Insolvency Guardian Media Centre
The government continues with its reforms to insolvency and bankruptcy rules, with the latest change a higher threshold for statutory demands – taking effect next month.
From July 1, the minimum amount at which creditors can issue a statutory demand to a company for a debt owed increases from A$2000 to $4000.
The change follows the making of Corporations Amendment (Statutory Minimum) Regulations 2021 in May.
The new threshold for statutory demands is the latest in a series of changes over the past year. A number of temporary insolvency relief measures were introduced in March last year as part of the governments COVID-19 response and most, but not all, of those temporary measures ended in January
The minimum amount of debt that…
Read the full article at: https://www.bankingday.com/more-insolvency-changes
The Mumbai bench of the National Company Law Tribunal (NCLT) has questioned the haircut that creditors have to take in the Videocon Industries Ltds (VIL) resolution plan. The resolution applicant was paying close to the liquidation value to acquire the company, the tribunal noted in the order approving the resolution plan submitted by Anil Agarwals Twin Star Technologies.
The NCLT order also said the shares of VIL and Value Industries Ltd, originally Videocon Appliances Ltd, will be delisted from stock exchanges following the acquisition by Twin Star. This means the stock value will ultimately become zero, similar to what happened with Dewan Housing Finance Corp. Ltds shares.
VIL shares have been rising on the exchanges for the past…
Read the full article at: https://www.livemint.com/companies/news/nclt-questions-vedanta-s-bid-value-for-videocon-firm-to-delist-as-part-of-resolution-11623765692793.html
NEW DELHI: Creditors of debt-ridden Videocon Industries Ltd will be taking nearly 96 per cent haircut on their loans and the bidder is “paying almost nothing” for the company, NCLT has observed while approving Anil Agarwal’s Twin Star Technologies’ Rs 2,962.02 crore-bid under the insolvency resolution process.
Videocon Industries and its 12 group companies had a total admitted claims of Rs 64,838.63 crore. The Mumbai bench of the National Company Law Tribunal has also observed that the resolution plan is giving 99.28 per cent to the operational creditors, which it sarcastically hinted to be as a “Hair cut or Tonsure, Total Shave”.
It has requested the Committee of Creditors (CoC) and Twin Star Technologies to increase the pay-out amount …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/videocon-insolvency-creditors-to-take-96-haircut-on-dues-nclt-says-bidder-paying-almost-nothing/articleshow/83553294.cms
A GAMBLING addict has been jailed for embezzling 223,000 from the law firm where he worked.
Trainee paralegal Callum Scott, 23, was sentenced to 16 months after he admitted redirecting customer refunds, repayments or overpayments to his own bank account, to pay off mounting payday loans.
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The four-month scam was described as a “spectacular breach of trust” against Aberdein Considine, one of Scotland’s largest legal firms, at Aberdeen Sheriff Court.
And Scott was blasted for “stealing from Peter to pay Paul”.
His deception was discovered following an internal probe at the firm, sparked when some customers asked why their money had not been returned.
Fiscal depu…
Read the full article at: https://www.thescottishsun.co.uk/news/scottish-news/7260007/aberdeen-gambling-addict-payday-loans-embezzle-court/
The process, known in German as Schutzschirmverfahren (SSV) literally translates to restructuring under protection of the insolvency laws.
This method permits management to restructure the business in an efficient manner, thereby increasing productivity and flexibility in the production process.
Reorganising in such a manner also allows for an increased stabilisation of the company, creating a higher degree of automation, adaptation of capacities to the reduced market demands, and further qualification of employees.
Igor Ferlan, Managing Director of Thielmann Ucon, said about the process, This way, we want to build on our strengths in the past lead times in line with the market, coupled with the highest quality standards for the benefi…
Read the full article at: https://www.gasworld.com/thielmann-announce-creditor-approval-of-restructuring-process/2021071.article
The FTSE 100 index closed higher on Tuesday, with Associated British Foods PLC leading the sessions risers list and Antofagasta PLC the fallers. “The FTSE is edging higher, lifted by large dollar-earning companies such as Diageo, Unilever and British American Tobacco as the pound falls. However, gains in the index are being capped by delays in lifting remaining Covid restrictions,” says Sophie Griffiths, Market Analyst at OANDA.
Companies News:
Sistema 1Q Net Loss Narrowed
Sistema JSFC said Tuesday that its net loss narrowed in the first quarter of 2021 as revenue rose, and that it expects 2021 revenue growth of no less than 4% for its telecommunications company, MTS.
