The High Court has wound up seven companies run from an office in Mayfair, London, after an Insolvency Service investigation found that their marketing of high-risk mini-bonds, used to fund property development projects, was misleading and the directors continued to take investors money even after the companies were insolvent.
The principal directors of all the companies were Christopher John Madelin and Oliver James Mason and the companies involved were:
- 4 unregulated mini-bond investment vehicles (Magna Investments X Ltd, MIX2 Ltd, MIX3 Ltd and MIXG Ltd), raising over 20m from members of the public
- An associated group and brand holding company (Magna Asset Management Ltd)
- An operational company (Magna Project Management Ltd)
- A c…
Read the full article at: https://www.miragenews.com/magna-group-mini-bond-companies-shut-down-614963/
SINGAPORE (THE BUSINESS TIMES) – Following a financial analysis, Singapore Press Holdings’ (SPH) appointed independent financial adviser has advised the company’s directors to recommend that shareholders vote in favour of the proposed restructuring of its media business.
The independent financial adviser, Evercore Asia (Singapore), said in a letter to the board of directors that the restructuringwouldpreventSPH from having to bearpotentially significant and recurring losses ofthe media business going forward.
It added that the move will allow SPH to “set a clear strategic direction” with a focus on the real estate sector and related segments of student accommodation and aged care while eliminating the risks and uncertainties associate…
Read the full article at: https://www.straitstimes.com/business/companies-markets/independent-financial-adviser-in-favour-of-sphs-media-restructuring
Crdito y Caucin | According to Iberinforms monitoring of insolvency proceedings published in the BOE, in the first seven months of 2021 the Spanish economy recorded a 69% increase in corporate insolvencies, 3,838 proceedings compared to 2,270 in the first seven months of 2020.
Data for the month of July (657 proceedings) show growth of 30% when compared to the data recorded a year ago. The confinements and moratoriums decreed during the first wave of the pandemic drastically reduced the number of insolvency proceedings filed. Both Spain and neighbouring markets have taken measures to curb bankruptcy filings by modifying filing thresholds, reducing the creditors ability to force admission or providing sufficient financial support for the…
Read the full article at: https://thecorner.eu/news-spain/spain-economy/spain-corporate-insolvencies-grow-by-69-so-far-this-year/97791/
Clients of Karvy Private Wealth have challenged certain sections under the Insolvency and Bankruptcy Code (IBC) on the grounds that these do not provide restitution to financial creditors in cases where the corporate debtor has raised money through a fraudulent investment scheme.
The Delhi High Court had issued notices to the Centre, Karvy Stock Broking (under which Karvy Private Wealth was housed) and various other parties on 13 August.
The clients had lent money to various builders, many of whom subsequently went into bankruptcy resolution.
The clients had earlier approached the Supreme Court in January 2020, challenging IBC amendments that imposed requirements of at least 100 creditors or 10% of a class of creditors in order for …
Read the full article at: https://www.livemint.com/news/india/karvy-wealth-clients-challenge-some-sections-under-ibc-in-delhi-high-court-11629186413690.html
It is like scrapping the bottom of the barrel for the country’s largest bank, the State Bank of India (SBI), when it comes to liquidation of defaulting companies under the five-year-old Insolvency and Bankruptcy Code (IBC).
The state-owned bank has managed to get a paltry 5 per cent of the outstanding loan amount. Sources suggest the book value of the loan outstanding in such liquidation cases was close to Rs 40,000 crore since the inception of the IBC.
While the SBI’s loans locked in liquidation cases may not be big in terms of the bank’s gross advances of over Rs 25 lakh crore, the low realisation raises the issue of credit underwriting process, monitoring of public funds, and the value of the collateral.
The low realisation tre…
Read the full article at: https://www.businesstoday.in/industry/banks/story/sbi-recovers-paltry-5-of-bad-debt-under-lbcs-liquidation-process-304371-2021-08-17
Credit: DreamstimeA subsidiary of OSS Group is in voluntary liquidation after the Employment Relations Authority (ERA) awarded $76,700 to its former sales and marketing manager.
HR Processing 2008, formerly called OSS Limited, was put into liquidation earlier this month after the ERA awarded the sum to Brett Arthur, who was employed by OSS Limited for five months before a restructuring disestablished his position.
OSS Group, a longstanding IBM partner, is still trading.
The ERA decision, which drew media coveragelate last year, found OSS Limited failed to follow proper processes by not offering Arthur a position in the company when it became vacant during his notice period.
HR Processing 2008 has now been placed in liquidation by a…
Read the full article at: https://www.reseller.co.nz/article/690544/oss-group-subsidiary-voluntary-liquidation-after-ex-staffer-wins-compensation/
If you have a higher education debt, chances are it could affect how much you could borrow for a home loan.
There are a lot of people with a lot of Higher Education Loan Program (HELP) and Higher Education Contribution Scheme (HECS) debt in Australia. According to the Australian Tax Office (ATO), there were 2.9 million people with outstanding HELP debts in the 2019/20 financial year – totalling nearly $66.4 billion. The average debt was $23,280, with 24,544 people having debt in excess of $100,001.
Source: ATO
If you want to buy a property, a HELP debt could minimise your borrowing power. Find out why, by how much, and what steps to take moving forward.
What is HELP debt?
HELP is a government subsidised loan program, encompassing HE…
Read the full article at: https://www.savings.com.au/home-loans/do-hecs-help-debts-affect-your-home-loan-borrowing-power
Small businesses are being encouraged to seek help immediately if they arestruggling to pay their tax because of pandemic-driven cash flow issues.
The advice frombusiness rescue and insolvency firm Jirsch Sutherland comes as ATO debt attributed to small to medium enterprises was $21.4 billion at FY20.
With lockdowns continuing throughout 2021, Jirsch Sutherland partnerAndrew Spring said that its crucial for businesses to act quickly if they are behind on their tax payments.
“Inconsistent cash flow has a huge impact on when and how a business can meet its tax obligations.
“The lockdowns and restrictions are causing many retail businesses across the country to struggle, and rising tax debts serve as a reminder to seek help.
“If youre behi…
Read the full article at: https://www.ragtrader.com.au/news/smes-accounted-for-21-4-billion-in-ato-debt-in-fy20
GamCare continues its work on protecting UK gamblers from the risks of consuming gambling-related debts, announcing that it has begun to trail referrals with PayPlan.
The harm prevention and treatment support charity has launched a pilot initiative connecting its users with debt advice specialists trained by PayPlan.
The need for debt advice has been marked as a key priority by GambleAware, as two-thirds (66%) of its treatment users reported to have debt issues, with a further 80% admitting to being impacted by financial hardships.
Operating since 1992, PayPlan is an independent debt-advice organisation offering support to UK charities, communities, businesses and government institutions on debt management issues…
Read the full article at: https://www.sbcnews.co.uk/europe/2021/08/16/gamcare-pilots-payplan-debt-advice-referrals/
