking about this new opportunity. Having gotten past the first blush…
DetailsKatie Hopkins has applied for an insolvency agreement in a last-ditch attempt to avoid bankruptcy after losing a libel case to food writer and poverty campaigner Jack Monroe. The controversial columnist was ordered to pay Monroe £24,000 in damages and legal costs in March last year after the High Court ruled comments the rig… Read…
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