Second-in-charge Wang was second only to Co-Chairman Chen Feng within HNA’s hierarchy, and owned about 15 per cent of the conglomerate, making him one of the group’s biggest shareholders, according to HNA’s last update of its ownership structure. Chen also holds a 15 per cent stake. HNA said last year that its executives plan to…
DetailsJohnson Winter & Slattery (JWS) has elevated 12 senior lawyers as part of its latest promotions round. Five lawyers join the firms partnership, while the firm has also appointed a new special counsel and six new senior associates. JWS now lists 66 partners on its site. The new partners are Pravin Aathreya, Frances Dreyer, Andy…
DetailsBanks and other lenders are being urged to do more to help consumers in a debt trap thanks to mounting credit card bills. The financial watchdog ASIC says it expects card providers to identify people in difficulty after finding 18.5 per cent of cardholders were behind in repayments, could make only the minimum repayments or…
DetailsInsolvency regulator IBBI has come out with a model timeline for the corporate insolvency resolution process (CIRP). The timeline has been spelt out assuming that the interim resolution professional (IRP) is appointed on the date of commencement of the process and the time available is 180 days, the Insolvency and Bankruptcy Board of India (IBBI)…
DetailsThe role of insolvency resolution professionals (IRPs) and their ability to handle day-to day affairs of bankrupt companies has come under the spotlight with the NCLT questioning their decisions in a few recent high-profile insolvency cases. At last count, there were over 1,800 registered IRPs wading through a pile of over 9,000 cases. Stakeholders are…
DetailsJohnson Winter & Slattery (JWS) has elevated 12 senior lawyers as part of its latest promotions round. Five lawyers join the firms partnership, while the firm has also appointed a new special counsel and six new senior associates. JWS now lists 66 partners on its site. The new partners are Pravin Aathreya, Frances Dreyer, Andy…
DetailsClubs NSW, the peak body for the operators of about 95,000 poker machines across the state, pledges in its mission statement “to support the communities served by its 1,200 member clubs.” So it is reasonable to ask the lobby group to explain how Dee Why RSL, one of its larger members, was supporting its community…
DetailsKUALA LUMPUR: Perdana Petroleum Bhd (PPB) is expected to submit a plan to manage its debts within 60 days after getting help from Corporate Debt Restructuring Committee (CDRC) of Bank Negara to negotiate with its lenders. The company, in a filing with Bursa Malaysia today, said it had received the approval from CDRC on July…
DetailsPursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that an application has been filed against the Company, under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Religare Finvest Limited, claiming to be a Financial Creditor, before the Honble National Company Law Tribunal, Kolkata…
DetailsIn February, a resolution plan for Sharon Bio Medicine was approved by a bankruptcy court wherein lenders would receive Rs 230 crore against dues of Rs 702 crore. Ideally, secured lenders should have rejoiced, considering if it had gone into liquidation, they would have received just about Rs 175 crore. A closer look at the…
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