The couple, Mr and Mrs Smith, had owed $106,576 in tax debts after their 50-year-old small interstate transport and freight business ran into cash flow problems when a large contractor of the business went into voluntary administration while owing them $80,000.
The couples transport fleet also suffered a number of significant mechanical breakdowns, at a cost of $60,000 to the business, ultimately leading them to rack up tax debts from 2015 to 2017.
Mr and Mrs Smith managed to keep the business afloat and sold it in May …
Read the full article at: https://www.accountantsdaily.com.au/business/15911-small-business-battlers-granted-tax-debt-relief
The pandemic and the curbs imposed to contain its spread have affected the cash flow of borrowers and prolonged the recovery process, according rating agency ICRA
The restructured loan books of non-bank financial entities are expected to double to 3.1-3.3 per cent by March 2022 from 1.6 per cent in March 2021 as the second wave of the pandemic hit borrowers.
The pandemic and the curbs imposed to contain its spread have affected the cash flow of borrowers and prolonged the recovery process, according rating agency ICRA. Non-bank financial entities cover finance companies and housing finance firms (HFCs).
In view of the pandemic stress, the Reserve Bank of India (RBI) has allowed lend…
Read the full article at: https://www.business-standard.com/article/finance/restructured-loans-of-non-bank-financials-to-double-by-march-icra-121071200011_1.html
MUMBAI : A proposal by lenders to Reliance Communications Ltd (RCom) to seek fresh bids despite selecting UV Asset Reconstruction Co. Ltds (UVARCL) resolution plan could lead to prolonged litigation, said three legal experts.
A decision based on the outcome of another insolvency case involving UVARCL would only cause delay as RComs resolution plan has already been approved by the lenders and is awaiting a final nod from the National Company Law Tribunal (NLCT), said the experts.
The Economic Times reported on 7 July that the lenders are discussing whether they could call for fresh bids over concerns that UVARCLs plan for another telco Aircel was not approved by the Reserve Bank of India (RBI). Last year, a resolution plan by UVARCL w…
Read the full article at: https://www.livemint.com/companies/news/rebid-plan-for-rcom-assets-likely-to-face-legal-hurdles-11626026015661.html
The late womans son, who asked not to be identified, said he was also considering legal action after months of delays by Chronos Care management.
He said he had been repeatedly told by the company that it was unable to refund the bond because it was in the process of refinancing and had been badly affected by the COVID-19 pandemic.
I can very well understand the situation and sympathise, but it is still a statutory requirement for all aged care providers to return the refundable accommodation deposit within 14 days. Their inability to do so, indicates at best, non-compliance and clearly some degree of lack of financial management and foresight, the man said.
Probity concerns about Chronos Care were first raised by The Age in February, …
Read the full article at: https://www.theage.com.au/national/victoria/chicken-killing-brothers-fail-to-refund-bonds-from-aged-care-homes-20210711-p588pd.html
It is not yet a happy ending for the Kalrock-Jalan consortium of Jet Airways as employees of airline are unhappy with relief they are being offered which is slashed down from the actual claims
Topics
Jet Airways|employee
IANS | New Delhi
Last Updated at July 11, 2021 15:20 IST
It is not yet a happy ending for the Kalrock-Jalan consortium and the insolvency resolution process of Jet Airways, as employees of the grounded airline are unhappy with the relief they are being offered which is heavily slashed down from the actual claims.
The admitted claims of employees stood at Rs 1,265 crore, while the consortium has proposed Rs 52 crore to settle their claims.
According to employees, the airline owes at least Rs 3 lakh to each …
Read the full article at: https://www.business-standard.com/article/companies/jet-staff-to-get-plummeted-relief-only-rs-52-cr-earmarked-for-employees-121071100373_1.html
A DEBT expert who ran up nearly 40,000 of rent arrears on his 1.5million home has been declared bankrupt.
Alan Harty, 41, failed to comply with an order to pay cash outstanding for 11 missed monthly payments.
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The money guru was taken to court by Glasgow-based landlord Tay Letting over the sums, totalling 3,495 each.
His case has now been passed to the Accountant in Bankruptcy, who will probe Mr Hartys assets to see if the director of six financial services companies can repay the debt.
Scots nursery worker bully wins 5k compo after being sacked for teaching tots to KICK colleague
A source said: Hartys firms specialise in money worries.
Youd think he of all people would know how to keep h…
Read the full article at: https://www.thescottishsun.co.uk/news/7383830/debt-expert-bankrupt-rent-arrears/
In a bid to address information asymmetry among investors, stock exchanges, BSE and NSE, on Friday came out with a framework for dealing with companies undergoing corporate insolvency resolution process.
