ASIC has disqualified Grant Evan Donley of Sydney, NSW, from managing companies until 25 May 2023 for his role in the failure of Conceptual Interiors NSW Pty Ltd, Conceptual Interiors Group Pty Limited, and Conceptual Interiors Pty.
The three failed companies owed their creditors a total of $3.1 million, including a debt to the ATO of $792,751, and a debt to Revenue NSW worth $58,708.
The corporate regulator found that Mr Donley allowed both Conceptual Interiors NSW and Conceptual Interiors Group to trade while insolvent, when each company was unable to pay debts when they were due.
He was found to have failed…
Read the full article at: https://www.accountantsdaily.com.au/tax-compliance/15776-asic-disqualifies-director-for-insolvent-trading
Debt can creep up on you like a thief in the night. It starts innocently enough perhaps you let your credit card balance roll over for a few months or take out a personal loan to tide you over until payday. The next thing you know, your mailbox is bulging with bills.
If you are juggling multiple credit card bills and/or unsecured loan repayments, signing up for a debt consolidation plan can be a clever way to make repaying your debt a little easier.
What is debt consolidation and how it can help you get your finances under control? (Watch the video up top or read on to find out more.)
Whether youre dealing with job loss, reeling from a pay cut or struggling with multiple mortgage and bill payments, you are not alone in ex…
Read the full article at: https://www.straitstimes.com/singapore/consumer/manage-debt-achieve-financial-freedom-hsbc
While its committee of creditors as well as the RBI and the CCI, have given their approval to the resolution plan put forward by the Piramal Group, the plan is awaiting the NCLT
Topics
DHFL|Housing Finance|NCLT
Mortgage lender Dewan Housing Finance Limited (DHFL) has reported a net profit of Rs 97 crore on a standalone basis in the quarter ending March of FY21 compared to a loss of Rs 7,634.89 crore in the year-ago period.
However, revenue from operations of the housing finance declined 14 percent to Rs 2,034.53 crore in Q4FY21 compared to Rs 2,387.58 crore in Q4FY20.
For the full year, DHFL, which is reeling from insolvency, has reported a loss of Rs 15,051 crore, while total income for the year stood at Rs 8,802.79 crore. T…
Read the full article at: https://www.business-standard.com/article/companies/dhfl-back-in-the-black-posts-rs-97-crore-net-profit-in-march-quarter-121060700005_1.html
cThe Insolvency and Bankruptcy Code, 2016 has emerged as the most impactful legislation for enforcement actions by creditors against corporate debtors. Its interpretation has not been without controversy for that you may thank the ingenuity of various stakeholders or lay blame on legal acumen of draftspersons. The phased rollout of the code, timely legislative actions and swift judicial interventions are examples of credible implem…
cThe Insolvency and Bankruptcy Code, 2016 has emerged as the most impactful legislation for enforcement actions by creditors against corporate debtors. Its interpretation has not been without controversy for that you may th…
Read the full article at: https://www.bloombergquint.com/insolvency/personal-guarantors-judgment-time-for-promoters-to-right-size-insolvency-risk
A Taiwanese businessman who used to own one of the worlds biggest shipping empires before losing almost everything in the financial crisis is seeking to leave Britain after years of legal disputes and a spell in prison.
Nobu Su, who was released from Pentonville prison in April last year having been detained for breaching a court order, is preparing to argue in the High Court next month that his human rights have been violated because his passport was seized and he has not been allowed to depart from the UK.
Su, once a flamboyant tycoon who also has designed new parts for ships and written two books, was declared bankruptcy with debts of 654 million in July last year. The sum makes him one of
Read the full article at: https://www.thetimes.co.uk/article/bankrupt-shipping-tycoon-nobu-su-returns-to-court-580p30qsm
Tata Steel Mining Limited (TSML) has been declared as the successful resolution applicant by the creditors of Rohit Ferro-Tech Limited, steel major Tata Steel said on Sunday.
Topics
Tata Steel|Mining industry
Tata Steel Mining Limited (TSML) has been declared as the successful resolution applicant by the creditors of Rohit Ferro-Tech Limited, steel major Tata Steel said on Sunday.
Tata Steel Mining Limited is a wholly-owned subsidiary of Tata Steel.
In a BSE filing, Tata Steel said, “TSML has been declared as successful resolution applicant by the Committee of Creditors for acquisition of Rohit Ferro-Tech Limited on June 5, 2021, subject to it obtaining necessary regulatory approvals including approval from the National Compa…
Read the full article at: https://www.business-standard.com/article/companies/tata-steel-mining-gets-successful-resolution-applicant-for-rohit-ferro-tech-121060600788_1.html
Dewan Housing Finance Ltd (DHFL) on Sunday reported widening of its FY21 consolidated net loss to Rs 15,051.17 crore as compared with a loss of Rs 13,426.85 crore in FY20.
Total income declined to Rs 8,802.79 crore in FY21 from Rs 9,578.85 crore in FY20.
However, the company, which is under corporate insolvency process, posted a profit of Rs 96.75 crore in January-March quarter. It had posted a net loss of Rs 7,507.01 crore crore in the year-ago quarter, while it reported a loss of Rs 13,095.38 crore in October-December quarter of 2020.
Total consolidated income during Q4 of FY21 fell to Rs 2,060.57 crore from Rs 2,160.98 crore in Q4 FY20.
DHFL said it had a balance of Rs 10,209.62 crore as deferred tax asset as on March 31, 2021. It sa…
Read the full article at: https://www.businesstoday.in/current/economy-politics/dhfl-fy21-net-loss-widens-to-rs-15051-cr-posts-rs-97-cr-profit-in-jan-mar/story/440978.html
On October 17, at around 5 pm, R Subramaniakumar, the administrator of Dewan Housing Finance, received an unusual letter from an inmate of Taloja jail near Mumbai. The nine-page letter was from the finance companys erstwhile promoter Kapil Wadhawan, detailing an offer to settle all dues in exchange for taking back control of the firm.
Wadhawan, who was in prison over allegations of fraud, had timed his letter to coincide with the last day for submission of bids for the debt-laden housing finance company under the insolvency process. He offered his personal and family properties, which he claimed were worth 43,000 crore, for repayment of outstanding loans. On the same day, Subramaniakumar also received bids from several entities includin…
Read the full article at: https://www.thehindubusinessline.com/specials/corporate-file/when-former-biz-owners-try-the-back-door/article34745681.ece