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Daily Archives: January 4, 2018

Steinhoff CFO steps down amid probe into accounting irregularities – Financial Times

RestructuringBy Insolvency GuardianJanuary 4, 2018

Olaf Storbeck January 4, 2018 The chief financial officer of South African furniture retailer Steinhoff International, Ben la Grange, stepped down from his role on Thursday in the latest blow to the stricken group since it became embroiled in an accounting scandal in December.  The company said Mr la Grange would instead focus on the…

Higher Berlin court to rule on challenge to Niki insolvency – Reuters

LiquidationBy Insolvency GuardianJanuary 4, 2018

FRANKFURT (Reuters) – A Berlin court on Thursday rebuffed a legal challenge to the insolvency filing of airline Niki, which could derail the sale of the Air Berlin (AB1.DE) unit to Britains IAG (ICAG.L), and referred the case to a higher court for a ruling. Niki filed for insolvency in Berlin last month after Germanys…

IBBI new norms raises doubts among insolvency professionals – Economic Times

BankruptcyBy Insolvency GuardianJanuary 4, 2018

Insolvency professionals are flummoxed by the latest rule from the Insolvency and Bankruptcy Board of India that prohibits them from outsourcing the work related to resolution of a bankrupt company. “All the assignments in which delegation of authority has taken place by the insolvency professional even if it is with the approval from the Committee…

Man jailed over Lincoln Prison drug bid to pay loan shark – BBC News

GamblingBy Insolvency GuardianJanuary 4, 2018

Man jailed over Lincoln Prison drug bid to pay loan shark 4 January 2018 Image copyright Lincolnshire Police Image caption Charles Smith claimed the people he owed money to had visited the houses of his mother and his children chasing the debts A man caught throwing packages of drugs over the wall into Lincoln Prison…

Brookfield Business Partners to buy Westinghouse in $4.6bn deal – Financial Times

RestructuringBy Insolvency GuardianJanuary 4, 2018

Ed Crooks January 4, 2018 Westinghouse Electric Company,the US nuclear engineering group that went into chapter 11 bankruptcy last year, has been sold by its owner Toshiba to Brookfield Business Partners, the private equity group, for $4.6bn. The deal is conditional on approval from the bankruptcy court and regulators around the world. Brookfield is funding…

Man jailed over Lincoln Prison drug bid to pay loan shark – BBC News

GamblingBy Insolvency GuardianJanuary 4, 2018

Image copyright Lincolnshire Police Image caption Charles Smith claimed the people he owed money to had visited the houses of his mother and his children chasing the debts A man caught throwing packages of drugs over the wall into Lincoln Prison in a bid to clear his debts has been jailed for two years. Charles…

LIVE: breaking news, traffic, travel and weather in Lincolnshire for Thursday, January 4 – LincolnshireLive

GamblingBy Insolvency GuardianJanuary 4, 2018

Man throws £2,800 worth of drugs over wall at Lincoln prison Charles Smith who has been sentenced to two years in prison A man threw drug packages worth up to £2,870 over the wall at Lincoln prison in an attempt to reduce his gambling debt. Charles Smith, 32, of Earlesfield Lane, Grantham, was caught on…

Man throws £2800 worth of drugs over wall at Lincoln prison – LincolnshireLive

GamblingBy Insolvency GuardianJanuary 4, 2018

A man threw drug packages worth up to £2,870 over the wall at Lincoln prison in an attempt to reduce his gambling debt. Charles Smith, 32, of Earlesfield Lane, Grantham, was caught on CCTV security cameras when he threw two packages that contained synthetic cannabis, ecstasy and cocaine into the prison. Prosecuting, Andrew Scott, told…

Higher Berlin court to rule on challenge to Niki insolvency – Yahoo7 News

LiquidationBy Insolvency GuardianJanuary 4, 2018

FRANKFURT (Reuters) – A Berlin court on Thursday rebuffed a legal challenge to the insolvency filing of airline Niki, which could derail the sale of the Air Berlin <AB1.DE> unit to Britain’s IAG <ICAG.L>, and referred the case to a higher court for a ruling. Niki filed for insolvency in Berlin last month after Germany’s…

Vietnam approves bill letting banks be declared bankrupt – Observer

BankruptcyBy Insolvency GuardianJanuary 4, 2018

A man withdraws money from an ATM at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) in Hanoi, Vietnam Nov 15, 2017. (Reuters photo) HANOI: Vietnams national assembly on Monday gave authorities the ability to declare troubled banks bankrupt, through an amendment to a law on the operation of credit organisations, the government…

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