Dealing with phoenix companies Published: 30 January, 2018 Sarah Carlton examines the business practice of launching a phoenix company after insolvency. Its a sad fact of life that businesses can and do fail. Sometimes the failure is deliberate, but often there is nothing sinister the company may have been wounded fatally by a lost contract,…
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…
DetailsPTI | Updated: Jan 30, 2018, 10.31AM IST NEW DELHI: Japanese imaging and electronics majors Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities. The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said. “The company has…
DetailsKPIT Technologies has announced a restructuring process where they will, in step one, amalgamate KPIT Technologies with BirlaSoft and, in step two, demerge the engineering business of KPIT into KPIT Engineering Ltd and then at some point in time both of these entities will be listed. In an interview with CNBC-TV18, Kishor Patil, Co-Founder, CEO…
Detailsby Jack Farchy When Swiss commodity trader Andre & Cie went bust 17 years ago, Richard Elman pounced. He bought its Asian grains business for next to nothing as part of an acquisition spree that would make his own fledgling company, Noble Group, into Asia’s biggest commodity trader within a decade. Elman, 77, has watched…
DetailsDARLING Downs grain trader, A&B Grains, has gone into liquidation, according to a notice published by the Australian Securities and Investments Commission. The notice says a general meeting of the members of the company held last Wednesday resolved A&B Grains be wound up, and that Gavin Charles Morton of Mortons Solvency Accountants, Brisbane, be appointed…
DetailsProposed legislation to help over-indebted consumers might prove to be a double-edged sword, discouraging consumers from managing their credit responsibly, the Banking Association South Africa (Basa) warns. The organisation was referring to the draft National Credit Amendment Bill, which was published by Parliaments portfolio committee on trade and industry last year. Public hearings on the…
DetailsTHEY knew there was a problem, but Linc Energy just “kept going” with devastating coal gasification activity. That is what a prosecutor has claimed as Linc faces five counts of causing serious environmental damage in Chinchilla.The energy company, in liquidation, is not in Brisbane District Court to defend the charges. Jurors on Tuesday heard allegations…
DetailsMUMBAI: The refinancing of bankrupt companies under the Insolvency and Bankruptcy Code would probably be the biggest opportunity for refinancing of loans of up to Rs 2 lakh crore this year. A few strong banks could scoop up the opportunity even as the state-run banks hold back and clean up their bad loans. Furthermore, the…
Details