Furthermore, it is often contended that directors of a corporate debtor must continue in order to ensure smooth completion of the CIRP. Hence, in addition to checking whether RP/IRP/CoC approval is required for acceptance of resignation of a director during CIRP, this article also tends to examine whether directors are required to remain with a corporate debtor to ensure their assistan…

Read the full article at: https://www.barandbench.com/columns/resignation-of-directors-during-the-corporate-insolvency-resolution-process

9News found Chris Brown as he admitted he’s been lying low. In an exclusive interview, he claimed the missing money is as safe as houses.

The 27-year-old said there’d be no issues with finding the $126 million he says he still has.

When asked why he doesn’t pay his investors back, Mr Brown said it was in the courts at the moment and the receivers will handle it, and described it as being “safe as houses”.

Mr Brown has been li…

Read the full article at: https://www.9news.com.au/national/chris-brown-betting-scheme-declared-bankrupt-claims-money-is-safe/d17e51d3-5ead-416e-a001-809626125616

SINGAPORE – The relationship between the Government and newsrooms should not be affected even as Singapore Press Holdings (SPH) restructures its media business into a model that can receive state funding, said Minister for Communications and Information S. Iswaran.

In a ministerial statement on Monday (May 10), he said the Government “does not intend nor expect” the transfer of SPH Media to a company limited by guarantee (CLG) to affect the relationship between his ministry and the SPH newsrooms.

“The Government is mindful that our local news media must remain credible institutions that are trusted by Singaporeans, and that it remains the responsibility of the editors and journalists in SPH Media to report news and diverse opinions obje…

Read the full article at: https://www.straitstimes.com/singapore/sph-restructuring-high-quality-media-reporting-news-by-sporeans-for-sporeans-essential-to

Offshore drilling company Valaris has taken advice from Slaughter and May and Kirkland & Ellis on a U…

Offshore drilling company Valaris has taken advice from Slaughter and May and Kirkland & Ellis on a USD 7.1 billion financial restructuring following a Chapter 11 bankruptcy filing in August last year.

Slaughters and Kirkland & Ellis acted for Valaris alongside its in-house legal team on the negotiation and establishment of a restructuring plan relating to its existing debts, which ultimately dealt with company debt of USD 7.1 billion.

New York Stock Exchange-listed Valaris Chapter 11 filing was approved by the United States bankruptcy court on 3 March this year, and has resulted in the sale of Valaris business and assets t…

Read the full article at: https://iclg.com/ibr/articles/16241-valaris-completes-usd-7-billion-restructuring

“We know that people in this situation may find it harder to engage with debt advice and are being chased for their debts when they are least likely to be able to deal with it.”

The Money and Pensions Service (MaPS) has launched a new pilot to help people in mental health crisis avoid worsening debt problems.

The government-backed MaPS has committed 94.6million overall in 2021/22 to support vital debt advice services.

As part of the increased funding, MaPS is investing 2.4million in a pilot which joins up the mental health sector with debt advice services, to refer people in crisis for a Mental Health Crisis Breathing Space.

Under the Breathing Space scheme, which launched on 4th May, people with problem debt will be given legal pr…

Read the full article at: https://www.financialreporter.co.uk/finance-news/maps-launches-24m-debt-support-fund-for-people-in-mental-health-crisis.html

Construction firm Ahluwalia Contracts has entered into a settlement agreement and resolved the payment issues with its operational creditor, A2 Interiors Products Pvt Ltd, and is filing an application to withdraw the insolvency proceedings.

On May 5, the Delhi-based bench of the National Company Law Tribunal (NCLT) had allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd, an operational creditor, against Ahluwalia Contracts claiming default of Rs 14.10 crore and had appointed an interim resolution professional (IRP).

The IRP has been informed about the development and the company has requested him not to proceed to start the Corporate Insolvency Resolution Process (CIRP),

said in a regulatory filing.

“Nevertheless, the matter…

Read the full article at: https://economictimes.indiatimes.com/industry/ahluwalia-contracts-settles-dispute-with-a2-interiors-moves-to-withdraw-insolvency-proceedings/articleshow/82518083.cms

A proposed ban on gamblers using credit cards for online betting has been opposed by you guessed it companies profiting from gamblers going into debt.

