New Delhi: Bankers have decided that they will negotiate only with the highest bidder when resolving cases of corporate insolvency. The decision was taken at a meeting held by the Indian Banks’ Association on Monday following consultations with the Insolvency and Bankruptcy Board of India and resolution professionals. The Insolvency and Bankruptcy Code (IBC) hasn’t…
DetailsThe number of individuals in the UK declaring insolvency has increased for the second year running, with a return to levels 99,196 people not seen since the post-2008 recession. Rates rose by 9.4% over the course of the year from a figure of 90,657 people in 2016. Since the economic recovery following the the 2008…
DetailsA recent court order is likely to impact the way resolution plans for stressed companies are being designed. The Mumbai bench of the National Company Law Tribunal held that a plan that envisages resolution of only some assets while excluding others is not acceptable. The NCLT said so in the case of Roofit Industries that…
DetailsImage copyright Getty Images Image caption RBS chief executive Ross McEwan told MPs a 2014 claim was ‘not right’ RBS boss Ross McEwan has admitted a statement he made claiming that bank’s Global Restructuring Group helped most of its business customers was wrong. He made the admission to MPs on the Treasury Select Committee on…
DetailsRoyal Bank of Scotland chief executive Ross McEwan speaks during an interview with Reuters at Canary Wharf in London Thomson Reuters By Emma Rumney LONDON (Reuters) – Royal Bank of Scotland’s restructuring business did not turn around the “vast majority” of small businesses it worked with, Chief Executive Ross McEwan said on Tuesday in response…
DetailsIn September 2017, the Insolvency and Bankruptcy Board of India (IBBI) registered NeSL as the first information utility (IU). Photo: Mint Mumbai: State Bank of India (SBI) on Tuesday signed an agreement with National E-Governance Services Limited (NeSL) to share information under the insolvency regulation. In September 2017, the Insolvency and Bankruptcy Board of India…
DetailsTue, Jan 30, 2018 – 5:07 PM UPDATED Tue, Jan 30, 2018 – 6:54 PM THE details of Noble Group’s restructuring plan have upset at least one major shareholder, who is calling on Singapore regulators to investigate the distressed commodity trader. Abu Dhabi’s Goldilocks Investment Company, which holds 8.1 per cent of Noble, on…
DetailsNEW YORK (AP) A reputed Philadelphia mob boss known for beating murder raps, surviving attempts on his life and reinventing himself as a restaurateur is back in court facing federal fraud charges. Opening statements in the trial of Joseph “Skinny Joey” Merlino are set for Tuesday in federal court in Manhattan. Merlino, 55, was among…
DetailsImage copyright Reuters For 10 years, the Carillion pension trustees tried to get the company to pay in more money to the scheme without success. There was no agreement from 2008 onwards between the company and the trustees about the correct level of contribution over that decade and according to Robin Ellison, the chair of…
DetailsJim Pickard and Josephine Cumbo January 30, 2018 The head of Britains accountancy watchdog has been grilled about its failure to spot growing problems at Carillion, the collapsed construction company. Appearing before MPs at the start of an investigation into Carillions demise, Stephen Haddrill, chief executive of the Financial Reporting Council, rejected accusations that the…
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