In the flurry of excitement over the innovation statement earlier this month, proposed changes to insolvency laws scored almost no attention. Yet they will dramatically change the landscape for both large and small companies in financial difficulty. By cherrypicking elements of Chapter 11 laws while avoiding hugely expensive bankruptcy court based resolutions, the Australian rules…
DetailsIVRCL share price soared as much as 11 per cent in the early trade on Monday after the debt-laden infrastructure firm decided to split its engineering procurement construction (EPC) and assets business land and Build Operate Transfer (BOT) to float two separate companies. In a BSE filing, the company said the board has decided to…
DetailsDec. 20, 2015 2:30 p.m. ET SEOULThe struggle to pull off what could be South Koreas biggest-ever stock listing is hitting obstacles, roiling plans to restructure one of the countrys most powerful conglomerates. At issue is the initial public offering of Hotel Lotte Co., a central member of the 81-company Lotte Group, which had 81…
DetailsBuy Photo Paul Borrelli leaves federal court with attorney Richard Coia, left. (Photo: CARLOS ORTIZ/@cfortiz_dandc/File photo 2014) On April 9, 2014, Paul Borrelli, a local man whose bookmaking traces back to Rochester’s mob days, received a call from a friend who owed $1,600 in gambling debt. “There’s a line from the old movie, The Godfather,” the…
DetailsBy: ENS Economic Bureau | New Delhi | Updated: December 21, 2015 7:17 am The government will introduce a comprehensive bankruptcy Bill in Parliament on Monday, a move that could allow faster unlocking of stressed corporate assets and boost creditors ability to recover debts. The finance minister will introduce the Insolvency and Bankruptcy Bill in…
DetailsFormer South African Airways board member Russell Loubser recently reflected on his decision to step away from the group in a hard hitting interview with Biznews.coms Alec Hogg. In the interview former JSE CEO Loubser said everything thats happened to the state-owned airline was entirely predictable, and in his view the chairperson and directors had…
DetailsGoogle Street View Roofer Robert J Thomas was declared bankrupt following a leaky homes dispute with Wellington City Council in relation to apartment blocks at 93A Kelburn Parade. Wellington City Council has forced a roofer into bankruptcy as the leaky building fiasco continues and it is chasing other tradies. On Tuesday, Robert J Thomas was…
DetailsGoogle Street View Roofer Robert J Thomas was declared bankrupt following a leaky homes dispute with Wellington City Council in relation to apartment blocks at 93A Kelburn Parade. Wellington City Council has forced a roofer into bankruptcy as the leaky building fiasco continues and it is chasing other tradies. On Tuesday, Robert J Thomas was…
DetailsThe insolvency service has revealed that in excess of 200 people in the UK are being declared bankrupt each and every day as the recession continues to claim more victims. More and more people across the UK are finally come to terms with what is the most severe recession in recent times and although many…
DetailsJames Packer’s attack on delays for his Crown Sydney casino development comes a decade after the death of his father Kerry Packer who also vied to build a Sydney casino. Photo: AP Billionaire James Packer has vented frustrations over delays to his $2 billion casino in Sydney’s Barangaroo and conceded it will struggle to meet…
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