Insolvency Guardian Media Centre
Over the past five trading sessions, the performance of major bank stocks has depicted a bullish stance as various economic data including employment report and inflation indicated that economic recovery is on track. Rise in expectations that the Federal Reserve might soon reveal plans for tapering its bond buying program further boosted sentiments.
This led the rate on both 10-year and 30-year Treasury bonds to rise over the past week despite concerns over increase in cases due to Delta variant of the COVID-19 virus. The rate on the 10-year Treasury bond stands at 1.36%, while that for the 30-year Treasury bond is 2.00%.
Thus, the steepening yield curve is expected to benefit major banks net interest margins amid a low interest rate envi…
Read the full article at: https://finance.yahoo.com/news/bank-stock-roundup-c-tfc-123412747.html
A Serbian glass manufacturer has declared bankruptcy and ordered insolvency administrators to commence with its liquidation sale.
The Serbian Glass Factorys Parachin Glassworks has been in operation since 1907, producing glass containers production facility including bottles and jars.
The sale also includes a tableware glass production plant as well as its “Plana” limestone quarry, which provided the plants complete limestone requirements, as well as dolomite processing for its own needs.
As of 12th July 2021, the court declared the company bankruptcy and ordered the sale of estate without delay.
Subsequently, an assessment of the value of the companys assets will be made and after that, a decision on the manner and method of sale.
Serb…
Read the full article at: https://www.glass-international.com/news/serbian-glass-manufacturer-declared-bankrupt-and-put-up-for-sale
Eleven years ago, Robert Kreshl was living on the streets of Hobart, sick with pneumonia and pleurisy, $17,000 in debtand addicted to poker machines.
Key points:
- Tasmania’s introduction of mandatory pre-commitment is a national first but critics warn the reform is not tough enough
- Gamblers who are part ofplayer loyalty programs must nominate an amount they are willing to lose over a year
- If they hit their limit, gamblers are cut off from loyalty rewards and benefits, but they may still gamble elsewhere
“It was pretty rough, I was hanging onto this delusional belief that I could win bigand that would solve all my financial problems,” Mr Kreshl said.
“My weekly wage was just disappearing down the machines. As soon as I got paid, [I’d go]straig…
Read the full article at: https://www.abc.net.au/news/2021-08-13/tas-mandatory-pre-commitment-for-registered-pokies-players/100372130
Chennai: The National Company Law Tribunal (NCLT), Chennai bench has rejected the debt resolution proposal of Siva Industries, which was cleared by the Committee of Creditors (CoC) led by IDBI Bank. The NCLT has also ordered liquidation of Siva Industries.
Siva Industries went under CIRP with admitted claims of Rs 4,863.87 crore from financial creditors, Rs 461.02 crore from operational creditors and Rs 40.55 crore from other creditors. There were two initial bidders who withdrew and the third Royal Partners proposal was rejected by the CoC.
Soon after, the promoters of Siva Industries came up with a settlement plan for Rs 328.2 crore and sought the withdrawal from CIRP, with a condition that should there be a default, then the creditors c…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/nclt-rejects-siva-industries-proposal-for-restructuring/articleshow/85284759.cms
Sophie Hui
Former fung shui master Peter Chan Chun-chuen has been declared bankrupt after failing to pay HK$28.4 million in legal fees to Nina Wang Kung Yu-sum’s charitable foundation.
Chan, 61, had been sentenced to 12 years for forging a will in a bid to inherit Wang’s multibillion-dollar estate. His sentence was reduced by a third for good behavior and he was released from Stanley Prison on July 3 after spending eight years in jail.
Chinachem Charitable Foundation filed a bankruptcy proceeding against Chan to the High Court last September.
Yesterday, Chan requested the court to give him time to apply for legal aid and to persuade his wife to sell the properties they co-own…
Read the full article at: https://www.thestandard.com.hk/section-news/section/11/233175/Ex-fung-shui-master-officially-bankrupt
Sarah Tew/CNET
Credit card debtremains a slow-motion disaster for millions of Americans. Despite asudden dip in balances last year— which can be attributed to fewer spending opportunities during the pandemic — credit card debt is anotoriously widespread issue in the US. And, given the industry’s sky-high interest rates, once you fall behind …
Read the full article at: https://www.cnet.com/personal-finance/credit-cards/5-strategies-for-consolidating-credit-card-debt/
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There are many different ways to borrow money, from a simple IOU sealed with a handshake to a complex business borrowing instrument like a subordinated convertible debenture. Fortunately, nearly all borrowing can be conveniently divided into two types of debts: secured and unsecured.
