Insolvency Guardian Media Centre
South West businesses are being urged to take early action if their finances are under strain after new Government figures showed corporate insolvencies have hit their third highest monthly total since the start of the pandemic.
Statistics reveal 1,207 companies registered as insolvent in June 2021 across England and Wales – a 63% rise in the number for June 2020.
The numbers are, however, lower than before the pandemic, due to fewer compulsory liquidations during a time when there has been widespread Government support for flailing businesses.
But experts are alarmed at the growth in creditors voluntary liquidations (CVLs), where firms unable to pay debts opt to go into liquidation.
According to R3, the i…
Read the full article at: https://www.business-live.co.uk/enterprise/troubled-south-west-businesses-urged-21099794
A landmark personal bankruptcy ruling by a court in southern Chinese city of Shenzhen could pave the way for the nationwide rollout of a legal system that would allow individuals and private businesspeople who cant repay their loans to undergo debt workouts or be declared bankrupt.
The Shenzhen Intermediate Peoples Court approved a bankruptcy restructuring plan (link in Chinese) for Liang Wenjin, a businessman who racked up 750,000 yuan ($155,544) in debt as of March after a failed business venture, according to a statement posted by the court on Monday. Liang was ordered to repay the principal to his creditors within three years but was exempted from paying interest and late-payment penalties.
Although a personal bankruptcy law has bee…
Read the full article at: https://www.caixinglobal.com/2021-07-20/shenzhen-court-issues-landmark-ruling-on-personal-bankruptcy-101742870.html
MOSCOW, Russia, July 20, 2021 /PRNewswire/ — In this fast-changing digital era, digital transformation has become a natural strategic choice for publishers around the globe to cope with various challenges and revolutions. Underlying the deepening transformation, publishers need to continuously upgrade the digital platforms to meet the diversified business demands. As one of the most professional and authoritative publishers in Russia, Great Russian Encyclopedia is proactively embracing the Internet era by reconstructing its own digital platform, so as to accelerate the innovation and operation of its business.
In 2018, commissioned by the Russian government, Great Russian Encyclopedia started to build a nationwide, interactive, encycl…
Read the full article at: https://markets.businessinsider.com/news/stocks/h3c-empowers-the-network-restructuring-and-upgrade-of-great-russian-encyclopedia-with-cutting-edge-intelligent-technologies-1030623320
Auditors have raised significant doubt over Garuda Indonesias ability to continue as a going concern, after the beleaguered flag carrier plunged to a record full-year loss.
In a report accompanying the carriers financial results, KAP Tanudiredja, Wibisana, Rintis & Rekan, a member firm of accounting giant PwC, assigned a disclaimer of opinion given when auditor cannot judge whether the accounts have been created properly on Garudas financial results.
It notes that Garudas financial situation weakened due to the coronavirus pandemic, which has impacted the airline groups performance and liquidity.
The adverse impact on the groups operation and liquidity has directly affected the groups ability to meet its financial obligations to i…
Read the full article at: https://www.flightglobal.com/airlines/auditors-cast-significant-doubt-over-garudas-survival/144653.article
Shares of CapitaLand were traded heavily yesterday after the company filed notices for an extraordinary general meeting and a scheme meeting on the Singapore Exchange (SGX) the day before.
CapitaLand is seeking shareholders’ approval for the privatisation of its real estate development business and listing of its fund management and property investment arm.
The shares closed at $3.88, up seven cents, or 1.84 per cent, from the previous close. More than 18 million shares changed hands during the day.
The company first proposed the restructuring in March. Notices of the meetings, which will be held on Aug 10 at 2pm, were issued after Evercore Asia (Singapore), CapitaLand’s independent financial adviser, said last Saturday that the prop…
Read the full article at: https://www.straitstimes.com/business/companies-markets/capitaland-shares-up-184-after-restructuring-plan-updates
In early July, the U.S. Education Department under President Joe Biden canceled nearly $56 million in student loan debt for some 1,800 borrowers, bringing the administration’s total to about $1.5 billion erased.
While a win for many borrowers, it isn’t a sign that broad-based student loan debt forgiveness will necessarily come anytime soon, experts say.
That’s because the latest round of canceled debt was specifically done through the “borrower defense to repayment” program. Borrower defense was created to protect people from being defrauded by schools engaging in misconduct or violating certain laws, such as falsely claiming guaranteed employment or incorrectly telling students that credits would transfer to other colleges.
