Insolvency Guardian Media Centre
Several lenders, including the major banks, have announced relief measures for Victorian borrowers impacted by the floods.
High winds, damaging rains, and flash flooding have wreaked havoc in several communities in Victoria, including the Gippsland region, with homes damaged or left without power, and more rain is expected.
In response to the floods, major banks have announced that customers affected by the floods can access immediate financial support. They have also encouraged affected customers to contact their near bank branches for assistance.
ANZ
ANZ has announced that it would provide a financial support package for individual and business customers that have been impacted by storms and floods across Victoria.
Support measures …
Read the full article at: https://www.mortgagebusiness.com.au/breaking-news/15737-banks-offer-relief-for-flood-hit-victorians
Landlords are once again in talks with the UK’s largest car park provider NCP, this time threatening to remove the business from a string of premises ahead of a vote on the company’s new restructuring plan.
The Telegraph reported on Sunday that the vote could tip the business into administration.
The restructuring plan would see a radical shakeup of NCP’s business model, with many landlords facing large rent cuts.
Some landlords have even gone into discussion with other operators, according to The Telegraph.
In May, the car park giant described the rent cuts as “last resort”, having started a process to pull out of contracts for unprofit…
Read the full article at: https://au.news.yahoo.com/ncp-car-parks-restructuring-vote-next-week-163759242.html
– On June 13, 2021 6:59 pm
The National Company Law Appellate Tribunal (NCLAT), Delhi Bench while quashing the Liquidation Proceedings ruled that the sole decision of related parties Financial Creditors could be fatal for the existence of the corporate debtor and cannot be sustained.
The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP), and Respondent, INCAB Industries Ltd. was appointed as Interim Resolution Professional (IRP) of the Corporate Debtor.
Under the invitation of claims by the IRP, the Appellants namely B…
Read the full article at: https://www.taxscan.in/sole-decision-of-related-parties-financial-creditors-could-be-fatal-for-existence-of-corporate-debtor-nclat/118687/
The Mumbai bench of the NCLT approved Piramal Group’s resolution plan for the beleaguered DHFL on June 7.
Topics
DHFL|NCLT|debt resolution
Subrata Panda | Mumbai
Last Updated at June 14, 2021 01:08 IST
The National Company Law Tribunal (NCLT), while approving the resolution plan of Piramal Group for Dewan Housing Finance Limited (DHFL) has named a seven-member supervision committee, which will be given the power to manage and control the beleaguered housing financier during the period between the approval of the plan and its implementation.
The panel will have three representatives from the committee of creditors (CoC), two representatives nominated by the Piramal Group, and the administrator, provided that if the administrator…
Read the full article at: https://www.business-standard.com/article/economy-policy/dhfl-insolvency-case-nclt-appoints-panel-to-oversee-resolution-plan-121061400027_1.html
KrisEnergys winding up petition will be addressed by Grand Court of the Cayman Islands on July 12 at 9 am according to an announcement released by the upstream oil and gas company on Friday.
A winding up petition is a notice issued when a companys creditors submit a request to the court to liquidate the company because it is believed to be insolvent.
Keppel Corp Ltd (KCL), KrisEnergys largest shareholder, recently declared that it will realise a loss of more than $240 million during the first half of 2021 because of its exposure to KrisEnergy.
A KCL announcement said it is now implementing detailed recovery plans developed in consultation with its financial advis…
Read the full article at: https://www.khmertimeskh.com/50873348/winding-up-petition-court-date-set-for-krisenergy/
A dad-of-three who stole 50,000 from his boss when his gambling addiction plunged him into debt has launched a project to help other gambling addicts.
David Bradford from Sheffield was jailed for fraud on his wife Denise’s birthday in April 2014 – after hiding his addiction and 500,000 debt from the entire family.
The accountant even hid his own trial from his wife and kids, pretending he was just a witness. When he was convicted and sentenced, his web of lies finally unravelled.
Gripped by a crippling gambling addiction, David had stolen from his employers, taken out loans, had credit card and bank debts and had re-mortgaged his home.
Denise, 69 and their sons Adam, Alex and Ryan were horrified when they learned he had been jailed – …
Read the full article at: https://www.mirror.co.uk/news/real-life-stories/dads-double-life-gambling-addict-24297014
LAWRENCE SMITH/Stuff
Doug Robson, with the love of his life Cherie Wells. Robson has emerged from bankruptcy, but his experiences with the Official Assignee have left him angry and depressed.
