Insolvency Guardian Media Centre
Satellite communications has always been a partly invisible affair. Once the satellites have been launched into space, they are forever lost to the eye in the distant darkness, unlike the terrestrial basestations that dot the land. Now one of their oldest operators is also going dark.
Conceived when JFK sat in the White House, Intelsat is turning private after spending eight years as a publicly listed company. A financial restructuring announced this week is designed to more than halve debts at the bankrupt business, slashing them from nearly $15 billion to just $7 billion. Intelsat’s aim is to emerge from bankruptcy protection by the end of this year as a private company. With plans for a public return in the next five years, it watch…
Read the full article at: https://www.lightreading.com/satellite/intelsat-needs-more-than-debt-restructuring-to-fly/d/d-id/771723
Member Article
The year-on-year level of corporate insolvency has risen for a third consecutive month, highlighting the continuing impact of the pandemic on North East businesses.
The latest corporate insolvency figures for England and Wales reveal a 70.4% increase in Creditors Voluntary Liquidations in July compared to July 2020, suggesting an increasing number of directors have decided to close their businesses as a result of the challenging conditions created by the pandemic.
While corporate insolvencies fell by 9.3% month-on-month in July 2021, to 1,094 compared to Junes figure of 1,206, they increased year on year by 13.4% compared to July 2020s figure of 965.
Alexandra Withers, North East chair of insolvency and restructuring tra…
Read the full article at: https://bdaily.co.uk/articles/2021/08/26/year-on-year-corporate-insolvency-figures-rise-for-third-consecutive-month
On August 6, the National Company Law Tribunal (NCLT) had admitted an application filed by Techno for initiating corporate insolvency resolution process (CIRP) against McLeod.
The National Company Law Appellate Tribunal (NCLAT) has admitted an appeal filed by McLeod Russel promoter, Aditya Khaitan, against insolvency proceedings and will decide on staying the formation of committee of creditors (CoC) after Techno Electric & Engineering, the financial creditor, files its reply.
In its order, the appellate tribunal said, We have considered the submissions, the appeal is admitted for hearing, however, we will consider the application for stay after filing reply by the respondent…
Read the full article at: https://www.business-standard.com/article/companies/nclat-admits-mcleod-promoter-appeal-to-decide-on-constitution-of-coc-121082601196_1.html
A company can run usual operations or as a going concern even if it is in the process of being wound up in an administered sale, said a recent order by a bankruptcy appeals court, boosting recovery prospects for lenders that want to maximise value on soured loans.
The principal bench in New Delhi comprising two judges Anant Bijay Singh and Shreesha Merla – has shot down an earlier order by the National Company Law Tribunal (NCLT).
As to the going concern concept, the CIRP (Corporate Insolvency Resolution Plan) and CoC (Committee of Creditors) will put their maximum efforts to derive maximum value from the corporate debtor, said the National Company Law Appellate Tribunal (NCLAT).
The order was passed on Tuesday in the case of M/s Mohan Ge…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/a-company-can-run-as-a-going-concern-in-liquidation-nclat/articleshow/85662325.cms
An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip
HONG KONG, Aug 26 (Reuters) – The government of Guangdong province is seeking feedback from major banks of debt-laden property developer China Evergrande Group (3333.HK) about forming a creditor committee, as the company warned of a further plunge in profits, according to a news report on Thursday.
Financial intelligence provider REDD, citing two sources briefed by bankers, said that the government initiated discussions with banks last week but has yet to make a decision.
The formation of a creditor committee would allow the government to instruct banks and trust firms to extend their exposure, reduce borrowing rates and provide additional supp…
Read the full article at: https://www.reuters.com/world/china/indebted-china-evergrande-expects-h1-profit-plunge-much-39-shares-slip-2021-08-26/
Hundreds of employees and participants of one of Australia’s largest disability service providers face an uncertain future with the organisation entering voluntary administration.
Key points:
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Disability Services Australia have appointed KPMG as their administrators
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DSA’sCEO says the company faced financial constraints, compounded by the pandemic
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Shadow NDIS Minister Bill Shorten says the federal government’s “savage cuts”played a part in DSA’s insolvency
Disability Services Australia, which has operated since 1957 and provides services including at-home support and employment assistance to people with a disability, appointed KPMG as administrators on Wednesday.
The not for profit employs more than 1,600 people across New South Wales and su…
Read the full article at: https://www.abc.net.au/news/2021-08-25/disability-services-australia-voluntary-administration-kpmg/100408160
Disability Services Australia is headed into voluntary administration, leaving questions about how much the disability support sector can take in the pandemic.
