Intelsat has a plan to emerge from its Chapter 11 bankruptcy protection. It involves slashing debt owed by more than half, from $15 billion to $7 billion. But the debtors must agree to those losses. If not, the company faces a more dire outcome, including the likely liquidation of its recently acquired Gogo Commercial Aviation…
ASIC has permanently banned a former Sydney financial adviser following his involvement in 14 failed companies, including an SMSF firm. ASIC has permanently banned former Sydney financial adviser Daniel Stuart McSweeny from providing financial services. On 18 December 2018, Mr McSweeny was charged with 20 dishonesty offences and one offence of falsifying books as a…
Date: 15.02.2021 Creditors and administrators meetings remain unsuccessful An agreement failed to be found Two WridgWays Australia subsidiary businesses are going into liquidation over a month after being placed in voluntary administration. The decision comes after meetings between administrators, SV Partners Timothy Brace and Peter Gountzos, and creditors regarding the decision to appoint a committee…
The research wing of Insolvency and Bankruptcy Board of India has suggested an online platform for sale of stressed assets to bring in more transparency and better price discovery. In its assessment report on Corporate Insolvency and Resolution Timeline, it said the platform can be prepared on similar lines as investindia.gov.in specifically for stressed assets…
However, to be able to do so, a stressed MSME will require the approval of unrelated financial creditors who account for at least 25% of outstanding claims. Only debtors can trigger their own bankruptcy process under the special insolvency resolution framework for micro, small and medium enterprises (MSMEs), which the government and the regulator are…
Dewa Housing Finance Corporation (DHFL) on Saturday posted a consolidated net loss of Rs 13,095.38 crore in the third quarter ended December 2020 against a net profit of Rs 934.31 crore in the year ago quarter. Sequentially, the company witnessed widening of net loss from Rs 2,122.65 crore in the second quarter ended September 2020.…
Chocolates and flowers may be Valentine’s Day staples, but they’re also among the easiest gifts you can give your special someone. Booking a getaway doesn’t require too much additional effort; however, it’s certainly more exciting and it doesn’t have to fall on February 14. No one has been travelling far to take a romantic vacation…
Thursday, February 11, 2021 At the start of 2020, we considered what changes the UK restructuring and insolvency market might expect to see during the year however no one could sensibly have predicted the significant and far reaching impact of COVID-19. In part 1 of our blog, we look back at 2020 and look forward…
Image by Rebecca Lintz Equestrian Australia (EA) has exited the Voluntary Administration process following its Deed of Company Arrangement (DOCA) coming into effect. Mark Bradley, EAs Chairman of the Board of Directors, said that Voluntary Administrators Craig Shepard and Kate Conneely from KordaMentha, have finalised all conditions of the DOCA and have handed back control…
Business Corporate insolvencies are set to double in 2021, with experts warning that targeted action is needed in next months Budget to avoid further damage. Thursday, 11th February 2021, 1:23 pm Experts are forecasting a jump in corporate insolvencies as the economic fallout from the pandemic intensifies. Picture: Tim Goode/PA RSM, the audit, tax and…