Insolvency Guardian Media Centre
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
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-as-13b-buy-back-announced/
MINNEAPOLIS–(BUSINESS WIRE)–Apogee Enterprises, Inc. (Nasdaq: APOG) today announced plans to realign and simplify its business structure, bring a stronger focus to serving customers, enable a more competitive cost model, and better position the company for future growth and improved profitability. These actions are the initial steps in executing the companys new enterprise strategy, which include:
- Focusing the Architectural Glass segment to emphasize premium, high-performance products. As a result, the company will close the Viracon facility in Statesboro, Georgia. Work currently performed in Statesboro will be transitioned to the companys facility in Owatonna, Minnesota, which has adequate capacity to support the additional activ…
Read the full article at: https://www.businesswire.com/news/home/20210811005831/en/Apogee-Enterprises-Announces-Restructuring-and-Cost-Reduction-Actions
A Bury man took a fatal mixture of drugs after facing gambling debts and battling depression, an inquest has heard.
Andrew David Nabb broke down at work and told his brother he would never see him again two days before he was found dead at a Rossendale car park.
An inquest held at The Landmark in Burnley on Wednesday (August 11) heard that the 37-year-old had been suffering with speech issues and memory loss following a fall.
READ MORE: Ex-footballer killed ‘loving’ Manchester couple in horror M56 crash
Mr Nabb had an MRI scan which confirmed cognitive issues last November, while his mum Susan Nabb was at Salford Royal Hospital in a 10-week battle with Covid.
The court heard that Mr Nabb was reported missing on January 19 by his coll…
Read the full article at: https://www.manchestereveningnews.co.uk/news/greater-manchester-news/bury-man-ended-life-after-21285523
Mumbai: Nirmal Lifestyle has filed an appeal before the National Company Appellate Law Tribunal (NCLAT) against a recent order of the Mumbai bench of the National Company Law Tribunal (NCLT), which admitted an insolvency resolution petition against the company. A corporate debtor, the company had failed to make a payment of Rs 286 crore under facilities it was granted.
In its August 5 order that was made available on Wednesday, the NCLT had appointed chartered accountant Ajit Gyanchand Jain as its interim resolution professional (IRP) to run the day-to-day affairs of the company. The move came on a petition filed by financial creditor IDBI Trusteeship Services under the Insolvency and Bankruptcy Code (IBC) of 2016.
Ashok Paranjpe, managing…Read the full article at: https://timesofindia.indiatimes.com/business/india-business/nirmal-lifestyle-moves-nclat-on-insolvency-plea/articleshow/85254308.cms
Two meetings of groups of creditors of indebted Ocho Rios attraction Mystic Mountain Limited, MML, held during the past week, have failed to resolve issues related to whether the beleaguered company will be declared bankrupt and its assets sold off to repay bondholders and other persons and institutions it owes money.
Unresolved, too, is whether MML’s changing payment proposal to settle its debt will be accepted by the creditors. Likewise, the status of the trustee the company chose to oversee that process is still not settled.
Now, the parties are once again headed to court to seek to have the matters determined even as a new meeting of creditors is to the convened at a date yet to be made known, to attempt once more to bring closure …
Read the full article at: https://jamaica-gleaner.com/article/business/20210811/mystic-mountain-bankruptcy-heads-court
MUMBAI: Nirmal Lifestyle Ltd has filed an appeal before the National Company Appellate Law Tribunal (NCLAT) against a recent order of the Mumbai bench of the National Company Law Tribunal (NCLT) which admitted an insolvency resolution petition against the company.
The company, a corporate debtor, had failed to make payment of Rs 286 crores under the facilities it was granted.
The NCLT in its August 5 order, available on Wednesday, appointed chartered accountant Ajit Gyanchand Jain as its interim resolution professional (IRP) to run the day-to-day affairs of the company, in a petition filed financial creditor IDBI Trusteeship Services Ltd under the Insolvency and Bankruptcy Code of 2016.
Ashok Paranjpe, Managing Partner, MDP & Partners who a…Read the full article at: https://timesofindia.indiatimes.com/city/mumbai/nirmal-lifestyle-appeals-against-appointment-of-irp-by-nclt/articleshow/85244036.cms
The National Company Law Tribunal, Hyderabad, has initiated corporate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, against Sankhya Infotech Limited.
The Bench of Madan Balachandra Gosavi, Member Judicial, and Veera Brahma Rao Arekapudi, Member Technical, while initiating insolvency proceedings, appointed Jagdees Kumar Morri as Interim Resolution Professional.
The proceedings were initiated by Pudhota Mahendra Kumar Choudhary, a financial creditor against the company, for default in payment.
The respondent company contended that the amount shown as defaults were remitted by the applicant towards the allotment of shares and that does not constitute debt. It also stated that it allotted shares towards the investme…
Read the full article at: https://www.thehindubusinessline.com/news/nclt-directs-insolvency-proceedings-against-sankhya-infotech/article35859849.ece
Liam Henderson in action for US Lecce during a Coppa Italia clash with Torino The 25-year-old spent the second half of the 2019/20 season on loan at the Stadio Carlo Castellani, scoring once in 17 appearances before returning to parent club Hellas Verona.
Henderson could be involved in Empolis Coppa Italia clash with Vicenza this Sunday, while his first league involvement could be in the home meeting with Lazio on August 21.
The Livingston-born midfielder won a clutch of honours in Scotland and Norway including helping Hibs to their historic Scottish Cup win in 2016, before first moving to Italy when he joined Bari in 2018.
Henderson had a loa… Read the full article at: https://www.scotsman.com/sport/football/celtic/liam-henderson-joins-empoli-from-lecce-as-former-hibs-and-celtic-midfielder-gets-another-crack-at-serie-a-3342868
FRANKFURT, Aug 11 (Reuters) – Thyssenkrupp (TKAG.DE) on Wednesday flagged a cash gap of up to 1.5 billion euros ($1.8 billion) for its full year, citing restructuring costs and higher investments, as the German conglomerate continues efforts to streamline its businesses.
Shares of the steel-to-submarines group fell as much as 7.7% on the outlook for free cash flow before mergers and acquisitions, which is now expected to be a negative 1.2-1.5 billion euros in the year to September.
Thyssenkrupp, which reported third-quarter results that showed a marked improvement …
Read the full article at: https://www.reuters.com/business/thyssenkrupp-swings-q3-profit-asks-time-steel-2021-08-11/
Having shared the ins and outs of a director changing their name to avoid a disqualification, a similar situation occurred to me which happens and that is the re-use of a company name following liquidation, writes Gareth Wilcox, partner at Opus Restructuring & Insolvency
If I place my company into liquidation, can I still be a director of another company?
The answer to this is very much, yes. There is a relatively common misconception that if a director is appointed in relation to a company which is placed into insolvent liquidation, they cannot act for another. This is incorrect, and unless they are disqualified (by order, undertaking, bankruptcy or Debt Relief Order) from acting, there are perfectly entitled to act as director for any…
Read the full article at: https://www.contractoruk.com/limited_companies/can_i_re_use_my_companys_name_following_liquidation.html
