Corporate restructuring firm Mackay Goodwin has confirmed it has been appointed as administrators for the Forum Group of companies and has been undertaking investigations into the viability for the continued trading of various business units within the group, which employed 200 staff.
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PARIS (AP) Creditor countries agreed to cancel $14.1 billion of Sudans international debts, praising its economic reforms and efforts to fight poverty.
In a statement Friday, the Paris Club of creditor nations also announced that it rescheduled Sudans remaining $9.4 billion in debt to the group, and held out the possibility of more debt relief in the future.
Sudans overall foreign debt is estimated at $70 billion. The Paris Club, a group of 22 nations that lend to governments in need, urged other lenders to provide similar debt forgiveness.
On his Facebook page, Sudans Finance Minister Gebreil Ibrahim congratulated the Sudanese people on this development, vowing to work on reaching similar or even better agreements with other creditors…
Read the full article at: https://apnews.com/article/europe-middle-east-africa-business-sudan-59e60f3440440ed17aa7ea2ac38376c9
Insolvency regulator, Insolvency and Bankruptcy Board of India (IBBI) has now brought in several changes to its Corporate Insolvency Resolution Process (CIRP) regulations as part of its overall effort to ensure arms-length dealings and transparency in the appointment and functioning of Resolution Professionals (RP).
Amendments have been introduced to ensure elimination of any potential conflict of interest in the functioning of RPs.
With the latest changes, an insolvency professional would not be eligible to be appointed as an interim resolution professional for a CIRP of a corporate debtor if he or any other partners or directors of such insolvency professional entity represent any other stakeholder in the CIRP process.
Also read: Debt…
Read the full article at: https://www.thehindubusinessline.com/companies/ibbi-unveils-new-regime-on-resolution-professionals-appointment/article35368861.ece
Developments this week at universities across Australia have underscored the critical importance of the joint online public meeting called by the International Youth and Students for Social Equality (IYSSE) and the Committee for Public Education (CFPE) this Saturday, July 17 at 4 p.m. (AEST). Click here to register.
The meeting will discuss how to take forward the fight against the deepening cuts and pro-business restructuring at Sydneys Macquarie University and nationally. In the latest wave, hundreds of job losses, accompanied by course closures, were unveiled this week at the University of Western Australia (UWA), Adelaide and La Trobe universities.
In response to the ongo…
Read the full article at: https://www.wsws.org/en/articles/2021/07/16/macq-j16.html
COVID-19 hit Nepal hardand at a particularly inopportune time. Nepals public debt increased by 35.5 percent in FY2019/20 amid mounting expenditures to mitigate COVID-19 and falling tax revenues due to slowdown in economic activities. The government had established the national Public Debt Management Office (PDMO) in 2018. Its new staff, re-assigned to PDMO from other government departments, needed training on essential debt management functions. Moreover, the information needed for sound debt-management practices was scattered among different public institutions.
Nepal-DMF Partnership pays off
Nepal adapted swiftlywith support from the Debt Management Facility (DMF). The DMF is a multi-donor trust fund jointly implemented by the World B…
Read the full article at: https://www.worldbank.org/en/news/feature/2021/07/15/nepal-takes-key-step-toward-debt-transparency-amid-the-pandemic
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Read the full article at: https://themarketherald.com.au/heron-resources-asxhrr-enters-voluntary-administration-2021-07-16/
Derivatives brokerage GoldFX Investment Co Ltd (GFX) is preparing to declare bankruptcy, several sources familiar with the matter have told Khmer Times.
The company has been at the heart of a dispute since March involving the loss of $27 million, affecting more than 6,000 investors.
The firm is currently offering a maximum of 30 percent in compensation to them. However, victims are questioning how a bankruptcy will affect their dispute and attempts to eke out a resolution.
In accordance with the law, the debtor or the creditor can file to start a bankruptcy, a prominent lawyer speaking under the condition of anonymity told Khmer Times.
Three representatives fo…
Read the full article at: https://www.khmertimeskh.com/50894896/gfx-filing-for-insolvency/
Administrators have commenced closing down subsidiaries within a group of companies involved in an alleged $200 million fraud against Westpac, with the Federal Court ordering the liquidation of the company at the centre of the case.