One of Australias largest disability service providers, Disability Services Australia (DSA), has gone into voluntary administration following financial constraints compounded by COVID-19.
National Disability Insurance Scheme (NDIS) participants and support companies have said the government has been slow to act to offer support throughout the pandemic, particularly in the early days.
But how much of an impact the pandemic had on DSA isnt clear. One advocate has said its business and operational model is outdated.DSA employs hundreds of people with disabilities to…
Read the full article at: https://www.crikey.com.au/2021/08/26/disability-services-australia-ndis-covid-19/
The life of a mafia member isn’t exactly known for being free of violence and brutality – but those in the Japanese yakuza have to go through a particularly grisly ritual.
The yakuza, Japan‘s equivalent of the mafia, are fans of what’s known as yubitsume, which translates to ‘finger shortening’ (or yubi o tobasu/‘finger flying’).
It essentially involves cutting off a portion of your little finger, serving as a method of atonement for serious wrongdoing – having sometimes been considered as an alternative repayment for debt if someone can’t cough up the cash.
Its origins are unclear, but thought to date back to the bakuto, who were itinerant gamblers in Japan from the 18th to 20th centuries. Along with the tekiya, they are…
Read the full article at: https://www.ladbible.com/news/news-brutal-reason-yakuza-members-cut-off-their-little-finger-20210825
Seeking a global freezing order
Les Ambassadeurs Club in London has failed in its court appeal to get a global freezing order put in place on the assets of a Chinese businessman in an attempt to recover over 10m ($13.7m) in gambling debt.
Yu Songbo is a real estate developer from Zhoushan in eastern China. At one point, he was reportedly among the richest 150 people in the country. He has been a member of Les Ambassadeurs since 2014; his family was worth 1bn ($1.37bn) at the time of joining.
had spent about 19m ($26m) on gaming chips at the casino
The exclusive casino in Park Lane has attempted to get a worldwide freezing order on Yus assets. He had spent about 19m ($26m) on gaming chips at the casino over the course of five days in 2…
Read the full article at: https://www.vegasslotsonline.com/news/2021/08/25/london-casino-pursues-legal-action-over-millionaire-gamblers-10m-debt/
Do you want to pay your debt off while paying reduced interest rates? A Debt Management Plan (DMP) might be what youre looking for!
When youre in the process of paying off your debt, the entire thing can become very overwhelming. You have several creditors to deal with, different companies that call you weekly, and dont even get me started on the interest rate youre paying.
A debt management plan is a tool to pay off your unsecured debt in 3-5 years, mostly credit card debt. You can enroll in a DMP, and they will negotiate a better interest rate. You only have to make one monthly payment, and you can finally put the debt behind you.
Heres exactly what a debt management plan is, everything you need to know before you consider enrolling, …
Read the full article at: https://yourmoneygeek.com/debt-management-plan/
Wednesday, August 25, 2021
The recent case ofRe A Company [2021] EWHC 2289 (Ch)outlines how the coronavirus test for winding up petitions will be applied by the Courts. Taking a similar approach, to the cases ofNewman v Templar Corp Ltd [2020] EWHC 3740 (Ch) andRe PGH Investments Ltd v Ewing [2021] EWHC 533 (Ch),both as detailed in our blogshereandhere, the low threshold test for determining whether coronavirus had an impact on the financial position of the Company was applied.
The coronavirus test prohibits a creditor from pursuing winding up proceedings against a debtor company that has been financially affected as a consequence of the coronavirus pandemic. The temporary changes to winding up petitions are set to end on 30 September 2…
Read the full article at: https://www.natlawreview.com/article/uk-winding-petitions-hurdle-coronavirus-test
LONDON: Fugitive Indian businessman Vijay Mallya has filed papers in the UK high court seeking permission to appeal against his bankruptcy order.
Mallya (65) was declared bankrupt by the insolvency and companies court (ICC) of the high court on July 26 this year. His name is now listed in the individual insolvency register.
A spokesman for the chancery division of the high court told TOI that Mallya had on August 16 filed a notice seeking permission to appeal the decision of Chief ICC judge Briggs, who had declared him bankrupt. “He has until September 21 to file his appeal bundle and then it will be referred to another judge to consider whether to grant permission to appeal.”
If permission is granted, he will have a full appeal hearing, wh…
Read the full article at: https://timesofindia.indiatimes.com/world/uk/vijay-mallya-files-for-permission-to-appeal-against-bankruptcy-in-uk-high-court/articleshow/85637517.cms