The difference between the two types of debt is relatively straightforward. A secured loan has collateral, and an unsecured one does not. Collateral is an item of value that a borrower offers to a lender as security on the l…
Read the full article at: https://www.forbes.com/advisor/debt-relief/unsecured-vs-secured-debts/
A parliamentary standing committee has called for an overhaul of the Insolvency and Bankruptcy Code (IBC), 2016. The major concern has been over large haircuts and a high rate of liquidation. While the suggestion to overhaul the law is welcome, it is important to understand the root cause of the problem and address the same.
Somehow, while assessing the effectiveness of the Code, too much emphasis has been laid on haircuts, which is often seen as the only determinant of its success. The IBC is not responsible for large haircuts. This is the result of losses in enterprise value. Why should the market pay 1,000 for an asset that is worth only 100 by the time it comes under IBC? Fixing a limit on a haircut is like asking the market to pay …
Read the full article at: https://www.hindustantimes.com/business/bankruptcy-code-reforms-must-be-handled-with-special-caution-101628772743917.html
The latest Coface Romania study shows that in the first six months of 2021, 3,033 new insolvency proceedings were opened, 23 percent above the level recorded in the same period of the previous year. Insolvencies opened in the first half of this year have returned close to the level before the Covid-19 pandemic and are expected to increase by at least 10 percent over the previous year. The number of employees reported by insolvent companies in the analyzed period is 11,294.
The financial losses caused by insolvent companies in the first half of 2021 were almost RON 2 billion, 5 times below the corresponding level of 2015 and the lowest in the last decade. There is a gradual decrease in the number of insolvent companies with revenues of o…
Read the full article at: https://www.thediplomat.ro/2021/08/12/insolvencies-in-romania-up-by-23-percent-in-first-semester-coface-study/
A parliamentary inquiry on Thursday examined how people are using credit cards to fund online gambling, as online bookmakers banned credit cards.
Australia’s largest online wagering operators including Sportsbet, Ladbrokes and Bet365 have pledged to support new measures that ban punters from using credit cards in online betting.
Previously, members of Responsible Wagering Australia had resisted such a ban, arguing there was no compelling link between problem gambling and credit cards.
Chief advocate for the Alliance for Gambling Reform, Reverend Tim Costello, supported the changes.
“We welcome today’s announcement that corporate bookmakers will no longer oppose the banning of credit card use for gambling. We look forward to gambling …
Read the full article at: https://www.savings.com.au/news/online-gambling-crackdown
Andrew Penn (Telstra)
Telstra has boosted its profit to$1.9 billion in 2021 as it announces an on-market share buy-back of up to $1.35 billion.
For the year ended June 30 2021, the telecommunications giant saw its net profit increase by 3.4 per cent as it plans to return 50 per cent of the net proceeds from its InfraCo Towers sale to shareholders this financial year.
The profit rise comes as Telstra’s revenue dipped by 9.1 per cent to $21.55 billion while earnings before tax (EBITDA) shrunk 14.2 per cent to $7.6 billion.
Telstra CEO Andrew Penn said 2021 was a significant year as it delivered results in line with guidance and saw the focus and discipline on its T22 strategy being to pay off, heading into FY22 in a…
Read the full article at: https://www.arnnet.com.au/article/690482/telstra-reaches-financial-turning-point-1-3b-buy-back-announced/
The National Company Law Tribunal (NCLT), Chennai, has said the entire corporate insolvency resolution process for Vasan Health Care Private Limited cannot be started afresh from the stage of issuance of expression of interest because it will upset the timelines prescribed under the Insolvency and Bankruptcy Code, 2016.
The NCLTs observation came on a petition for extension of the time frame under the insolvency process.
In 2017, the NCLT ordered the start of insolvency proceedings against Vasan Health Care on a petition filed by Alcon Laboratories (India) Pvt. Ltd., one of its suppliers. However, the proceedings were stayed by a single judge of the Madras High Court. In October 2019, a Division Bench vacated the stay, and the case was …
Read the full article at: https://www.thehindu.com/news/national/tamil-nadu/vasan-health-care-insolvency-process-cannot-be-started-afresh-says-national-company-law-tribunal/article35869749.ece