Mackay Goodwin said it had already closed operations of one business unit within the Forum Group, Iugis Food Waste, saying the business units ongoing operation was not viable.
The administrator is currently reviewing the…
Read the full article at: https://www.mortgagebusiness.com.au/breaking-news/15842-forum-group-in-administration-as-westpac-case-deepens
Salus Mutual Management expects growers will be able to protect themselves against counterparty risk for the value of one B-double of wheat per 10,000t crop.
THE feasibility of launching a discretionary mutual fund to protect growers from the risk of counterparty default is being couched in what is believed to be a first for Australia.
Driving it is Salus Mutual Management director Alex Campbell who said insolvencies since 1996 in the Australian, grain, oilseed and pulse industries had led to losses of more than $514 million.
While this total includes secured creditors such as banks and the Australian Taxation Office, it also represents money owed to growers.
As unsecured creditors, Mr Campbell said they often saw little if any of th…
Read the full article at: https://www.graincentral.com/news/agribusiness/planned-growers-mutual-to-counter-counterparty-risk/
The government should implement capacity building measures and ensure efficient and quick appointments of members at the National Company Law Tribunal (NCLT), the tribunal’s former President Justice (Retd) M M Kumar said on Thursday.
“NCLT is a specialised tribunal, it has Companies Act and IBC (Insolvency and Bankruptcy Code), it is not like High Court, a High Court judge has to deal with constitutional matters and has to decide a variety of cases,” Kumar said while addressing an event.
These specialist tribunals are required to be very well equipped and should be in a position to dispose of more cases than a High Court judge, who disposes of about 2,000 cases in a year, he said while speaking at the National E- Summit on IBC and Valuati…
Read the full article at: https://economictimes.indiatimes.com/news/india/govt-should-implement-capacity-building-measures-at-nclt-former-nclt-president/articleshow/84442291.cms
A company which rents luxury properties on behalf of landlords including one owned by singer Bob Geldof is to be wound up by order of the High Court.
The court was told on Thursday that efforts to save Period Door Properties Ltd collapsed due to the withdrawal last week by Ulster Bank of overdraft and credit facilities and the unwarranted withdrawal by Daft.ie of advertising services.
Coupled with the behaviour of certain sub-tenants, to whom the group rented rooms but who allegedly refused to pay their rent and utility bills, the company is hopelessly insolvent and sought liquidation so that other tenants who are paying their bills can be treated fairly, the court was also told.
Period Door Properties business was to rent whole house…
Read the full article at: https://www.irishtimes.com/business/commercial-property/luxury-property-rental-group-files-for-liquidation-1.4621625
What does Croatian employment law require of employers when it comes to making redundancies? It is an important question if you’re a business with a presence in Croatia where, just like the rest of the world, mass redundancy exercises are commonplace as businesses restructure in an effort to survive the pandemic. We will come on to the procedure shortly, but first the background.
The first case of Covid-19 in Croatia was reported in Zagreb on 25 February 2020 when a patient who had come from Italy was tested positive. On the same day, the second case related to the first one was confirmed. In March 2020, a cluster of cases were reported in numerous Croatian cities. On 18 March the first death from the virus was confirmed.
At some point i…
Read the full article at: https://www.pinsentmasons.com/out-law/news/restructuring-a-view-from-croatia
Students at the University of Western Australias (UWA) School of Social Sciences have launched a petition titled Save Social Sciences at UWA, seeking to halt a new round of job cuts and restructuring at the university. In just four days, there has been an outpouring of support. There are nearly 5,000 signatures and hundreds of comments expressing disgust at the escalating pro-corporate restructuring of universities at the expense of scholarship and genuine education.
According to WA Today, the UWAs School of Social Sciences is just the first to suffer in a $40 million cost-cutting program, with almost all staff in sociology and anthropology axed and their disciplines to disappear. Eight of nine positions are being eliminated in anthropo…
Read the full article at: https://www.wsws.org/en/articles/2021/07/15/uwas-j15.html