Australias gambling peak body is standing alone in opposition to a proposed law that would stop Australian betting companies from accepting credit cards for online gambling.

The bill, proposed by Centre Alliance Senator Stirling Griff, follows a similar ban in the UK that makes it a crime to accept, facilitate or promote credit card payment for online betting.

Online gambling in Australia is limited to TABs, bookmakers and betting exchanges. Chance games including pokies and casino-style games as well as in-play betting on sporting events …

Read the full article at: https://www.crikey.com.au/2021/05/10/online-gambling-betting-laws-australia/

Our memory is short and lessons from the past may not always ward off the doom. This is especially true of the VUCA environment we live in, that is Volatile, Uncertain, Complex and Ambiguous. Repeatedly we witness, overconfident and over enthused entrepreneurs erupting on the business stage with their disruptive but complex business models and snare even the biggest banks in their net. We often see large and established banking icons such has Credit Suisse, which instituted extra sturdy risk management systems after the 2008 financial meltdown, falling prey to being shown a picture of the glorious future where they will earn fat fees and executives amassing obscene bonuses. In their single-minded focus on profits and bonuses, they fail…

Read the full article at: http://www.businessworld.in/article/Greensill-Insolvency-Cautionary-Tale-for-Indian-Fintech/01-05-2021-388372/

Firms providing debt management services need to apply to ASIC for a credit licence and become a member of AFCA by 30 June 2021.

ASIC (Australian Securities and Investments Commission) hasreleased an information sheet for providers of debt management services, explaining their new regulatory obligations, including the requirement to be licensed.

The release follows the making of new legislation prescribing certain debt management services as a credit activity for the purposes of the National Credit Act. The legislation was announced as part of a package of reforms to Australias consumer credit laws in September.

The reforms for providers of debt management services are meant to address high fees, the unlicensed offering of regulated ser…

Read the full article at: https://www.regulationasia.com/australia-to-require-debt-management-firms-to-be-licensed/

A Lower Hutt company that makes prefab classrooms is in voluntary administration but the Education Ministry says it is working with it.

The Ministry of Education says it is working with AdBuild and its administrators to ensure projects continue with as little disruption as possible (file picture). Photo: Ministry of Education

AdBuild’s creditors appointed administrators at the end of March, and the company continues to trade.

It is one of three firms that won contracts to build modular classrooms last year, in addition to a $100 million deal done with a separate consortium five years earlier.

Advanced Building & Construction Limited (which trades as AdBuild) had about 30 projects on the go, though it was not being used to supply pref…

Read the full article at: https://www.rnz.co.nz/news/national/442171/prefab-classroom-builder-adbuild-in-voluntary-administration-but-continues-to-trade

MUMBAI:

Ltd today reported a firm set of earnings for the quarter ended March even though the companys standalone bottomline missed Streets estimates by some distance.

The steelmaker reported a near 50 per cent jump in revenues in the standalone business on a year-on-year basis, while the consolidated business saw sales rise 39 per cent.

First half of financial year 2021 was a challenging period with the uncertainties and complexities brought on by the Covid-19 pandemic. Indian economy and domestic steel demand has been improving since then with accommodative policies, government spending and relaxation in mobility restrictions, said managing director and chief executive officer TV Narendran.

Here are some of the major takeaways from the M…

Read the full article at: https://economictimes.indiatimes.com/markets/stocks/earnings/strong-debt-reduction-operating-performance-help-tata-steel-post-stellar-show-key-q4-takeaways/articleshow/82409287.cms

By Reuters Staff

2 Min Read

ATHENS (Reuters) – Spains Prime Minister Pedro Sanchez on Sunday renewed his call for debt mutualisation, saying it will help Europe better compete with other countries around the world.

In an interview with Greek To Vima newspaper published on Sunday, Sanchez said that an agreement by the European Union on an unprecedented 750 billion euro ($912 billion) plan to finance the recovery of the block from the coronavirus pandemic has been a great success.

However, Europe still needs to work to deepen its fiscal integration through a common banking and capital markets union.

A European fund and the full mutualisation of debt are important issues so that we make a leap of high quality in the future …

Read the full article at: https://www.reuters.com/article/health-coronavirus-spain-debt/spains-sanchez-renews-call-for-debt-mutualisation-newspaper-idUSL1N2MW05K