March 23, 2017 - Insolvency Guardian

Draft law to reform insolvency procedures: group-wide pre-bankruptcy agreements – International Law Office (registration)

BankruptcyBy Insolvency Guardian March 23, 2017

Introduction Group-wide pre-bankruptcy agreements Rordorf Commission draft proposal Comment Introduction The Rordorf Commission was established by the minister of justice on January 28 2015, with the aim of developing draft legislation to reform the existing Insolvency Act.(1) On February 10 2016 the commission finalised its draft legislation and recommended a new approach to safeguard financially…

Vegas Party Followed Plea Deal in Gambler’s Insider-Trading Case – Bloomberg

GamblingBy Insolvency Guardian March 23, 2017

A day after signing a plea agreement with federal prosecutors in New York last year, former Dean Foods Co. chairman Tom C. Davis went to Las Vegas to party. Davis is the governments star witness at the insider-trading trial of gambler Billy Walters. Walterss lawyer, Barry Berke, has spent more than a day grilling Davis, depicting him as…

Unemployed ex-gambling addict has £30k of debt but uses his benefits to splurge £2500 on washing machine and top … – The Sun

GamblingBy Insolvency Guardian March 23, 2017

TONIGHTS episode of On Benefits & 40 Grand In Debt sees an unemployed dad-of-three with £30,000 of debt decide whether or not coming off benefits is worthwhile. David, 29, from Hartlepool and girlfriend Rebecca have £30,000 worth of loans and bills to pay off, but half of their Job Seekers Allowance goes on paying off…

Blue Inc creditors vote through restructuring deal – Belfast Telegraph

RestructuringBy Insolvency Guardian March 23, 2017

Creditors of struggling retail chain Blue Inc have voted through a restructuring deal that is likely to see a number of store closures. The company instructed Begbies Traynor to undertake a company voluntary arrangement (CVA), a process that allows it to have its rents reduced and to jettison underperforming stores. Begbies did not disclose how…

LNP delivers farm debt restructure office – Queensland Country Life

Debt HelpBy Insolvency Guardian March 23, 2017

THE LNP says its new Farm Debt Restructure Office will help Queensland farmers struggling with debt. Opposition agriculture spokesman Dale Last said the LNPs amendments would establish the new office to tackle farm debt head-on under the authority of The Queensland Rural and Industry Development Authority. The LNP is focused on delivering for farmers who are…

Abattoir closure shock – The West Australian

LiquidationBy Insolvency Guardian March 23, 2017

Farmers in the Esperance area are coming to terms with the closure of the Shark Lake Food Groups Myrup abattoir. The Shark Lake Food Group facility is an export-licensed works, capable of processing beef, sheep, goats and offal. It is also a major employer in the Esperance area, with more than 100 employees involved in…

Ex-dance studio owner who stole $19M from credit union gets prison – MLive.com

BankruptcyBy Insolvency Guardian March 23, 2017

DETROIT, MI – An ex-dance studio owner who pleaded guilty to stealing nearly $19 million from an Oakland County credit union has been sentenced to spend the next 11 years in federal prison. An orange Livingston County jail jumpsuit hung loosely from Michael LaJoice’s frame as he appeared in Detroit U.S. District Court before Judge…

Puerto Rican religious leaders ask for US help in debt crisis – Catholic Culture

Debt HelpBy Insolvency Guardian March 23, 2017

Catholic World News March 23, 2017 Religious leaders in Puerto Rico have joined in an appeal to the United States to help the island territory escape a debt crisis. Archbishop Roberto Gonzalez Nieves of San Juan and Rev. Heriberto Martinez, the head of the Bible Society, signed a joint letter to the US Congress seeking…

Gujarat NRE Coke files for bankruptcy – Business Standard

BankruptcyBy Insolvency Guardian March 23, 2017

Gujarat NRE Coke has filed for insolvency with the National Company Law Tribunal. The company is a producer of coke, which is used by industries such as the steel sector. The company, listed on both BSE and National Stock Exchange, owes Rs 3,200 crore to a group of lenders that include the…

Advisers paid 21000 average for helping struggling debtors – Irish Times

BankruptcyBy Insolvency Guardian March 23, 2017

Personal insolvency practitioners were paid 557,807 for advising people struggling with overall debts that totalled 397 million under the State-funded Abhaile financial aid scheme for the final three months of 2016. A previously unpublished analysis of the scheme, run through the Money Advice and Budgeting Service (Mabs), shows that the average payment made to the…

Daily Archives: March 23, 2017