NEWCASTLE has the highest rate of personal insolvency in regional NSW according to figures released by the Australian Financial Security Authority. Across the Hunter there were 215 cases of personal insolvency in the June quarter of 2017, with Newcastles 43 debtors the largest in the state outside of Sydney. Across Australia there were 7,729 debtors who entered a…
DetailsICICI Bank‘s win on Friday against defaulter Innoventive Industries in the Supreme Court could set a precedent for other insolvency cases. The apex court ruled that Insolvency and Bankruptcy Code (IBC) is superior to the Maharashtra Act and that management of a company undergoing bankruptcy proceedings cannot continue in its role and must step aside.…
DetailsFatherhood gets an incisive examination in West of Sunshine, the short, sharp and rewarding feature debut of Australian writer-director Jason Raftopoulos. Set during one day in the life of a working-class Melbourne dad whos forced to cart his young son around town while scrambling to pay gambling debts to a loan shark, this compact piece…
DetailsThe Supreme Court on Thursday said that the new insolvency law, being a parliamentary law, will prevail over similar state laws during initiation of the corporate insolvency resolution process by lenders to recover debts from corporate entities. (Photo: Reuters) The Supreme Court on Thursday said that the new insolvency law, being a parliamentary law, will…
DetailsNEW DELHI: Homebuyers of Jaypee Wish Town are banking on the corporate insolvency resolution process for getting their homes delivered, while keeping the plan to move the Supreme Court on hold. Buyers say lawyers have advised them to wait and watch the situation, before taking any decision. We have decided to wait for the insolvency…
DetailsSAN DIEGO, Sept. 01, 2017 (GLOBE NEWSWIRE) — Cytori Therapeutics (NASDAQ:CYTX) (“Cytori” or the “Company”) today announced a substantial corporate restructuring intended to significantly reduce expenses while maintaining its ability to execute on its BARDA-sponsored cell therapy program, Japanese business and oncology program. The Cytori Habeo program for scleroderma is expected to move…
DetailsTangedco owes 720 crore to Hyderabad-based groups companies Chennai, September 1: In a novel approach by a private sector company to collect dues from a public sector utility, the Ind Bharath Group has filed a corporate insolvency petition against the Tamil Nadu Generation and Distribution Corporation (Tangedco) to recover a debt of 720 crore. According…
DetailsMUMBAI: Indias dedicated bankruptcy court has admitted a loan-default case against a corporate guarantor, sending a stern message to companies that pledging guarantees on behalf of a borrower is not a mere formality. An Ahmedabad bench of National Company Law Tribunal (NCLT) has begun insolvency proceedings against starch maker Anil Ltd after one of its…
DetailsNEW DELHI: The NCLT has so far decided more than 655 cases under the Insolvency and Bankruptcy Code while all efforts are made to stick to the timelines, the tribunal’s President Justice M M Kumar said today. The Code, which provides for a market-determined and time-bound resolution of insolvency proceedings, became operational in December 2016.…
DetailsGambling is a favorite pastime of millions of people from different nationalities and this industry shows no sign of slowing down gambling venues in Las Vegas alone reportedly generated $25.2 billion revenue for the fiscal 2016. Some gamble for entertainment or as a means to pass the time, while others are in a dire need…
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