New Delhi, Nov 12: Forensic audits should be mandated on promoters bidding for stressed assets under an insolvency process, several legal experts have said. Only genuine promoters should be allowed to proceed for insolvency proceedings or bidding for Stressed Assets, they said. “The conducting of the forensic audit of the Corporate debtor is essential to…
DetailsSmaller contractors and building materials companies could face a liquidity crunch if big construction and engineering groups keep delaying payments to suppliers, McGrathNicol has warned. Construction and engineering companies paid suppliers 10.5 days more slowly in 2016-17 than they did a year earlier, reversing the previous trend of paying suppliers faster, according to the insolvency…
DetailsShafin Developments, the property company the brothers established together, went bust in 2012. The singer, faced with a bill of 23m, was declared bankrupt. His brother Finbarr has revealed he was declared bankrupt last Monday to the tune of 15 million. In a column in the Sunday Business Post, the Sligo businessman, who is chair…
DetailsVenezuela is likely to be declared as bankrupt nation, which could start a global financial crisis, as the Latin American country has not made any debt payment to many entities including Indian oil and gas major ONGC. The financial crisis would be amounting to USD 60 billion as Venezuela’s President Nicolas Maduro announced last week…
DetailsVenezuela is likely to be declared as bankrupt nation, which could start a global financial crisis, as the Latin American country has not made any debt payment to many entities including Indian oil and gas major ONGC. The financial crisis would be amounting to USD 60 billion as Venezuela’s President Nicolas Maduro announced last week…
DetailsPhoto: AP Mark Karpelès, the former chief of spectacularly failed Japanese Bitcoin exchange Mt. Gox, is on trial in Japan on charges he embezzled millions from the company before its collapse. He, Mt. Gox, and his current company Tibanne (which owns 88 per cent of Mt. Gox) are all bankrupt. Yet Karpelès could still walk…
DetailsGeneral Electric is set to announce plans that will transform the company. In a pre-market opening call to institutional investors on Monday, GE CEO John Flannery will detail his vision for restructuring the company, in an attempt to stop the free fall in the company’s stock price. The price of GE’s shares has plummeted nearly 40…
DetailsIn the early hours of May 27, two of professional gamblings big names sat down for a private, high-stakes poker match. The setting was the Ivey Room, a posh enclave in the Aria Resort & Casino in Las Vegas. Leon Tsoukernik, a Czech entrepreneur and casino mogul, was facing off against Matthew Kirk, an Australian…
DetailsWITHIN a three-month period, nine Tweed Valley businesses declared they were unable to pay their debts, according to new Australian Financial Security Authority data. It was the third highest number of businesses going bust in any Australian Statistical Geography Standard (ASGS) area in NSW, for the September quarter, excluding Sydney. Gosford had 14 debtors, Port…
DetailsIt is hard to imagine that the empire won’t look radically different in a year. It’s equally hard to imagine a global media landscape in which Rupert Murdoch is not the most powerful player. But the forces for change are now so many and so strong that they will be hard to resist. A massive…
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