Mumbai: With some large stressed firms challenging RBI’s directives to banks to initiate proceedings against them under the Insolvency and Bankruptcy Code (IBC) in high courts, Reserve Bank deputy governor SS Mundra on Wednesday said nobody can be prevented from approaching the judiciary. Last week, the Gujarat High Court had dismissed Essar Steel’s plea against…
DetailsThe number of corporate insolvencies in Scotland was down 24 per cent in the three months to June compared with last year, largely from a 32 per cent drop in compulsory liquidations, official figures show. Latest figures from the Accountant in Bankruptcy (AiB) show 200 companies went into insolvency receivership, compulsory liquidation and creditors voluntary…
DetailsThe full year earnings of freight giant Aurizon will be hit with another $606 million worth of impairments and restructuring costs, with the company’s struggling intermodal and bulk transport division continuing to drag on earnings. Aurizon said on Wednesday evening that the company would post underlying earnings before interest and tax of $836 million for…
DetailsTHE countdown has begun on Canning-based Mias Bakerys fight for survival following its entry into voluntary administration earlier this month. Conrad Mias, whose family has owned Mias Bakery since 1950, said the bakery was placed into administration with WA Insolvency Solutions on July 12 and had 28 days to prove its viability. Mr Mias, who…
DetailsOSLO: Offshore drilling contractor Seadrill delayed the restructuring of its US$14 billion in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy proceedings were likely. Once the worlds biggest offshore rig firm by market value, its shares have plunged 99% since a peak hit in September 2013. The crown jewel in the business…
DetailsWhats common for Micheal Jackson, Mike Tyson, Donald Trump, Nicolas Cage and Willie Nelson? Apart from being hugely successful, all have filed for bankruptcy either in personal or business capacity at least once in their lifetime. Unlike in India, bankruptcy and insolvency law has been around in the US for last 200 years or so. In India, it…
DetailsChemical waste from cooking drugs, carelessly discarded by Canberra’s own Walter White, led the authorities to Stanley Hou’s drug lab. The chemicals were picked up by water testers, who triggered a six-month search for the source of the contamination that uncovered a commercial grade clandestine drug lab capable of producing $10-20 million of MDMA. Busted:…
DetailsKIEV, July 20 (Reuters) – Ukraine’s central bank said on Thursday it had withdrawn the right to formally audit the country’s banks from the Ukrainian unit of the international accounting firm PwC. PwC Ukraine had audited the largest Ukrainian bank, PrivatBank, which Ukraine took over in December after risky lending practices left it with a…
DetailsJuly 26 (Reuters) – Seadrill Ltd * Reg-Sdrl – amendments to secured credit facilities * It has reached an agreement with its bank group to extend comprehensive restructuring plan negotiating period until 12 September 2017 vs earlier until July 31 2017 * Company has also received lender consent to extend maturity date under us$400 million…
DetailsTroubled menswear brands Rhodes & Beckett and Herringbone will live to fight another day after a management buyout was secured with support from a Hong Kong-based private equity firm, in a resolution administrators say they are very pleased with. The brands had 140 employees across 29 stores when administrators were appointed in February, when high…
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