New Delhi: The government will come out with an ordinance to make certain amendments to the Insolvency and Bankruptcy Code, Corporate Affairs Minister Arun Jaitley said on Wednesday. The Code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process. It is implemented by the corporate affairs ministry. File…
DetailsNew Delhi, Nov 22: The Government will come out with an ordinance to make certain amendments to the Insolvency and Bankruptcy Code, Corporate Affairs Minister Arun Jaitley said today. The code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process. It is implemented by the Corporate Affairs Ministry.…
DetailsTrouble seems to be brewing for debt-ridden Jaiprakash Associate Limited (JAL) as the Supreme Court on Wednesday ordered the company to payback all dues to homebuyers and warned its directors and promoters from alienating their properties as well as the assets of their family members. The real estate firm, however, deposited a demand draft of…
DetailsFollowing an investigation by the Insolvency Service, the Secretary of State for Business, Energy, & Industrial Strategy accepted a disqualification undertaking from Juris Vezenkovs for seven years, effective from this month. Vezenkovs was a director of McDouglas Developments Limited who failed to ensure that the receipts were declared on the companys VAT Returns which resulted…
DetailsThe Cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code (IBC) to prevent wilful defaulters from bidding for stressed assets, two TV channels reported citing unnamed sources. The IBC is one of Prime Minister Narendra Modi’s biggest reforms. Some owners are reported to be getting ready to stake a claim for these…
DetailsUN body wants debt relief for hurricane-ravaged Caribbean countries Wednesday, November 22, 2017 ‘); } else { $(“.fotorama-caption”).addClass(“remove_caption”); } }) .fotorama(); UNITED NATIONS (CMC) The United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC) Monday presented its debt for climate adaptation swaps proposal for Caribbean countries ravaged by recent hurricanes. ECLAC outlined the…
DetailsRelated Story: Victorian woman faces court over alleged $4.3 million fraud A woman has been sentenced to five years jail for stealing hundreds of thousands of dollars while working as a law clerk on Phillip Island, south-east of Melbourne. Cheryle Margaret Rowe, 63, stole $666,000 from clients of the solicitors firm…
DetailsFlorida insurance regulators have placed workers compensation carrier Guarantee Insurance Co. in receivership due to inadequate reserves. According to documents from the Florida Office of Insurance Regulation (OIR), the company was materially under-reserved at year end 2016 and consented to being placed in receivership on Nov. 13, 2017. Guarantee Insurance Co. (GIC) provides workers compensation…
DetailsChina Railway Rolling Stock Corp, the Chinese manufacturer of locomotives and rolling stock, has split its struggling freight train manufacturing business into two units to reduce competition and eliminate excess capacity, as part of a corporate restructuring. The Beijing-headquartered CRRC said on Monday that the new units will be created under the aegis of Heilongjiang-based…
DetailsCentrelink will enlist up to 1,000 staff from labour-hire firms to help it recover debts and enforce the compliance of welfare recipients. The move has prompted a furious response from the main public sector union, which labelled it yet another example of the government privatising our safety net. But a spokesman for the Department of…
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