Insolvency Guardian Media Centre
July 5, 2021
Intelsat, currently managing its way as a Debtor in Possession of its Chapter 11 bankruptcy restructuring process, has asked its court to confirm its June 23rd appointment of a restructuring advisor.
Intelsat requested the bankruptcy courts permission on July 2nd to retain Portage Point Advisors LLC to render independent financial advisory services at the sole direction of the Special Committee of Intelsat dis-interested directors.
Intelsats application states: Portage Point is a business advisory and expert services firm whose professionals have significant experience in providing bankruptcy crisis management and consulting, and special financial advisory services. Portage Points professionals have provided strategic…
Read the full article at: https://advanced-television.com/2021/07/05/intelsat-appoints-restructuring-advisors/
The number of corporate insolvencies recorded in the first six months of the year was down 38% compared to the first half of 2020, according to new figures from Deloitte.
169 corporate insolvencies were recorded between January and June, compared to 273 during the same period last year.
In the second quarter of this year, 58 corporate insolvencies were recorded, a decrease of 48% compared to the first quarter of 2021 when there were 111 incidents.
According to Deloitte, the continued low level of corporate insolvency activity is largely due to the Government supports introduced to support businesses during the pandemic.
However, David Van Dessel, Partner of Financial Advisory at Deloitte said the full effects of Covid-19 on the Irish ec…
Read the full article at: https://www.rte.ie/news/business/2021/0705/1232999-business-failure-rate-remains-low-but-likely-to-rise/
The Autocare Services business unit has returned to LINX Cargo Care Group.
This development follows Autocare Services exiting voluntary administration on 1 July 2021.
The Voluntary Administration process for Autocare Services has completed following the implementation and effectuation of its creditor-endorsed Deed of Company Arrangement (DOCA) proposed by LINX CCG.
The end of this process means control of Autocare Services has been handed back to the Company Director by the Administrators and the business has re-joined LINX Cargo Care Group.
The decision to return Autocare Services to LINX CCG was resolved by Autocare Services creditors at the Second Creditors Meeting in June, with the overwhelming majority of creditors voting in favou…
Read the full article at: https://www.trailermag.com.au/linx-cargo-care-group-re-acquires-autocare-services/
Diageo has challenged an order of Indias Prevention of Money Laundering Act court, which permitted the sale of assets seized from Vijay Mallya to repay a consortium of banks some of the 1.15 billion they claim he owes to them.
Last month the Indian courts allowed the sale of shares Mallya held in United Breweries and United Spirits worth more than 600m but Diageo, through its Dutch subsidiary, contends it has a prior claim to some 30m worth of the USL shares and has been given three weeks by the court to press its case.
Diageo has previously told its shareholders that it laid claim to the shares as part of a complicated loan to Watson Ltd, the company behind Mallyas Formula 1 grand prix racing team, originally granted by…
Read the full article at: https://www.thedrinksbusiness.com/2021/07/diageo-challenges-usl-share-sale/
Exeter Crown Court sentenced James Prentice, 41, from Kingsbridge in South Devon, to six months imprisonment suspended for two years, and 150 hours of unpaid work.
He was also ordered to pay compensation of 4,500 to his victims after the prosecrtuin brought by the Insolvency Service.
The court heard that Prentice was declared bankrupt in December 2014. Although he could continue working as a builder through his company, JSP Woodworx, the terms of his bankruptcy restrictions undertaking meant that he was not allowed to take more than 500 as a deposit from clients without disclosing that he was a bankrupt.
Despite this, between June 2016 and January 2018, Prentice took more than 271,000 to build a retirement home on farmland in Taun…
Read the full article at: https://www.theconstructionindex.co.uk/news/view/suspended-sentence-for-bankrupt-shoddy-builder
The authors are analysts of NH Investment & Securities. They can be reached [email protected] [email protected], respectively. — Ed.
During the Sep 2020 parliamentary inspection of government, the issue of electricity market restructuring was brought up, including a focus on the need for adjustment regarding the consolidation and abolition of KEPCOs power generation subsidiaries. Given conflicts of interest, it is unlikely that such functional changes will be made in the short term. However, the suggestion remains as one alternative capable of solving capital raising-related issues for renewable energy and eco-friendly facility investment.
Details of power industry restructuring
Unlike in the stock market, KEPCO and its power ge…
Read the full article at: http://www.businesskorea.co.kr/news/articleView.html?idxno=71021
Deed of company agreement gains creditor endorsement
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Simon Abela |
Car carrierAutocareServicesreturnsto parent company Linx Cargo Care Group, havingexitedvoluntary administration on July 1, the latter announces.
