A recent ordinance introducing Section 29A in the Insolvency and Bankruptcy Code (IBC) debars promoters declared wilful defaulters of companies facing bankruptcy proceedings to bid for the stressed assets. This legal initiative has come not a day too soon. Clever operators who had stripped their companies and misused loans have been regaining control through legal…
DetailsNEW YORK, Dec 3 (Reuters) – Energy Transfer Partners , an oil and gas pipeline company, may see its value rise given strong business prospects and a potential change to its governance, financial publication Barrons reported. Energy Transfer, a master-limited partnership, has underperformed its peers and the value of its units are down about 31…
DetailsManagement at the Royal Bank of Scotland (RBS) were aware of failings in its small business restructuring group, but turned a blind eye, according to a leaked report seen by the Mail on Sunday. The Financial Conduct Authority (FCA) investigated RBS‘s Global Restructuring Group (GRG) after small businesses claimed they were wrongly and to their…
DetailsOther peoples cat and mouse tactics set Jarrod Conroy on the path to commercial solar, the founder of Victoria and NSW business Roycon tells EcoGeneration. How long have you been installing solar? I was doing it as an apprentice back in 2011. Systems were pretty much free with the rebates at the time. It was…
DetailsOroton stores will operate as usual after the 79-year-old Australian luxury handbag retailer collapsed into voluntary administration. The company says it has been unable to find a viable option for recapitalising or selling the business following a seven-month strategic review. Interim chief executive Ross Lane, the grandson of Oroton founder Boyd Lane, said there was…
DetailsYork Regional Police are hunting a suspect after a man was seriously injured at an illegal gambling den in Richmond Hill. Officers were called to a plaza at 9005 Leslie St., near Hwy. 7, on June 9 around 2 p.m. for a report of an assault. They found a 23-year-old man suffering from serious injuries…
DetailsThe 79-year-old luxury handbag retailer has struggled financially in sales, resulting in $14.3 million in losses last year according to The Herald. This was compared to a $3.4 million profit the previous year. The company revealed this morning that an eight-month strategic review failed to find a “viable option” to secure its future. In a statement to the…
DetailsLIFES never dull for controversial businessman and former Auburn deputy mayor Salim Mehajer. On top of facing a series of court battles over everything from his former relationship to his crumbling business empire, now he can reportedly add the threat of bankruptcy to the list. The 31-year-old is currently under virtual house arrest and facing…
DetailsBowmans Senior Partner Richard Harney during the interview with Weekend Business. [Beverlyne Musili, Standard] The restructuring of Kenya Airways, concluded mid-November, has been billed as one of the most complex transactions in the region. Complex due to the number of companies and institutions involved. The deal saw transaction advisers shuttle from Africa to Europe and…
DetailsOrascom Construction is planning to restructure its US operations in order to reduce unnecessary costs, a senior company official told Daily News Egypt on Saturday. We have plans to improve our costs, specifically our US operation. Restructuring our business, there is a main goal on which we are focusing in the current stage, the source,…
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