TNN | Dec 13, 2017, 04:00 IST The Chennai bench of the NCLT (National Company Law Tribunal) has dismissed as “withdrawn” the corporate insolvency resolution process against Trivitron Healthcare, a leading medical devices maker, under IBC (Insolvency and Bankruptcy Code), following its compromise with RNB Design Arc Systems. RNB initiated insolvency proceedings against Trivitron in…
DetailsMUMBAI: The wait for framing final regulations to punish high profile individuals, including promoters, who have given personal guarantees for corporate loan defaulters may soon be over as the regulator is set to make a call on the matter next week. The governing body of Insolvency and Bankruptcy Board of India (IBBI) is expected to…
DetailsAlmost 5000 companies were reported to the corporate regulator for insolvent trading in 2017 and high cash burn or inadequate cash flow was the main reason for corporate death. Regulator ASICs 2016-2017 insolvency report found administrators reported 4878 cases of insolvent trading. The next two major forms of misconduct were not undertaking director duties carefully…
DetailsPETALING JAYA: They lived the fast life, a life of Pradas and Guccis. When the cash is out, they max out on their credit cards. Some even go as far as taking up personal loans to finance overseas trips, buying the latest expensive gadgets and holding lavish weddings. And before they even turn 30, they…
DetailsChennai: Can insolvency proceedings be initiated against a company for failing to refund the security deposit it took to lease premises? No, says National Company Law Appellate Tribunal (NCLAT). The reason such dues do not fall within the meaning of ‘operational creditor’, who along with financial creditors, can file for insolvency against a company under…
DetailsBIRMINGHAM, Ala. (AP) Police are investigating the slaying of a man found shot at an Alabama apartment complex. Birmingham police say officers were called Sunday evening to the HighPointe Apartments complex. The victim was found shot in one of the apartments. Al.com reports that police say their preliminary investigation shows the slaying may have results from an…
DetailsAlmost 5000 companies were reported to the corporate regulator for insolvent trading in 2017 and high cash burn or inadequate cash flow was the main reason for corporate death. Regulator ASICs 2016-2017 insolvency report found administrators reported 4878 cases of insolvent trading. The next two major forms of misconduct were not undertaking director duties carefully…
DetailsBritish music tech startup Beatroot has ceased trading. The Manchester-based company was founded in 2015, operating an online platform which enabled record labels and publishers to pull together their music catalogue, audio files, album artwork, metadata and rights data into one place and share these with clients, streaming services and music stores. Steven Wiseglass, of insolvency…
DetailsNEW YORK Following an investigation led by U.S. Immigration and Customs Enforcements (ICE) Homeland Security Investigations (HSI) New York working jointly with the FBI and Suffolk County Police Department (SCPD), six members and associates of the Gambino organized crime family of La Cosa Nostra (the Gambino family) and a member of the Bonanno organized crime…
DetailsMaurizio Zamparini assures Palermo wont go bankrupt – everyone can think what they want, but Ive never stolen a Euro. Bankruptcy proceedings have been opened against the Sicilian club, with allegations that theres a 70m hole in their accounts. The website Il Sole 24 Ore reported last month that the problem arose from repeatedly selling…
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