It re-joins with a new operating model,leadershipteam, property footprint and structure that “places the business on sustainable footing into the future”, Linx notes in a statement.
“TheVoluntary Administration processforAutocareServices has completedfollowing theimplementationand effectuationofitscreditor-endorsedDeed of Company Arrangement (DOCA)proposed by Linx CCG.
“Theendof thisprocess meanscontrol ofAutocareServiceshas been handed back to the company director by the administrators and the busi…
Read the full article at: https://www.fullyloaded.com.au/industry-news/2107/administrators-hand-autocare-business-back-to-linx
A group of anonymous Maltese investors, who last week reportedly forked out 500,000 to save the Sicilian football club Calcio Catania from bankruptcy, are currently discussing the possibility of buying into the same club despite the embattled Serie C teams reported 65 million debt.
While the Calcio Catania administration has failed to disclose the identity of the Maltese investors, sources close to the Malta Football Association (MFA) told The Shift that the negotiations with the Catania administrators are being facilitated by Riccardo Gaucci who up to last year was the owner of Floriana FC.
We still dont know who forked out the money for Catania, MFA sources told The Shift. But we are informed that Riccardo Gaucci was in Malta in the …
Read the full article at: https://theshiftnews.com/2021/07/03/moves-by-unnamed-maltese-investors-to-acquire-ownership-of-sicilian-football-club/
Barbara Easter and her husband will be long past retirement age by the time the debts their outdoor events business, Cotswold Marquees, took on to survive the pandemic are due to end.
This month, their bank will start to ask for repayments and it is not their only worry. Some wages will need to be covered again as furlough support tapers. Business rates will resume. They now take one day at a time to get through, says Easter, with questions over how many events will be happening this summer.
The Easters are among thousands of UK business owners facing the financial fallout of the pandemic, as concerns grow over whether government efforts to keep the economy afloat will be sufficient.
Ministers have rested hopes on the consumer recover…
Read the full article at: https://www.ft.com/content/d27173f3-19ba-4d9f-b37e-82bc526be72d
James Prentice, 41, from South Devon, was sentenced to 6 months imprisonment suspended for 2 years, ordered to carry out 150 hours of unpaid work and ordered to pay compensation of 4,500 to his victims.
Exeter Crown Court heard Prentice was declared bankrupt in December 2014 and although he could continue working as a builder through his company, JSP Woodworx, the terms of his Bankruptcy Restrictions Undertaking (BRU) meant he could not take more than 500 as a deposit from clients without disclosing he was a bankrupt.
Despite this, between June 2016 and January 2018, Prentice took more than 271,000 to build a retirement home on farmland in Taunton for his victims which he claimed was for his services and to supply goods needed for the p…
Read the full article at: https://www.gov.uk/government/news/suspended-sentence-for-bankrupt-devon-builder-who-left-victims-living-in-mobile-home
The employees’ unions of two defunct units of, for which bidders have been invited to conduct an e-auction, urged liquidator to disclose valuation of oil reserves in the Cachar Paper Mills land area
Topics
HPCL|oil reserves|valuation
The employees’ unions of two
defunct units of Hindustan Paper Mills Corporation Ltd, for which bidders have been invited to conduct an e-auction, on Saturday urged the liquidator to disclose the valuation of the oil reserves in the Cachar Paper Mills land area.
There are more than three natural oil well reserve points in the Cachar Paper Mill Township and the land area is reportedly in a lease rent agreement with ONGC, the Joint Action Committee of Recognised Unions (JACRU) said in a recent letter to …
Read the full article at: https://www.business-standard.com/article/companies/unions-urge-hpcl-liquidator-to-disclose-valuation-of-oil-reserves-in-cachar-121070400255_1.html
The recent Supreme Court ruling, confirming the amendment to Insolvency Bankruptcy Code allowing creditors to proceed against personal guarantors of defaulting companies to recover debt has not only opened up a new dimension in the corporate insolvency resolution, but also caused a furor among the promoter families.
In Lalit Kumar Jain vs Union of India, 2021, the Supreme Court upheld the Insolvency and Bankruptcy Rules, 2019 notified by the Indian Government on 15 November 2019 (effective from 1 December 2019) paving way for lenders to go ahead with proceedings for recovery initiated against personal guarantors to corporate debtors undergoing CIRP (corporate insolvency resolution process), in any Court or Tribunal.
While this latest decis…
Read the full article at: https://economictimes.indiatimes.com/markets/bonds/how-amendments-in-ibc-could-put-family-trusts-in-the-dock/articleshow/84109688.cms