More …
Read the full article at: https://www.cnbc.com/2021/07/19/student-debt-canceled-billion-biden-only-for-some-borrowers.html
Despite becoming collateral damage in an alleged $400 million dollar fraud scandal, Autonomous Energy (AE) says it remains a viable business and is looking to emerge as smoothly as possible from a period of voluntary administration.
In March this year AE was acquired by iuigis, one of several companies operated by Bill Papas, who is now being pursued by Westpac over allegations he and his company Forum Finance swindled hundreds of millions of dollars from the bank.
AE is one of Australias oldest solar companies, operating since 2003 and specialising in commercial and industrial sustainable energy projects.
Chief executive of AE, Matthew Linney told The Fifth Estate allegations against Papas and h…
Read the full article at: https://thefifthestate.com.au/energy-lead/energy/autonomous-energy-powers-on-despite-being-caught-up-in-fraud-scandal/
CapitaLands headquarters on Robinson Road are home to one of Asias biggest privatisation schemes
CapitaLands $15.9 billion plan to privatise its development operation and spin off its fund management business is set to go to shareholders next month after receiving approval from the board of Southeast Asias largest real estate business.
This restructuring is a logical next step to accelerate the growth of CapitaLands businesses and drive greater shareholder value, said CapitaLand group CEO Lee Chee Koon, who is also pegged to helm the restructured entity should the scheme win approval from shareholders.
The company will hold an extraordinary general meeting and a scheme meeting, both electronically, on 10 August to seek shareholder a…
Read the full article at: https://www.mingtiandi.com/real-estate/finance-real-estate/capitaland-shareholders-set-to-vote-on-15-9b-restructuring/
Development follows an appeal by Bank of Maharashtra, a dissenting creditors. Matter is slated to be heard on September 9
Topics
NCLAT|NCLT|Videocon Industries
BS Reporter | Mumbai
Last Updated at July 19, 2021 16:40 IST
The National Company Law Appellate Tribunal (NCLAT) has stayed the approval granted by the Mumbai bench of the National Company Law Tribunal (NCLT) to the resolution plan submitted for the beleaguered Videocon Group by Twinstar Technologies, a promoter entity of the Vedanta Resources group. This follows an appeal by Bank of Maharashtra, one of the dissenting creditors. The matter is slated to be heard on September 9.
Last month, the NCLT had approved Twinstar’s resolution plan but had raised concerns that the s…
Read the full article at: https://www.business-standard.com/article/companies/nclat-stays-nclt-s-nod-to-twinstar-s-resolution-plan-for-videocon-group-121071900823_1.html
Financial creditors, including banks, realised Rs 2.45 trillion from approved resolution plans for 394 corporate insolvency resolution cases under the Insolvency and Bankruptcy Code as on June 30, Minister of State for Finance Pankaj Chaudhary said. Creditors got Rs 2.37 trillion through approved resolution plans of top 100 CIRPs, which is over 36 per cent of the admitted claims.
About 4,540 cases were admitted for the corporate insolvency resolution process under IBC until June 30, 2021, Chaudhary said in response to a query in Lok Sabha.
In a separate response, the minister said, the separate framework for resolution of systemically important financial service providers other than banks, has led to approval of a resolution plan…
Read the full article at: https://www.business-standard.com/article/finance/creditors-got-rs-2-45-trn-from-394-resolution-cases-under-ibc-finmin-121071901160_1.html
Corporate insolvencies increased by 19% to 1,207 in June 2021 compared to Mays figure of 1,014, and rose 62.9% compared to June 2020s
Personal insolvencies rose by 15.8% to 9,836 in June 2021 compared to Mays figure of 8,497, and were 18.8% higher than June 2020s figure of 8,282.
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of the June 2021 corporate and individual insolvency statistics for England and Wales:
The increase in corporate insolvencies between May and June to the third highest monthly fig…
Read the full article at: https://www.businessupnorth.co.uk/june-2021-corporate-and-personal-insolvency-statistics-r3-response/
By Adria Calatayud
Flutter Entertainment PLC said Monday that it has completed a debt refinancing that will reduce its cost of debt and provide it with additional liquidity.
The Dublin-based betting and gambling company estimates the transaction will result in interest savings of around 50 million pounds ($68.8 million) a year, based on its debt position at the end of 2020.
The company said the transaction includes a repricing and upsizing of its existing term loan B facility by $1.5 billion, an imminent repayment of $1 billion of senior unsecured notes and a net increase in available liquidity of GBP250 million.
Flutter said it received strong support for the transaction with a material number of new lenders which supported more than…
Read the full article at: https://www.marketwatch.com/story/flutter-entertainment-refinances-debt-271626675415