ICICI Lombard, HDFC Ergo, New India Assurance and National Insurance are among the insurers who will offer a tailored insurance cover soon for insolvency professionals as the new breed of executives stare at multiple risks from charges of sabotage to negligence. While there are broad indemnity covers, these are available only for a company’s top…
DetailsWhen AFR Weekend sat down to break bread with one of the country’s leading corporate undertakers, there was bound to be some discussion of the thousands of people he had sacked. Steve Sherman, who retired soon after our lunch, had been with insolvency firm Ferrier Hodgson for 31 years. He has lost count of the…
DetailsNEW DELHI: The National Company Law Tribunal (NCLT) appointed an insolvency professional on Thursday for Jaypee Infratech, providing thousands of buyers in Jaypee projects two weeks to raise claims related to their flats or plots as part of a court-driven attempt to put in place a revival plan for the developer’s much-delayed housing schemes in…
DetailsRadio listeners got quite the insight today when Prime Minister Malcolm Turnbull was grilled in an interview with Bianca, Terry and Bob on 97.3FM. The Netflix company logo at Netflix headquarters in Los Gatos, California. Picture: AFP/Ryan Anson OVER the past few years, Netflix has seemed pretty unstoppable. With hit original series like House of…
DetailsLexington, Ky.-based Lexmark has announced that it will slash 700 jobs about seven percent of its workforce as part of a global restructuring program. The restructuring follows the sale of Lexmarks enterprise software business, including Perceptive, Kofax and ReadSoft to Thoma Bravo last May. Hyland Software, a subsidiary of Thoma Bravo, then bought Perceptive after…
DetailsFederal Court proceedings for the ailing Channel Ten, which went into voluntary administration in June, are expected to continue on Friday. Justice David O’Callaghan will deliver a judgment following a hearing in Melbourne in July in which administrator KordaMentha was granted a 120-day extension to its administration period. That means creditors now have until November…
DetailsNEW DELHI: The National Company Law Tribunal has admitted the insolvency petition filed by IDBI Bank against debt-ridden Jaypee Infratech. The Allahabad bench of NCLT has admitted the petition filed by IDBI Bank under Section 7 of Insolvency and Bankruptcy Code 2016, Jaypee Infratech said in a regulatory filing. “Consequent upon withdrawal of objections filed…
DetailsThe case involving Network Ten’s administrators will return to court today. Federal Court proceedings for the ailing Channel Ten, which went into voluntary administration in June, are expected to continue on Friday. Justice David O’Callaghan will deliver a judgment following a hearing in Melbourne in July in which administrator KordaMentha was granted a 120-day extension…
DetailsNEW DELHI: Economic Affairs Secretary Subhash Chandra Garg today said the introduction in the Lok Sabha of the bill seeking to deal with insolvency of financial service providers is a significant step. The Financial Resolution and Deposit Insurance Bill, 2017 was today introduced by Minister of State for Finance Arun Ram Meghwal. Soon after, it…
DetailsThe directors of the now defunct Glasgow-based George Hunter (Demolishers) Limited have been disqualified for allowing the company to continue to incur liabilities despite knowing a petition to wind the company up was before the court. George Beattie (senior) signed a seven year disqualification undertaking on the 12 April 2017; Michelle Beattie signed a three years and six month disqualification…
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