Bankruptcy

SpeedVegas driving attraction files for Chapter 11 bankruptcy – Las Vegas Review-Journal

An involuntary bankruptcy petition involving the SpeedVegas driving experience attraction south of Las Vegas is being converted to a voluntary action in U.S. Bankruptcy Court in Delaware. The Chapter 11 filing enables the company to continue operations while reorganizing its finances. A representative of the company on Friday said SpeedVegas would operate uninterrupted. “We’ve decided to move forward with a voluntary Chapter 11 case and have negotiated financing to ensure that the company can operate without interruption during this process,”…

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RCom, China Development Bank move to ‘settle’ insolvency petition

Reliance Communications (RCom) and China Development Bank (CDB) on Friday approached the National Company Law Tribunal (NCLT) in Mumbai for an adjournment of the latter’s insolvency petition till next month, amid talks they have begun negotiations for an out-of-court settlement.   CDB, which had lent $1.78 billion to RCom, had filed the petition under the Insolvency and Bankruptcy Code (IBC) on November 27, after the company defaulted on its dues.   The petition came at a time when the state-owned…

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Former Celtic goalie Rab Douglas slams financial advisors who touted scheme which left footballers bankrupt

Rab Douglas has slammed the financial advisers who touted a film investment scheme that saw several football stars go bust. The former Celtic and Dundee goalie, who was capped 19 times for Scotland, was made bankrupt with debts of £210,000 in January. Most was owed to the taxman and related to investments made in the movie scheme. Douglas, 45, was a director with Eclipse Film Partners No.4, who allowed investors the opportunity to claim tax relief through investing in film…

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Is There a Good Side to Bankruptcy?

Bankruptcy is a term that many people would rather not associate with. On a general view, there is nothing fancy about being bankrupt. Whenever a person or an entity is declared bankrupt, most friends and even family members will look the other way when they are approached. It is a very compromising position for anyone to find themselves in. Yet, in the U.S. there are about 800,000 bankruptcies filed each year with about 97% of those being non-business, according to…

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Bankruptcy Board issues standards guidelines for info utilities – Canindia News

New Delhi, Dec 15 (IANS) The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines for technical standards to be followed by information utilities, according to an official announcement on Thursday. A Finance Ministry release here said the guidelines for technical standards for various core services issued by the IBBI include for the consent framework “for providing access to information to third parties”. “An information utility shall comply with the applicable technical standards while providing services,” it said, adding…

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Insolvency law panel seeks suggestions from stakeholders

New Delhi, Dec 14 () The high-level panel tasked with identifying issues in implementation of the insolvency law has sought suggestions from stakeholders as the government works on ways to iron out practical difficulties. The first meeting of the 14-member Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, was held on December 8, where the panel decided to seek comments from stakeholders. A large number of cases have been filed under the Insolvency and Bankruptcy Code (IBC) which…

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Saudi Shoura Council approves bankruptcy law – Politics & Economics,Saudi Arabia

Saudi Arabia’s Shoura Council has approved a 231-article draft bankruptcy law aimed at regulating bankruptcy procedures. The draft law includes procedures for preventive settlement, financial reorganisation, liquidation and administrative liquidation, and includes specific procedures for small debtors. The provisions of the law will apply to any person who conducts business in Saudi Arabia, as well as companies, organisations and non-Saudi investors. In a September interview with Al Arabiya, Commerce and Investment Minister Majid al-Qusaibi said that he expected the bankruptcy…

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Unitech bankruptcy move leaves Kerala investors in the dark- The New Indian Express

KOCHI: The National Company Law Tribunal’s (NCLT) move to allow the Union Government to take control of Delhi-based real estate company Unitech, and the Supreme Court decision on Wednesday to stay the bankruptcy court’s step are under close watch, far away in Kerala. Investors who put money in the embattled company’s project in Maradu are groping in the dark on what this means for them. Experts said how the Unitech episode plays out will determine the fate of investors in other…

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Charming Charlie files Chapter 11 bankruptcy, closing Johnson City store

WATE Staff Published: December 13, 2017, 11:52 am Updated: December 13, 2017, 4:40 pm (Source: Charming Charlie) (WATE/WJHL) – Charming Charlie filed for Chapter 11 bankruptcy protection Monday. By filing under Chapter 11, the jewelry and accessories chain will be able to reorganize and continue to operate. The company has around 375 stores including locations in Turkey Creek and West Town Mall and the Mall at Johnson City. While Charming Charlie has not said what locations will be closed, spokesperson for the Mall at Johnson City…

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U.S. court removes creditor hurdle to a Westinghouse bankruptcy plan

WILMINGTON, Del. (Reuters) – A U.S. judge shot down on Wednesday a request by creditors of Westinghouse Electric Co LLC for a bigger role in the nuclear technology company’s bankruptcy just days after its parent company Toshiba Corp (6502.T) proposed a restructuring plan. FILE PHOTO – The logo of the American company Westinghouse is pictured at the World Nuclear Exhibition 2014, the trade fair event for the global nuclear energy sector, in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit…

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Sri Lanka : Opposition is in a bankrupt effort to postpone local government elections

* Opposition is in a bankrupt effort to postpone local government elections – CaFFE Wed, Dec 13, 2017, 11:25 am SL Time, ColomboPage News Desk, Sri Lanka. Dec 13, Colombo: Sri Lanka election monitor, Campaign for Free and Fair Elections (CaFFE) says that a strong opposition group of field officers is in a bankrupt attempt to postpone the local government polls. CaFFE believes that three petitions filed by the group in the Supreme Court stating that Samurdhi Officers and Field…

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Century-old Kanagawa inn deploys modern tech to come back from the brink of bankruptcy

A century-old Japanese-style inn in Kanagawa Prefecture that nearly went bust amid outdated management practices has made a recovery thanks to an injection of modern technology. Jinya is a 20-room hot-spring inn in the city of Hadano’s Tsurumaki spa resort, about an hour by train from Tokyo’s Shinjuku Station. Established in 1918, it is known among shogi enthusiasts as the venue of countless title matches. “Jinya had a debt of ¥1 billion ($8.9 million) and was on the brink of…

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Saudi Shoura passes draft bankruptcy law

RIYADH: The Shoura Council on Monday approved the draft bankruptcy law which consists of 231 articles distributed over 17 chapters, including general provisions. The draft law aims to regulate bankruptcy procedures for preventive settlement, financial reorganization, liquidation, preventive settlement for small debtors, financial reorganization for small debtors, liquidation for small debtors and administrative liquidation. The provisions of this law will apply to any person who carries on business or profit-making activities in the Kingdom. Such provisions shall also apply to…

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Insolvency crisis: Bankers to meet IBBI officials, say cannot share loan information with IU

Though the government has set up an IU and appointed National E-Governance Services (NESL) to act as an IU, bankers have not yet started sharing any information with the utility, citing client confidentiality. (Reuters) Senior bankers will meet officials of the Insolvency and Bankruptcy Board of India (IBBI), including its chairman MS Sahoo, on December 14 to express their discomfort over sharing loan agreements and other confidential client-related documents with the information utility (IU) set up under the Insolvency and…

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SCANA tells regulators: Cutting power bills would push it to bankruptcy | Business

COLUMBIA — SCANA Corp. would be pushed to bankruptcy if regulators force it to stop charging $37 million a month for its abandoned nuclear project, the company’s attorney said Tuesday. Belton Ziegler testified to regulators that the Cayce-based owner of South Carolina Electric & Gas would be forced to its knees if they roll back a series of rate hikes intended to pay for a pair of abandoned nuclear reactors north of Columbia. “I don’t think anybody in this room wants…

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