September 7, 2017 - Page 2 of 3 - Insolvency Guardian

Legalize pot and gambling to fund Kentucky’s pensions? ‘Not going to happen,’ Bevin says – The Courier-Journal

GamblingBy Insolvency Guardian September 7, 2017

CLOSE A quick look at the figures behind the Commonwealth’s pension shortfall. Mary Ann Gerth/Courier-Journal/USA TODAY Network/Wochit Buy Photo Governor Matt Bevin addresses the crowd during the Governors Local Issues Luncheon held at the Galt House. Aug. 24, 2017(Photo: Sam Upshaw Jr./CJ)Buy Photo Correction: An original version of this story misstated who suggested legalizing casino gambling…

Feds: Craig Carton Started Ticket Reselling Ponzi Scheme To Pay Off Millions In Gambling Debt – Gothamist

GamblingBy Insolvency Guardian September 7, 2017

Craig Carton in 2016 (Getty Images) After being being arrested early Wednesday morning, radio personality Craig Carton was charged with securities fraud, wire fraud, and conspiracy to commit those offenses for creating what the U.S. Attorney’s office called a “Ponzi-like scheme” to attract investors into committing millions to a ticket reselling businessa business that was…

NCLT adjourns hearing on case against Stayzilla to Sept 12 – Times … – Times of India

LiquidationBy Insolvency Guardian September 7, 2017

CHENNAI: The Chennai bench of the National Company Law Tribunal (NCLT) on Thursday adjourned hearing on an insolvency case against homestay aggregator Stayzilla to September 12. Vendor Jigsaw Solutions has filed a petition seeking initiation of corporate insolvency as an operational creditor under Section 9 of the Insolvency & Bankruptcy Code 2016 against Inasra Technologies…

Gordon and Murdoch got Ten bid horribly wrong – The Australian Financial Review

BankruptcyBy Insolvency Guardian September 7, 2017

The list of strategic blunders committed by Bruce Gordon and Lachlan Murdoch in their quest for control of Ten Network Holdings is staggering. As shareholders of the company and guarantors of the secured debt, Gordon and Murdoch were in an unassailable position to gain control of a company that has many links to other Murdoch…

Insolvency Code: Supreme Court’s Order Has A Stern Message For Company Managements – BloombergQuint

BankruptcyBy Insolvency Guardian September 7, 2017

In its first detailed order on the Insolvency and Bankruptcy Code, the Supreme Court has, via a series of observations, made it clear to managements of insolvent firms that their rule is over. The judgement was pronounced in the case of Innoventive Industries that had challenged an unfavorable order by the National Company Law Appellate…

State laws repugnant to IBC are void, says Supreme Court – The Hindu

BankruptcyBy Insolvency Guardian September 7, 2017

Provisions of State enactments which hinder the country’s new bankruptcy law Insolvency and Bankruptcy Code (IBC) meant to protect the interests of shareholders, creditors and workmen against entrenched managements unable to dig their way out of their debts, will be declared void, the Supreme Court held. In a judgment heralding the IBC as an effective…

Teen found hanged ‘being chased for online gambling debts’ – Daily Post North Wales

GamblingBy Insolvency Guardian September 7, 2017

The family of a teenager who took his own life believe online gambling debts were a factor in his death. Joey Rojas, 18, was found hanging at home by his younger brother. In a statement to his inquest today, his mother Joselyn said she believed he owned money to someone over gambling and had been…

Stayzilla’s legal woes continue as it now fights a corporate insolvency petition – The News Minute

LiquidationBy Insolvency Guardian September 7, 2017

The next hearing will happen on September 12 at the Chennai bench of NCLT. There seems to be no end to legal battles for Homestays startup Stayzilla. Five months after co-founder Yogendra Vasupal was granted bail by Madras High Court, the company is now contesting a petition filed by vendor Jig Saw at the Chennai…

‘Safe to fail’: Insolvency safe harbours will rescue struggling companies – The Australian Financial Review

BankruptcyBy Insolvency Guardian September 7, 2017

The government’s introduction of a safe harbour to protect directors from insolvent trading liability will drive a culture change expected to prevent the premature collapse of companies, according to experts. Minister for Revenue and Financial Services Kelly O’Dwyer has rallied lawyers and turnaround professionals to back the government’s changes, saying they will be key to…

Two Gladstone region medical centres in voluntary administration – Gladstone Observer

LiquidationBy Insolvency Guardian September 7, 2017

CREDITORS will decide the fate of a Gladstone and Calliope health service provider after they were placed in voluntary administration this week. Australian Securities and Investments Commission documents show the owner of Gladstone Valley and Calliope Medical Centres, Medifield, was placed in the hands hands of creditors on September 4. The filings were made ten…

Daily Archives: September 7, 2017