Bankruptcy

Boris Becker declares he is an African diplomat to bring ‘bankruptcy farce’ to an end

Boris Becker has declared he is a diplomat for a small African country, as he attacked “unnaccountable bankers and bureaucrats” who are chasing him for money. The three times Wimbledon tennis champion was declared bankrupt last summer and earlier this year launched an appeal to find his missing trophies to try to pay off £54million-worth of debts. Now his lawyers have told the High Court that he quietly became a “sporting, cultural and humanitarian affairs” attaché for the Central African…

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Financial Stability panel discusses insolvency resolution process

Amidst mounting bad loans, the FSDC sub-committee headed by RBI Governor Urjit Patel today reviewed the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), the Reserve Bank said. Besides, the Financial Stability and Development Council-sub committee also reviewed major developments on the global and domestic fronts that impinge on the financial stability of the country, the RBI said in a statement. The meeting comes a day after the US Federal Reserve raised the benchmark lending rate to a…

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SGU bankruptcy case: July auctions set; campus for sale – News – The Shawnee News-Star

In the St. Gregory’s University’s (SGU) bankruptcy case a couple auctions are being planned in July — one for personal property and another for mineral rights — and the campus itself is now posted for sale online. In the St. Gregory’s University’s (SGU) bankruptcy case a couple auctions are being planned in July — one for personal property and another for mineral rights — and the campus itself is now posted for sale online. In April the court hired Dakil…

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ICICI Bank drags Punj Lloyd to NCLT for insolvency; SBI, other lenders may oppose

ICICI Bank has dragged infrastructure major company to NCLT for insolvency. ICICI Bank has dragged infrastructure major company Punj Lloyd to National Company Law Tribunal (NCLT) for insolvency under the Insolvency and Bankruptcy Code (IBC), which the company said, other lenders under the leadership of State Bank of India (SBI) will oppose. When asked for clarification by the Bombay Stock Exchange (BSE), Punj Lloyd informed the stock exchange about the development. “We would like to inform you that ICICI has filed…

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ICICI Bank moves NCLT against Punj Lloyd under Insolvency Code

Punj Lloyd belongs to the so-called second list of non-performing assets recognized by RBI last year and has a total debt of over Rs6,000 crore. New Delhi: ICICI Bank Ltd on Thursday moved the National Company Law Tribunal (NCLT) against Punj Lloyd Ltd seeking initiation of insolvency proceeding under the Insolvency and Bankruptcy Code (IBC) for recovery of outstanding dues of Rs852 crore. A two-judge NCLT bench headed by M. M. Kumar issued a notice to Punj Lloyd. At 2.16pm,…

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Little visibility on bankrupt builder who tried to flee

Thursday, 14 June 2018, 6:46 pmArticle: BusinessDesk Little visibility on bankrupt builder who tried to flee to China, gambled $20.5M at SkyCity By Jonathan Underhill June 14 (BusinessDesk) – Li Dong Xie, the Auckland builder jailed for breaches of the Insolvency Act, has left little online trace of his illegal ventures which the Crown says deprived hard done-by creditors. Xie was bankrupted in July 2010 for failing to pay back debts incurred in the course of running his building business,…

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Bankrupt builder Li Dong Xie left little online trace of his illegal ventures

Li Dong Xie, the Auckland builder jailed for breaches of the Insolvency Act, has left little online trace of his illegal ventures which the Crown says deprived hard done-by creditors. Xie was bankrupted in July 2010 for failing to pay back debts incurred in the course of running his building business, New Town Home Construction Ltd, which last filed a return in September 2014 and has since been deregistered. He was listed as shareholder and director. Official Assignee Ross van…

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Top officials to discuss power projects facing insolvency

NEW DELHI: Banking secretary Rajiv Kumar will hold a meeting with banks, power companies, and senior officials of Reserve Bank of India and related ministries on June 21 to discuss the banking regulator’s new norms on stressed assets in relation with power projects, as directed by the Allahabad High Court. The meeting is likely to be attended by officials of ministries of power, oil and finance, a senior government official said. The high court had in a ruling on May…

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UN Made a “Morally Bankrupt Judgment”

Nikki Haley, the U.S. Ambassador to the United Nations, blasted the UN General Assembly on Wednesday night after it voted to condemn Israel over its actions in Gaza. “In the face of Hamas terrorists routinely inciting violence, firing over a hundred rockets into Israeli communities, and even attacking the crossing point that brings humanitarian supplies into Gaza, today the UN made the morally bankrupt judgment that the recent Gaza violence is all Israel’s fault,” said Haley in a statement. It is no…

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Bankruptcy litigation taking focus away from resolution process, says President of MN Dastur & Co

Many debt-laden steel companies are now undergoing insolvency resolution process under Insolvency & Bankruptcy Code (IBC). What is your observation on this ongoing process? Unfortunately, the process has turned complex and has been turning even more complex. There are several case laws coming in play, too many litigations are consuming time and that will eventually dilute the focus of putting the insolvent companies back on a productive track. A lot of that has to do with nascent state of the…

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Race to acquire bankruptcy-bound Ruchi Soya: Baba Ramdev’s Patanjali Ayurved gets time till Jun 16 to submit revised bid

Baba Ramdev’s Patanjali Ayurved, which is in race to acquire bankruptcy-bound Ruchi Soya, has been given time till June 16 to match or better the highest bid of about Rs 6,000 crore offered by Adani Wilmar. Baba Ramdev’s Patanjali Ayurved, which is in race to acquire bankruptcy-bound Ruchi Soya, has been given time till June 16 to match or better the highest bid of about Rs 6,000 crore offered by Adani Wilmar. Yesterday, a Committee of Creditors (CoC) met to…

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Mzomera declared bankrupt – The Nation Online

  Outspoken lawmaker for the ruling Democratic Progressive Party(DPP) for Mzimba Hora Christopher Mzomera Ngwira risks losing his seat after being declared bankrupt by High Court in Lilongwe for failing to settle a $75,000,00( about K55 million) debt plus accrued interests. The court made its determination on May 3rd 2018 after the defendant failed to pay the debt by 25th of May 2018. Arrested: Ngwira Court documents  Nation Online  has seen show that the…

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Bankruptcy more likely if Dr M borrows from Japan

Umno Youth exco Shahril Sufian Hamdan warns that Malaysia is at greater risk of going bankrupt if Prime Minister Dr Mahathir Mohamad goes ahead with his plan to obtain soft loans from Japan in yen. “The risk of the country going bankrupt is higher when we borrow in foreign currency such as the yen, as we are exposed to the fluctuations of currency exchange between the ringgit and yen, and also the interest rate in Japan,” he said… Source link

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Court grants BioAmber protection | Sarnia Observer

A petition by BioAmber for protection under Canada’s Companies’ Creditors Arrangement Act has been granted by the Superior Court of Quebec. An order issued by the court in late May provides for an initial stay of proceedings until June 22 and appointed PricewaterhouseCoopers as monitor of the company’s business and financial affairs. BioAmber, a company headquartered in Montreal, opened its first commercial-scale plant in Sarnia in 2015. In May, the company announced it had filed a voluntary petition for relief…

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