Revival of corporate sector: Proposed Corporate Rehabilitation Act offers comprehensive framework – Business Recorder (press release) (registration) (blog)
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DetailsPercy Bysshe Shelleys famous sonnet Ozymandias, first published in 1818, tells the story of a traveller in the desolate Egyptian desert who comes upon a broken statue of King Rameses II, who the Greeks called Ozymandias. What remained of this pharaohs statue were two huge stone legs and, half sunk in the sand, a shattered…
DetailsLocal news St. Thomas V.I. retirees and future retirees need to start preparing themselves now for much smaller pension payments than they anticipated, because the trust fund will evaporate. There are no good options left to prevent this from happening and it may well reach a crisis point a year or two before the oft-cited…
DetailsHeritage FA Limited which marketed and sold colored diamonds and other commodities to the public for investment has been ordered into liquidation on the grounds of public interest, according to a press release from the Insolvency Service. An investigation found that vulnerable and elderly individuals were being targeted and aggressively sold investments…
DetailsThe U.S. Department of Education announced today that students who were defrauded at 91 former Corinthian Colleges Inc. (Corinthian) campuses nationwide have a clear path to loan forgiveness under evidence uncovered by the Department while working with multiple state attorneys general. These campuses represent the largest group of borrowers eligible for loan relief so far…
DetailsGMR Group firms have entered into an agreement with its partners to divest 51% stake in its joint venture running a road project in Karnataka. The deal will help GMR Group pare debt by Rs 1,077.97 crore and enhance liquidity by Rs 85 crore. “GMR Highways and GMR Infrastructure have signed a share purchase agreement…
DetailsScott M. Himes and Brent Weisenberg In today’s investment world, private equity firms, investment managers and other investors often acquire a substantial interest in a business and, as a consequence, earn the right to put “their people” on the company’s board. That person then becomes a “dual fiduciary”someone with fiduciary obligations to his or…
DetailsConsumer Affairs Minister Jane Garrett has serious concerns about debt management firms. Photo: Josh Robenstone The Turnbull government is under growing pressure to crack down on “debt vultures” that fleece money from vulnerable people by falsely promising to provide solutions to their financial distress. Victoria has written to Canberra warning about the conduct of debt…
DetailsWith wilful defaulters and the enormous stockpile of non-performing assets on the books of public sector banks making headlines every day, several commentators have made hopeful references to the impending new insolvency legislation. The finance minister recently stated that the Insolvency and Bankruptcy Bill is likely to be passed in the second half…
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