Property developer Seán Dunne would be allowed to “further manipulate assets” and frustrate the efforts of his creditors if he is allowed to withdraw his US bankruptcy case, Ulster Bank has told a US court, the Irish Times reported. Objecting to Mr Dunne’s application to dismiss his case before Connecticut’s bankruptcy court, Ulster Bank, one of the US-based developer’s biggest creditors, said in a new legal filing that the investigation into his finances would be “substantially hampered” if the court granted his motion to dismiss.

Banks should consider paying bonuses in the form of debt and giving their creditors a greater voice in boardrooms in an effort to keep risk-taking under control, the International Monetary Fund has said, the Financial Times reported. The findings, which are part of the IMF’s twice yearly Global Financial Stability Report, come after several countries, including the US, the EU and the UK, have passed reforms aimed at reducing the incentives for banks to gamble recklessly in the hope of driving up profits and payouts.

A U.S. judge held Argentina in contempt of court on Monday, saying the republic was trying to find ways to circumvent a prior order requiring it pay holdout bondholders at the same time as other creditors who restructured their debt in recent years, Reuters reported. U.S. District Judge Thomas Griesa in Manhattan deferred a decision on imposing sanctions against Argentina to a later date. But he did say that the "problem is that the republic of Argentina has been and is now taking steps in an attempt to evade critical parts of" his injunction.

In its latest attempt to circumvent US courts, Argentina will seek to pay nearly $200m due on its restructured bonds by disbursing the money to investors next week via a local bank instead of Bank of New York Mellon, its trustee, the Financial Times reported. In response, holders of the country’s defaulted bonds have asked US District Judge Thomas Griesa to find the nation in contempt of court and fine it $50,000 for seeking to evade legal rulings that require Argentina to pay them in full if it also services its restructured debt.

U.S. Steel Canada says a proposal from its parent company and largest secured creditor to lend $185 million will let the insolvent steelmaker maintain its operations for another year and begin a process to sell its two Ontario operations, the Toronto Star reported on a Canadian Press story. According to court documents, company president and general manager Michael McQuade said the proposed debtor-in-possession (DIP) funding was “appropriate” with better terms for it than other creditor proceedings.

Argentina is holding a gun to the head of Citigroup, a lawyer for the bank told a three-judge panel in Manhattan on Thursday, the International New York Times DealBook blog reported. The bank has found itself in an awkward position: It must decide between defying a New York court order or a sovereign government, a move that it says would result in “grave sanctions” from Argentina. “We’re going to obey, and if we obey, we have a gun to our head and the gun will probably go off,” Karen Wagner, a lawyer representing Citigroup, said.

Government is one step closer to enacting the Bankruptcy and Insolvency Act of 2007, Finance Minister Larry Howai has said. At present, he said, the state was moving apace to create the Office of the Insolvency Regulator which soon after would be filled and the agency would commence operations, the Trinidad and Tobago Guardian reported. Speaking at Monday’s launch of NCB Global Finance Ltd, a subsidiary of NCB Group, on Ariapita Avenue, Woodbrook, the minister said, “The Act was passed in 2007. It’s another piece of legislation that improves our ease of doing business.

The Canadian unit of U.S. Steel Corp. filed for court protection from creditors to restructure its operations. The steelmaker applied to the Ontario Superior Court today for protection under Canada’s Companies’ Creditors Arrangement Act, U.S. Steel Canada said today in a statement obtained by Bloomberg News. U.S. Steel, the biggest U.S. steelmaker by volume, will provide C$185 million ($169 million) in debtor-in-possession financing to the Canadian unit during the restructuring. “Despite substantial efforts over the past several years to make U.S.

Essar Steel Algoma Inc. will have sufficient liquidity to complete capital improvements and buy enough raw materials to get it through the winter after the Ontario Superior Court of Justice approved its restructuring plan, The Globe and Mail reported. “This plan provides for a comprehensive capital infusion, a substantial deleveraging of our balance sheet and the refinancing of all of Algoma’s senior secured debt,” Kalyan Ghosh, chief executive officer of the Sault Ste. Marie, Ont.-based company said in a statement.

Dozens of countries with the most advanced economies have agreed on principles for concrete action to prevent corporations from gaming the international tax system, the Organization for Economic Cooperation and Development said in a report on Tuesday, the International New York Times reported.