Extraordinary personal stories of bankruptcy are prompting calls for an overhaul of the Insolvency Act, and a plea for more compassion. Rob Stock reports.
Doug Robson lost his Northland home in his bankruptcy, as well as his mana, and precious family taonga.
Robson was declared bankrupt in late 2017 over personal tax debts, but his company, which also owed money to the Inland Revenue, is being liquidated by KPMG to clear its tax debts.
But Robson is coming to believe the Northland home should not have been sold, and hes angry the sale went t…
Read the full article at: https://www.stuff.co.nz/business/300331271/theyve-cleaned-out-my-mana-extraordinary-stories-of-bankruptcy-prompt-calls-for-overhaul-of-insolvency-act
The cup of woes of scam-hit Dewan Housing Finance Corporation Ltd (DHFL) runneth over, with BSE and NSE notifying that DHFL equity shares will be suspended from trading with effect from June 14, 2021.
NSE, in a circular to its members, said DHFL equity shares will be suspended from trading with effect from June 14, 2021 (that is closing hours of trading on June 11, 2021). BSE, in a notice, said that to avoid market complications trading in the equity shares of DHFL will be suspended with effect from June 14, 2021.
Both the exchanges said DHFL, vide its announcement dated June 8, 2021, had informed them regarding approval of the resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench, which provides for delisting of equ…
Read the full article at: https://www.thehindubusinessline.com/markets/dhfl-shares-to-stop-trading-from-tomorrow/article34798923.ece
Washington, D.C. Yesterday, a federal judge in Wisconsin issued a restraining order on $4 billion of debt relief that was part of a program designed to help Black and other farmers of color as part of the Biden administrations American Rescue Plan. Following the decision, Nicole Lee Ndumele, vice president for Racial Equity and Justice at the Center for American Progress, issued the following statement:
Decades of structural racism within the U.S. Department of Agriculture (USDA) have dispossessed farmers of color of their land and their livelihoods. When the pandemic hit, the systemic disadvantages that Black farmers faced continued. White farmers received 99 percent of COVID-19 relief, while Black, Hispanic, Native American, and Asia…
Read the full article at: https://www.americanprogress.org/press/statement/2021/06/11/500484/statement-usdas-debt-relief-program-farmers-color-quickly-reinstated/
Edward Berthelot/Getty Images
- Hertz said Thursday its restructuring plan has been confirmed by court and it is set to exit bankruptcy on June 30.
- The exit paves the way for creditors to be paid in full and existing shareholders to receive more than $1 billion of value.
- Typically, in a corporate bankruptcy case like Hertz’s, equity shareholders would receive nothing.
- Sign up here our daily newsletter, 10 Things Before the Opening Bell.
Hertz shareholders are one step closer to seeing more than $1 billion of value returned.
The car rental giant and original “meme stock” said on Thursday its restructuring plan has been confirmed by a bankruptcy court, pavin…
Read the full article at: https://markets.businessinsider.com/news/stocks/hertz-shareholders-bankruptcy-plan-restructuing-court-approval-stock-price-payout-2021-6-1030516745
By Matteo Castia
Hurricane Energy PLC said Friday that its proposal to restructure the business didn’t get approval at the shareholder meeting that was convened to vote on the plan.
The London-listed, oil-and-gas company said the resolution received only 7.7% of the total votes cast and that 32.9% of the company’s issued share capital voted.
The refinancing plan would have granted lenders–which hold the company’s $230 million convertible bonds–a 95% shareholding.
On May 24, Hurricane Energy warned that should the restructuring plan not go forward, it is likely that there would be a controlled winding down of its operations followed by an insolvent liquidation of the company.
“[…] as the Restructuring Plan was approved at the Bo…
Read the full article at: https://www.marketwatch.com/story/hurricane-energy-shareholders-reject-restructuring-plan-271623425295
A FINANCE controller dad hid his 500,000 gambling debt from his family – who only found out when he was jailed.
David Bradford, 64, stole 50,000 from his employers, racked up countless loans and even remortgaged his home to fund his addiction.
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His double life was only exposed when a solicitor phoned his wife Denise and three sons Alex, Ryan and Adam to say he had been sentenced to prison.
David, who lost his 70,000-a-year job, served eight months before his release from HMP Altcourse in Liverpool in November.
Adam, 28, said: “While he was in prison, I…
Read the full article at: https://www.thesun.co.uk/news/15236860/finance-controller-dad-hid-gambling-debt/