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Pressure Technologies Shares Fall on Lower 2H Outlook; Swung …
Read the full article at: https://www.morningstar.com/news/dow-jones/202106157240/ftse-100-closes-higher-boosted-by-strenghtened-us-economy
Bellway’s Share Price Looks Well Supported
House builder Bellway’s share price should be well underpinned by the expected delivery of growth over the medium term and a decent dividend payout, Canaccord Genuity says. Bellway has guided for a higher average selling price for fiscal 2021 and pretax profit consensus forecasts for the year are likely to rise 3%-4%, but don’t expect any material changes to fiscal 2022 at this stage, the Canadian investment bank says. Bellway’s share price has risen around 18% in the year to date but it still has one of the lowest price-to-book multiples in the sector, adding to its attractiveness, Canaccord says. Canaccord retains its buy rating and 4,060-pence price target on the stock. Shares are broadl…
Read the full article at: https://www.morningstar.com/news/dow-jones/202106156010/ftse-rises-bellways-share-price-looks-well-supported
The fight for the crown jewel of the Australian gambling scene is heating up. Even more could jump into the fray.
A bidding war for Crown Resorts CWN -0.57% has been brewing Down Under ever since an inquiry report, released by regulators in February, alleged that the casino operator has links with money laundering and people tied to organized crime. The watchdog later said Crown isnt fit to hold the gambling license necessary to open its new Sydney casino, housed in a skyscraper overlooking the citys harbor. The market has expected billionaire James Packer, who was criticized in the report, to eventually sell down his 37% stake in Crown, owned through his private firm Consolidated Press Holdings.
Oaktree Capital is upping the ante. Th…
Read the full article at: https://www.wsj.com/articles/bets-on-a-scandal-plagued-gambling-house-are-piling-up-11623758070
Queenslands total debt will now be $122.7 billion in 2023-24 about $7 billion better off than initially forecast.
Debt, at this stage, will top out at $127.4 billion by 2024-25, as the governments budgetary outlook improves courtesy of increased revenue from a recovering economy and a reduction in government expenditure.
The economy has bounced back from the COVID-19 lockdowns and draconian border closures another tick for Dick, even if there are dark clouds on the horizon such as national borders remaining closed for longer because of a slower vaccine rollout, or no end to the trade spat between Australia and China that is killing the states coal royalties.
Enter the Future Fund
But, like most budgets, there has been a fair bit of sm…
Read the full article at: https://www.afr.com/politics/dick-starts-to-pay-down-debt-even-if-it-s-a-sleight-of-hand-20210614-p580yl
A debt consolidation loan can be an effective tool to help you pay off high-interest debt, but its not right for everyone. Make sure to weigh the pros and cons and consider alternative strategies. (iStock)
A debt consolidation loan is a borrowing tool that allows you to combine existing unsecured debts into a single personal loan. This type of loan can help you to pay off debt by reducing your interest rate and consolidating multiple monthly payments into just one.
A debt consolidation loan can be an effective tool but its not right for all situations. Keep reading to get a breakdown of when a debt consolidation loan might be a good idea, as well as some alternatives you can also consider.
To start exploring your personal loan o…
Read the full article at: https://www.foxbusiness.com/money/when-does-consolidating-credit-card-debt-make-the-most-sense
Member Article
May 2021 insolvency statistics, R3 response
Corporate insolvencies increased by 8.8% to 1,011 in May 2021 compared to Aprils figure of 929, and increased by 6.9% compared to May 2020s figure of 946.
Personal insolvencies fell by 14% to 8,482 in May 2021 compared to Aprils figure of 9,864, and were 38.7% lower than May 2020's figure of 13,838.
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 May 2021 corporate and individual insolvency statistics for England and Wales:
Todays increase in corporate insolvencies has been driven by a rise in Creditors Voluntary Liquidations, while …
Read the full article at: https://bdaily.co.uk/articles/2021/06/15/may-2021-insolvency-statistics-r3-response
SINGAPORE (BLOOMBERG) – Asset sales in a liquidation process at Hyflux, Singapore’s highest-profile distressed company, would likely bring in less than $200 million, a person familiar with the matter said, a fraction of the amount creditors are claiming.
Hyflux’s judicial manager Borrelli Walsh filed a court application earlier this month to wind up the water treatment and power company, and said there are six bids involving individual assets.
There is no specific timeline to sell these assets, but the judicial manager aims to do so as soon as possible, according to the person, who asked not to be identified because the matter is private.
Proceeds of that size from the liquidation would confirm creditors’ concerns that they may get …
Read the full article at: https://www.straitstimes.com/business/companies-markets/hyflux-may-fetch-under-200-million-in-liquidation-source