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Category Archives: Bankruptcy

IOB sells Essar Steel bad debt to Edelweiss ARC – Hindu Business Line

BankruptcyBy Insolvency GuardianSeptember 28, 2017

Mumbai, September 28:   State-owned Indian Overseas Bank has sold its bad debt exposure of 1,500 crore in Essar Steel to Edelweiss Asset Reconstruction Company at a 50 per cent discount to its book value, said sources close to the development. The deal comes even as the National Company Law Tribunal declared Essar Steel insolvent and…

Man of many names, debts, tries to open Far South Coast estate agencies – Narooma News

BankruptcyBy Insolvency GuardianSeptember 28, 2017

Man of many names, debts, tries to open Far South Coast real estate agencies NEW MOVE: Dene Broadbelt during his time as a country radio presenter. Under the name Luke Hemmings, he has tried to open real estate agencies on the Far South Coast. The ASIC listing in mid-September, 2017, showed the ABN for the…

Ex-One Nation senator Rod Culleton escorted from Perth courtroom for outburst – The West Australian

BankruptcyBy Insolvency GuardianSeptember 28, 2017

UPDATE: Former One Nation senator Rod Culleton has apologised to a Perth magistrate after an angry outburst saw him escorted from a courtroom during his stealing trial today. Mr Culleton allegedly surrounded a $27,000 hire car with hay bales in March 2015, forcing bank-appointed receivers to leave it at Bruce Dixons Cuballing farm where they…

Magistrate warns Culleton against ‘yelling and throwing things on the table’ – Perth Now

BankruptcyBy Insolvency GuardianSeptember 28, 2017

UPDATE: FORMER One Nation senator Rod Culleton has apologised to a Perth magistrate after an angry outburst saw him escorted from a courtroom by police during his stealing trial today. Mr Culleton allegedly surrounded a $27,000 car hired by bank-appointed receivers with hay bales in March 2015, forcing them to leave it at Bruce Dixons Cuballing…

Jackman declares bankruptcy, needs legal aid – The West Australian

BankruptcyBy Insolvency GuardianSeptember 28, 2017

Former Rare Coin Company director Rob Jackman attends court today. Picture: Laurie Benson Albany AdvertiserPicture: Albany Advertiser The former director of the collapsed Rare Coin Company has declared he is bankrupt when facing charges he allegedly stole $1.8 million from investors before his company collapsed four years ago. Robert Colin Jackman made brief appearance in…

Ryanair drops bid for Alitalia to focus on pilot roster difficulties – Irish Times

BankruptcyBy Insolvency GuardianSeptember 27, 2017

Ryanair will not go ahead with a planned bid for troubled Italian flag carrier Alitalia as it continues to grapple with problems that have forced it to cancel flights through the winter. The airlines shares surged 3.87 per cent to 17.06 on Wednesday, adding 600 million to its value, despite news that it planned to…

PREPA bondholder group offers $1 billion new cash to struggling Puerto Rico utility – Reuters

BankruptcyBy Insolvency GuardianSeptember 27, 2017

NEW YORK (Reuters) – Creditors of Puerto Ricos bankrupt power utility said on Wednesday that they had offered the utility a new $1 billion loan and a discount on a portion of the existing debt to help recovery efforts after Hurricane Maria devastated the island last week. The commitment would reduce the Puerto Rico Electric…

Who is Fraser Anning? His now-hidden Facebook may hold clues – The New Daily

BankruptcyBy Insolvency GuardianSeptember 27, 2017

The man who could be in line to replace Malcolm Roberts if the One Nation senator is booted from Parliament shared social media posts suggesting Barack Obama was secretly a Muslim and praising Russian President Vladimir Putin. With observers expecting Senator Roberts election to be struck out, the spotlight has swung onto One Nations third Queensland…

PREPA bondholder group offers $1 billion new cash to struggling Puerto Rico utility – Reuters.com

BankruptcyBy Insolvency GuardianSeptember 27, 2017

NEW YORK (Reuters) – Creditors of Puerto Ricos bankrupt power utility said on Wednesday that they had offered the utility a new $1 billion loan and a discount on a portion of the existing debt to help recovery efforts after Hurricane Maria devastated the island last week. The commitment would reduce the Puerto Rico Electric…

Personal insolvencies ‘not business related’ – My Business

BankruptcyBy Insolvency GuardianSeptember 27, 2017

While there has been a substantial rise in business collapses, new data suggests they are not causing a spike in personal insolvencies. Australian Financial Security Authority (AFSA) has released details of the root causes of personal insolvencies in Australia last financial year, and noted that most personal insolvencies are not business related. In [financial year]…

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