Insolvency resolution professionals will now be required to assess the fair value and liquidation value of the entity undergoing insolvency proceedings, with the latest set of amendments to the regulations. The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms pertaining to insolvency resolution process for corporate persons. Under the revised framework, the…
DetailsNew Delhi: The Insolvency and Bankruptcy Board of India (IBBI) on Wednesday issued amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, effective today. The amendments, highlighted in a notice issued by the Ministry of Corporate Affairs noted that a resolution professional shall appoint two registered valuers…
DetailsA well-known Lake Macquarie venue has closed its doors, after ongoing financial trouble. Patrons learned of the decision to shut Belmont Sporties Club after a letter from administrator Geoff Davis was stuck in the venues front window. Mr Davis, from Sydney-based firm BCR Advisory, took over the club with John Morgan last month when the facility…
DetailsEXCLUSIVE CASH-strapped Australians burdened by inflated utility bills and soaring credit card debts are flocking to financial help services in record numbers. The National Debt Helpline has been inundated with households in financial distress with latest figures showing in 2017 they received 170,000 calls – the highest ever on record. This is a 12 per…
DetailsPeter Williams | The West Australian Thursday, 8 February 2018 6:26AM Brierty liquidator Matthew Woods of KPMG at the creditors meeting.Picture: Mogens Johansen Creditors of Brierty have voted to liquidate the collapsed contracting company, allowing insolvency specialists to further probe alleged insolvent trading and payments to directors and executives. Brierty was put into administration last…
DetailsZAGREB, Feb. 7 (Xinhua) — Croatian Finance Minister Zdravko Maric commented on Wednesday the latest European Commission (EC) forecast on Croatian economy is similar to the government’s projections. In the latest macroeconomic forecast published on Wednesday, the EC expects 2.8 percent GDP growth in Croatia this year. According to the forecast, personal consumption should remain…
DetailsTuring Robotics CEO says the company isnt done. But its definitely hit another significant roadblock in its quest to bring some fun alternative handsets to the market. The Finnish phone makers story so far is one of delay after delay, and now its announced, via Facebook post, that its suspending manufacturing. CEO Syl Chaos didnt…
DetailsA mould scandal that put lives at risk and made staff sick at the Nauru immigration detention centre also affected the now mothballed facility at Manus Island. Air-conditioning caused water damage and mould to grow in the fire-resistant plasterboard walls and ceilings and the magnesium oxide board floors of modular buildings at the staff accommodation,…
DetailsSo far, the insolvency regulations required determination of only the liquidation value of the insolvent company by two registered valuers. Now, these valuers will also have to determine the fair value of the company. Fair value, along with the liquidation value, will have to be provided to the committee of creditors on a confidential basis.…
DetailsNews Update. 7 February 2018. Neil Gostelow and Mark Orton from KPMG have been appointed joint administrators to Oyster Marine Holdings Limited, the holding company for the Oyster Yacht group of luxury yacht builders. Having failed to secure sufficient funding to be able to continue trading, Oyster Yachts is currently carefully considering a number of…
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