On June 13, the Reserve Bank of India (RBI) came up with an advisory asking banks to file insolvency and bankruptcy proceedings for 12 loan accounts, in which banks had an exposure of more than Rs. 5,000 crore each. This constituted about 25% of the systems bad loans whose total is estimated at Rs. 7…
DetailsThe Supreme Court order in the Jaypee insolvency case is a clear indication that the government must amend the Insolvency and Bankruptcy Code (IBC) and give adequate representation to homebuyers interest. Enacted last August, the IBC aims to first restructure the debt of a company, failing which, it goes into liquidation. The Code has made…
DetailsThe airline German was declared insolvent in mid-August and looking for buyer The airline German Air Berlin, declared insolvent a few weeks ago, has been forced on Tuesday to cancel about 70 flights -own and operated for Eurowings – after many of ir pilots is that y are sick. The company is in process of…
DetailsOne of the companies owned by high-flying Durban businesswoman Shauwn Mpisane is facing liquidation over a multimillion-rand tax bill. “Interested parties” have been given until next week to state why Mpisane’s Zikhulise Cleaning, Maintenance and Transport should not be placed under final liquidation. The Pretoria High Court placed the company under provisional liquidation last month…
DetailsMembers of boards of directors will now have to have unique director identification numbers as a way of combating phoenix companies where businesses are sent broke but their assets rise again in another company. The federal government says illegal phoenixing costs the economy up to $3.2 billion a year. Among the latest measures are making…
DetailsHarvey and Irma havent been the only recent hurricanes to hit the United States. A political storm erupted in Washington as a Republican President cut a deal with Democrats in Congress to extend the US government debt limit for three months. Yet this combination of events may help stabilise a US dollar that has been…
DetailsThe Murdoch family-controlled 21st Century Fox has intervened in a Supreme Court battle for control of Network Ten as America’s CBS seeks to buy the failed free-to-air network. Billionaire Network Ten backer Bruce Gordon is seeking a court declaration that Ten’s administrators failed to give creditors adequate information about a joint bid by his company…
DetailsTough new laws will be introduced in a bid to crack down on dodgy company directors and their advisers. Key points: Company directors will be given unique ID numbers in a bid to stop “phoenixing” The Directors Identification Numbers (DINs) will allow authorities to track activities through various government databases Suspected phoenixers could also…
DetailsMedia playback is unsupported on your device Media caption‘Students are vulnerable to gambling’ Some students have run up gambling debts of £10,000 or more, a Gambling Commission director has told the Victoria Derbyshire programme. Ben Haden said his organisation was concerned about the impact gambling was having on undergraduates. Former student Matt Zarb-Cousin told the…
DetailsHeres what the McGowan Government should have done to drag this State out of crippling debt and deficit with a sense of purpose and certainty. Forget the tinkering at the edges and the faux tough love we saw last week in the Budget, with a payroll tax increase of up to one percentage point and…
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