Bankruptcy

Sears Canada employees and pensioners say the $52.9 million spent on insolvency fees is alarming

Sears Canada closed its remaining stores on Jan. 14. Karena Walter/St. Catharines Standard/Postmedia Network TORONTO — Sears Canada pensioners, former and current employees say the nearly $52.9 million in professional fees paid by the shuttered retailer during the insolvency process is alarming and concerning, their lawyers told an Ontario court today, noting they reserve the right to challenge them at a later date. Andrew Hatnay, a lawyer representing Sears pensioners, told Justice Glenn Hainey that his clients are concerned about…

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Cofounder Shailendra Singh files insolvency petition against Percept

MUMBAI: Shailendra Singh, former managing director at Percept Ltd, has dragged his estranged brother Harindra Singh to the National Company Law Tribunal and sought insolvency of the Mumbai-based media and entertainment group that he cofounded to clear his dues. In March last year, Shailendra Singh had stepped down as MD of Percept, which he had been part of for 33 years and still owns 50% in. He is seeking Rs 2.6 crore in salary and unpaid dues as an operational…

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Philadelphia Energy Solutions to file for bankruptcy -memo

By Reuters Published: 18:56 EST, 21 January 2018 | Updated: 18:56 EST, 21 January 2018 Jan 21 (Reuters) – Philadelphia Energy Solutions LLC, the owner of the largest U.S. East Coast oil refining complex, announced to its employees on Sunday that it plans to file for Chapter 11 bankruptcy, according to an internal memo reviewed by Reuters. The company has secured access to $260 million in new financing, and said it expected the filing to have no immediate impact on…

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Czech Government approves bankruptcy amendment bill adjusting conditions for debt relief

On 18 January it was reported by news server justice.cz that the Czech Government has approved a so-called debt relief amendment to bankruptcy legislation that will significantly change the conditions for debt relief. The amendment will make the process of declaring bankruptcy accessible to a broader circle of debtors who are making a good-faith effort to pay off their obligations and will aid people in the so-called debt trap. At the same time, however, the bill counts on debtors being…

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bad loans: How Insolvency and Bankruptcy Code lays down a robust framework to deal with distressed assets

By Ravi Seth The Insolvency and Bankruptcy Code (IBC) — billed as the biggest economic reform in India after the Goods and Services Tax (GST) — is a rare example of a speedy rollout and implementation of a much-needed law. Although it is undergoing an initial period of adjustment and cleaning-up, the law lays down a robust framework and time-bound road map to deal with distressed or failed businesses, a welcome contrast from the earlier, seemingly never-ending process: BEFORE AND…

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Strawberry Grower Files for Chapter 11 Bankruptcy

Eclipse Berry Farms has filed for bankruptcy, joining a growing list of California strawberry operators facing difficulties. Eclipse is headquartered in Los Angeles, but has growing operations in Oxnard, Salinas and Mexico. The company filed for Chapter 11 bankruptcy on Jan. 11, according to a story on The Packer website, which covers agriculture. The story quoted a company representative saying that Eclipse will continue to operate while in Chapter 11. Court documents listed more than 200 creditors and liabilities of…

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Cost overruns threaten to bankrupt CA bullet train boondoggle

File this story under any number of headings: “Told ya so,” “What did you expect?,” or “You’d have to be brain-dead to have thought otherwise.” The bureaucrats in charge of building California’s high-speed rail announced that the initial 119-mile stage of the project would cost $2.8 billion more than they thought just last year, up to $10.8 billion.  The original estimate of the cost was $6 billion. “The worst-case scenario has happened,” said Roy Hill, who heads the consulting firm in…

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insolvency: Board brings in stricter norms for insolvency professionals

MUMBAI: Insolvency professionals will now have to disclose their relationship with all associated parties including the corporate borrower and lenders within three days of appointment, according to the disclosure norms mandated by the Insolvency and Bankruptcy Board of India (IBBI). “It has been decided that an insolvency professional and every other professional appointed by the insolvency professional for a resolution process shall make disclosures as specified,” IBBI said in circular. Therefore, if an insolvency professional has any relation with the…

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Ex-Northumbria Police legal chief at centre of storm thought failed tribunal would make her bankrupt

A former legal chief who feared having to sell her home after she lost a controversial employment tribunal has spoken of her relief at only having to pay a police force £15,000 costs. Denise Aubrey’s employment tribunal led to a series of embarrassing allegations being aired about Northumbria Police, including details of alleged affairs between senior staff, claims of a punch up at a barbecue and public money being spent on a cover-up. She lost her claim and the force…

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Canadian projects adjust as U.K.’s Carillion enters bankruptcy

The sun sets behind a crane showing the branding of British construction company Carillion at a building site in central London. DANIEL SORABJI/AFP/Getty Images OTTAWA — The looming bankruptcy of U.K.-based Carillion PLC could force some Canadian joint-venture partners to pick up the financial slack at various major construction projects, but analysts say the overall impact of the liquidation on Canada will be modest. Carillion, one of the U.K.’s largest construction firms, filed for liquidation on Monday. The company employs…

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Herald salaries made public in bankruptcy filing

Posted: Monday, January 15, 2018 2:00 pm Herald salaries made public in bankruptcy filing The salaries of Patrick J. Purcell, publisher of the Boston Herald, and other officials at the paper were listed as part of the Boston Herald’s Chapter 11 filing, the paper reports. Newspapers & Technology | Purcell got $970,092 in the year before the Herald filed for bankruptcy in December 2017. Purcell also received membership to a golf club and clearance to use a company vehicle. “I…

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Will Carillion bankruptcy hit projects in UAE?

The Carillion is one of the biggest corporate failures in recent years. Briton’s construction firm Carillion – which has a number of projects in the UAE and a joint venture with Dubai-based Al-Futtaim Group – has filed for bankruptcy, raising questions about the prospects of its projects in the Emirates. Burdened under Dh7.7 billion debt and liabilities, this is one of the biggest British corporate failures in recent years. According to Al-Futtaim Carillion (AFC) website, the group’s major projects include…

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Here’s When Social Security Will Be Bankrupt | Business Markets and Stocks News

In November, nearly 62 million people received a benefits check from the Social Security Administration via the Old Age, Survivors, and Disability Insurance Trust (OASDI). About 42.4 million of these recipients were retired workers. As the number of retirees continues to grow, the importance of this monthly stipend that Social Security provides will as well. According to the Social Security Administration, 62% of all retired workers count on their Social Security check to provide at least half of their monthly…

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How Corktown came out on top in search for home for $148M manufacturing institute

The institute — led by the University of Michigan; the Columbus, Ohio-based manufacturing technology 501(c)(3) nonprofit EWI and Ohio State University — will be funded with a $70 million, five-year grant from the U.S. Department of Defense and $78 million from a consortium of 70-plus universities, businesses and organizations. “Detroit’s renewed energy and revitalization efforts mesh perfectly with the goals of ALMMII, making the city an ideal spot for its headquarters. This is an exciting next step in the university’s…

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