The Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a strong deterrent against the misuse of the dissolution process.
The process will no longer be able to be used as a method of fraudulently avoiding repayment of Government backed loans given to businesses to support them during the Coronavirus pandemic
Extension of the power to investigate also includes the relevant sanctions such as disqualification from acting as a company director for up to 15 years. These powers will be exercised by the Insolvency Service on behalf of the Business Secretary.
At present, the Insolvency Service has powers to investigate directors of live companies or …
Read the full article at: https://www.miragenews.com/new-powers-to-tackle-unfit-directors-of-558966/
An official statement from the competition watchdog said the transaction notified by two new companies set up as part of IBMs internal reorganisationKyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Pvt. Ltdhas been approved.
Livemint | By Gireesh Chandra Prasad, New Delhi
PUBLISHED ON MAY 12, 2021 06:29 AM IST
The Competition Commission of India (CCI) has granted deemed approval to IBM Corp. for an internal restructuring that covers its India business under a fast-track process.
An official statement from the competition watchdog said the transaction notified by two new companies set up as part of IBMs internal reorganisationKyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Pvt. Ltdhas been …
Read the full article at: https://www.hindustantimes.com/business/cci-clears-ibm-internal-restructuring-plan-101620780289491.html
Two major Thai airlines, Thai Airways International and Nok Air, are at different stages of putting together business reorganisation plans outlining how they will restructure their businesses under court protection and emerge stronger from the Covid-19 pandemic.
But a recent surge in virus cases in the Kingdom looks likely to scupper the countrys plans to reopen to tourists this year something airlines had been banking on to lead them out of the downturn.
Moreover, a huge viral surge in India has put paid to hopes of being able to accept visitors from that key tourism market, while Chinas conservative approach to reopening borders could largely seal off a second major tourism market for many months to come.
I think [that before the …
Read the full article at: https://www.flightglobal.com/strategy/thailands-third-wave-complicates-restructuring-plans/143694.article
1. Introduction
On 12 January 2021, the Government published a consultation on proposed changes to the monetary eligibility criteria for debt relief orders (DROs). DROs provide low cost and easy access to debt relief for individuals with relatively low levels of unmanageable debt, and no way to pay their creditors. In order to be able to obtain a DRO, a person must meet strict monetary eligibility criteria, alongside certain other non-monetary conditions (for example that they have lived or worked in England or Wales in the last 3 years). The monetary eligibility criteria have been unchanged since 2015. The consultation closed on 26 February 2021.
The Government proposed the following changes to the monetary eligibility criteria for an …
Read the full article at: https://www.gov.uk/government/consultations/debt-relief-orders/summary-of-responses-and-government-response
Creditors vote Wednesday on THAI rehab plan
Some stakeholders reject debt haircuts
If Thai Airways International Plc (THAI) were to go under on decision day, which is Wednesday, creditors would only be paid 12.9% of what is owed to them, a source at the airline warned.
On Wednesday, 13,000 creditors are voting on whether to accept or reject the debt rehabilitation plan prepared by the company. If they vote it down, the airline will be declared bankrupt and the creditors will walk away with 12.9% of what the airline owes them, the source said.
In the even…
Read the full article at: https://www.bangkokpost.com/business/2114167/creditors-vote-wednesday-on-thai-rehab-plan
STUFF
CBL insurance was put into liquidation in May 2020. (File photo)
A third man charged in relation to an alleged multimillion-dollar fraud linked to collapsed insurer CBL will have a separate trial to two other men accused.
CBL Insurance chief executive Peter Alan Harris and chief financial officer Carden Mulholland are set to go to trial in September on fraud charges.
The third man, who has interim name suppression, appeared at the High Court at Auckland on Wednesday, where Justice Sally Fitzgerald set down a trial date for June next year.
He is charged with one count of obtaining by deception.
READ MORE:
* CBL Insurance: Chief financial officer can now be named as fraud accused
* CBL Insurance fraud accused loses suppressio…
Read the full article at: https://www.stuff.co.nz/national/crime/300305408/cbl-insurance-third-man-charged-with-fraud-will-have-separate-trial
Creditors vote today on THAI rehab plan
Some stakeholders reject debt haircuts
If Thai Airways International Plc (THAI) were to go under on decision day, which is today, creditors would only be paid 12.9% of what is owed to them, a source at the airline warned.
Today, 13,000 creditors are voting on whether to accept or reject the debt rehabilitation plan prepared by the company. If they vote it down, the airline will be declared bankrupt and the creditors will walk away with 12.9% of what the airline owes them, the source said.
In the event THAI goes into bankruptcy, the …
Read the full article at: https://www.bangkokpost.com/thailand/general/2114167/creditors-vote-today-on-thai-rehab-plan
Photograph: Shutterstock
Acknowledging its taking a tremendous risk, fast-casual chain Cosi asked a judge this week to dismiss its bankruptcy case so it can apply for the Restaurant Revitalization Funda plan approved Tuesday by the court.
Early this month, Cosi asked a U.S. Bankruptcy Court judge in Delaware to speed up its bankruptcy proceedings so it could take advantage of up to $10 million in federal aid before the funds ran out. Bankrupt restaurants are not eligible for the funding.
But the Boston-based soup and sandwich chain said in court documents that it decided to pivot and ask a judge to dismiss its bankruptcy filing entirely.
The Debtors now believe that they are in the unenviable position of having, as their last, best …
Read the full article at: https://www.restaurantbusinessonline.com/financing/cosi-gets-its-bankruptcy-dismissed-so-it-can-apply-federal-aid
Revlon Inc. is expanding its restructuring efforts, again.
The latest restructuring effort, called the Revlon Global Growth Accelerator, is meant to allow the beauty company to reinvest in its brands to drive sales and profit growth.
Revlon said it would work to boost organic growth for its brands in order to deliver a mid-single compound average annual growth rate through 2023, reduce annual costs by between $75 million and $95 million through 2023, and enhance capabilities and employee skill sets in order to promote agility and deliver transformational change.
The new plan one of several restructuring efforts the company has unveiled in recent years is meant to focus on the Revlon and Elizabeth Arden brands in key markets and channe…
Read the full article at: https://wwd.com/beauty-industry-news/beauty-features/revlon-expands-restructuring-efforts-1234821135/
The amount of the financing was not disclosed, but the IMF and World Bank put Sudans total external debt at an estimated $49.8 billion as of the end of 2019.
Tuesday 11/05/2021
A file picture shows International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaking in Washington. (REUTERS)
WASHINGTON The IMF executive board on Monday approved a financing plan to cover its share of debt relief to Sudan, Managing Director Kristalina Georgieva announced.
This marks a critical step in helping Sudan advance the process of normalizing relations with the international community, Georgieva said, adding that the plan relies on a broad effort of IMF member countries, including cash grants and contributions derived from IMF inte…
Read the full article at: https://thearabweekly.com/imf-approves-financing-plan-aimed-sudan-debt-relief