Bloomberg/Mumbai A tribunal in Indias Gujarat state agreed to start insolvency proceedings against Essar Steel India Ltd, the debt-laden mill owned by the billionaire Ruia brothers, according to people familiar with the verdict.The Ahmedabad bench of the National Company Law Tribunal agreed to a petition from State Bank of India and appointed Satish Kumar Gupta…
DetailsNEW DELHI | MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI) is looking into a complaint that some professional service firms were acting as insolvency resolution professionals (IRPs) to help banks manage and restructure insolvent companies. Under law, professional entities can’t enrol themselves as an insolvency professional or become a member of another agency…
DetailsVideo PlayerClose DUBLIN, Aug. 2 (Xinhua) — The number of Irish people looking for help to manage debt continued to rise between April and June, according to new figures on Wednesday from the Insolvency Service of Ireland (ISI). According to ISI, there were 1,259 new applications for debt solutions during the second quarter, an increase…
DetailsIt is evident that there is common ground and everyone is broadly agreed on where we need to get to. There is a still a lot of work to get through. This is a business which we have long believed needed to transform, but once done, could return to growth Johnston Press could seek to…
DetailsA curious issue of whether a company can register itself as a resolution professional and raise the main bills for the services, so granted, has cropped up in the nascent discipline of insolvency. The issue stirred a debate after an insolvency professional registered a complaint with the sector regulator against a…
DetailsIn a debt-relief scheme that affected about 15,000 people across the country, three telemarketing executives headquartered in Pompano Beach and using a branch in Panama bilked victims out of an estimated $70 million, according to the Florida Attorney Generals Office, the Federal Trade Commission (FTC) and the attorney working to retrieve assets in the complex…
DetailsDov Charney refuses to disappear. In a recent interview with Bloomberg, the disgraced CEO of American Apparel, whose famously skeezy behaviour saw him ousted from his business two years ago, unveiled a thriving new venture a wholesale basics company called, you guessed it, Los Angeles Apparel. “It still is a nail-biter,” says Charney, who has re-hired…
DetailsThere were 1,259 new applications in the second quarter of this year for arrangements, according to the Insolvency Service. This is an increase of 71pc on the same period last year. Most were to deal with mortgages. They are seeking a personal insolvency arrangement (PIA), which provides for the restructuring or settlement of mortgage debts…
DetailsA trillion-dollar black cloud of student debt hangs over multiple generations of Americans. Student debt is delaying marriages, major purchases, home ownership and general enjoyment of life for millions of people. Theres more student debt than even credit card debt. Somethings gotta give at some point, but before that happens, there are fintech companies stepping…
DetailsYet another large defaulter, ABG Shipyard Ltd., on Tuesday saw insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) 2016 being initiated by the Ahmedabad bench of National Company Law Tribunal (NCLT). The bench, chaired by Justice Bikki Raveendra Babu, admitted the petition for insolvency proceedings initiated by lender ICICI Bank against ABG…
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