In the recent past, the exchanges have come across instances where the approved resolution plan provides for delisting of the company or write off/cancellation/extinguishment of existing equity shares without any payout or consideration to the existing shareholders.
However, it is observed that there is a considerable time lag between the pronouncement of verbal order by NCLT and the final written order by NCLT, the exchanges said in separate statements.
“Companies generally hold on to the information and do not make any/ timely disc…
Read the full article at: https://www.livemint.com/market/stock-market-news/bse-nse-issue-guidelines-for-companies-undergoing-insolvency-resolution-process-11625822242634.html
The Resolution Professional must now disclose the resolution approval immediately, within 30 minutes of the oral order, NSE said.
The Exchange said it will highlight the impacted securities according to the Resolution Professionals information (Image: Shutterstock)
The NSE has issued a set of guidelines for companies to follow under the Corporate Insolvency Resolution Process (CIRP), CNBC-TV18 reported,
As per this, the Resolution Professional must now disclose the resolution approval immediately, within 30 minutes of the oral order. Further, the Resolution Professional must also inform about impact of the resolution on existing shareholders of the listed securities.
The Exchange said it will accordingly highlight that security…
Read the full article at: https://www.moneycontrol.com/news/business/nse-issues-guidelines-for-companies-under-corporate-insolvency-resolution-process-7153191.html
This article first appeared in Forum, The Edge Malaysia Weekly, on July 5, 2021 – July 11, 2021.
The past few months have seen business leaders placing their most tricky bets yet. With the ongoing pandemic and resulting lockdowns of varying degrees, businesses have been challenged in how they plan for their future, conserve cash to stay liquid and prevent disruption to operations. Weighed down by the uncertain global and domestic economic climate, business leaders, in particular directors, need to confront some tough questions, including what they need to do when the business faces inevitable distress.
Warning signs and interpretation of information
At the speed with which the landscape is evolving, it is crucial to identify potential si…
Read the full article at: https://www.theedgemarkets.com/article/trust-resilience-directors-response-distressed-times
I dont normally get to put a positive spin on the thorny topic of debt, but the latest 2020 Annual Report from the Insolvency Service of Ireland (ISI) has some good things in it.
irst are the numbers of Personal Insolvency Arrangements (PIAs), down 3pc(only 3pc, that is, due to the pandemic clogging up courts and government financial supports helping those in debt).
A deep dive conducted by Abhaile, the Mortgage Advice and Budgeting Services mortgage arrears arm found that a welcome 98pc of those who got a PIA structured were able to stay put in the family home, almost four in ten getting a reduction in their mortgage debt.
1,362 debt solutions were put in place overall and more people (262) exited bankruptcy than entered it (130).
That…
Read the full article at: https://www.independent.ie/business/personal-finance/if-you-are-in-financial-difficulties-getting-to-grips-with-debt-is-best-way-forward-40635313.html
Law360 (July 9, 2021, 7:17 PM EDT) — A pandemic-triggered surge in corporate restructuring filings in 2020 trickled to a drizzle in the first half of 2021, but bankruptcy professionals don’t know if that slowdown will last, as favorable financial conditions wane and uncertainty increases over the spread of a coronavirus variant.
The glut of restructuring cases last year was almost exclusively driven by pandemic restrictions that caused public-facing businesses to lose their revenue almost overnight, but government-provided relief coupled with lenders’ willingness to amend financing terms provided a cushion that has allowed many companies to ride out the crisis.
Now, as the world begins a return to normalcy…
Read the full article at: https://www.law360.com/realestate/articles/1401828/restructuring-uncertainty-to-continue-through-2021
Insolvency proceedings against OYO Hotels and Homes Pvt Ltd (OHHPL) have been dismissed by the National Company Law Appellate Tribunal (NCLAT) despite multiple hoteliers claiming unpaid debts by the company.
Why was OYO undergoing insolvency proceedings?
OYO was undergoing insolvency proceedings over a Rs 16-lakh claim made by a Gurgaon-based hotelier against the company.
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The Ahmedabad Bench of the National Company Law Tribunal admitted the petition to initiate insolvency proceedings in April and appointed an interim resolution professional (IRP) and permitted the IRP to start collating creditor claims. OYO, however, said the issue with the operational creditor was a con…
Read the full article at: https://indianexpress.com/article/explained/explained-why-did-nclat-dismiss-insolvency-proceedings-against-oyo-subsidiary-7397505/