Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
McNally Sayaji Engineering, an unlisted subsidiary of the Khaitain family-run McNally Bharat Engineering, is facing corporate insolvency proceedings. The insolvency
Stakenet, a US-based company, was alerted that about $62,000 worth of XSN cryptocurrency was being moved from its cold wallet (also known as an offline wallet) on February 1.
The wallet, which contained about $2.7m in total, had been dormant since the Cryptopia hack in January 2019.
A CREDITOR wants the former operator of the goldfield under Bendigo declared insolvent because of a debt of just over $200,000. The Bendigo Advertiser has obtained a court document alleging Kralcopic Pty Ltd has failed to pay back $234,308.40 owed to company Gold Miners Australia Pty Ltd. It comes as Kralcopic fights on multiple fronts to stay solvent, reclaim its mining licences, raise $7 million and keep open Kangaroo Flat’s Swan Decline, which is the last major portal under Bendigo. More news: A loss on any of those fronts could potentially trigger the end of roughly a century-and-a-half of mining within Bendigo’s city limits. The Advertiser has obtained a Gold Miners Australia application to wind the company up under the Corporatio…
Ed Talbot, executive director of the New Hampshire Council on Problem Gambling, speaks at a celebration for two runners who had completed a half-marathon for 40 consecutive years. Talbot said physical exercise can be helpful in recovery for compulsive gambling. (Courtesy photo)
New Hampshire lottery sales, particularly from online games, are surging during the pandemic, and with that increase comes a jump in another statistic the number of problem gamblers who seek assistance for a disorder that can destroy lives.
The National Council on Problem Gambling received 443 calls to its 24-hour helpline (800-522-4700) from New Hampshire last year, compared to 337 in 2019. Thats an increase of 24%.
The government has announced it intends to make temporary amendments to the effects of corporate insolvency and governance legislation for an additional year.
The government laid the regulations out on 11 February 2021 in Parliament ahead of the power expiring on 30 April 2021.
Additionally, the government has also announced that companies and other qualifying bodies with obligations to hold AGMs will continue to have the flexibility to hold these meetings virtually until 30 March 2021.
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Measures put in place to protect businesses from insolvency will be extended to continue giving them much-needed breathing space during the Covid-19 pandemic.
However, small suppliers will remain exempted from the obligatio…
Laura Theophilus (42), from Cambridge, was the sole director of CIS UK PAY Limited. Incorporated in February 2012, the company provided combined office administrative services.
The company was VAT registered shortly after its incorporation and Laura Theophilus submitted VAT returns for five consecutive quarters from January 2017 to January 2018, paying just over 273,000.
In April 2017, however, CIS UK PAY received notification from the tax authorities that some of its recent purchases from a supplier had been connected to tax losses. Laura Theophilus was also warned that she should apply due diligence when choosing suppliers.
But Laura Theophilus failed to conduct due diligence checks and this resulted in CIS UK PAY submitting inac…
Australias peak body for online betting says punters should not be stopped from going into debt to bet.
It comes amid concerns about problem gambling.
Ultimately, we think customers should have the right to choose and directly manage their own betting preferences, Brent Jackson, Chief Executive at Responsible Wagering Australia, said on 3AW.
The evidence of bad outcomes just isnt there, despite what some people are suggesting.
McNally Sayaji Engineering, an unlisted subsidiary of the Khaitain family-run McNally Bharat Engineering, is facing corporate insolvency proceedings. The insolvency process was admitted after ICICI Bank, a financial creditor, moved to the National Company Law Tribunal (NCLT).
McNally Sayaji was granted loans by ICICI Bank to the tune of 50 crore. Nearly half of the term loan ( 25 crore) was disbursed in June 18, 2015. The remaining facility of 25 crore was disbursed on June 27, 2015. This apart , there was working capital facility that was renewed from time to time.
The corporate debtor (McNally Sayaji) having committed default in making the payment of the loan amount of 45,84,41,659.02 and having failed till date to make the re-paym…
BRUSSELS, Feb 16 (Reuters) – European Union finance ministers on Tuesday backed the idea of boosting IMF funding and extending debt relief for the poorest countries to help the global fight against the COVID-19 crisis.
The idea of increasing the International Monetary Funds resources, called Special Drawing Rights (SDRs), so that the lender of last resort can help more low-income countries appeared last year. Officials mention amounts ranging from $500 billion to $1 trillion.
And last year the G20, the group of the worlds 20 biggest economies, approved a Debt Service Suspension Initiative, offering 73 of the poorest countries a six-month suspension of government-to-government debt payments.
The ABA suggests that ASIC be charged with supervising fee structures of debt management firms to further protect consumers, among other recommendations.
Australias government is receiving industry support for a proposal to introduce a licencing regime for debt management firms.
The government released a consultation paper in January proposing to protect consumers from the often predatory practices of debt management firms by requiring them to hold an Australian Credit Licence when they are paid to represent consumers on matters related to credit activities. The consultation is now closed.
In a statement, the ABA (Australian Banking Association) said it supports the proposed licencing regime for debt management firms.
David Roos left his job and relocated to another state. For three months he had no money coming in, which caused him to get behind on bills. With a credit card nearly maxed out and a sizable personal loan, he was at a breaking point.
Roos received a flyer in the mail from a debt relief company that said it would help him dig out of debt with the help of a lawyer. Roos called the company and was told that in three to four years he would be out of this mess.
He had to agree to a number of conditions, including stop making payments to his creditors, ignore their calls and get on a payment plan with the debt relief company. According to Roos, they started taking $638 a month out of his checking account.
On 12 February 2021, the Supreme Court of South Australia handed down its penalty decision that Peter Ivan Macks liquidator registration be suspended for a period of three years, commencing on a date yet to be fixed.
Mr Macks suspension will begin when His Honour Justice Doyle hands down final orders.
Pursuant to the decision, orders are also to be made for the removal of Mr Macks from all current appointments as liquidator or receiver and manager, that Mr Macks be restrained from accepting any kind of corporate insolvency appointment during his suspension period, and that he pay 50 per cent of ASICs costs of the proceedings.
The penalty decision follows His Honour Justice Doyles decision that, on or about 25 February 2010, Mr Macks…
The administrators at one of Melbournes major large format print businesses, Magnify Media, has pulled the plug, with the company set for liquidation after racking up debts approaching $5m.
Magnify liquidated: John Duplock
The business operated by well-known industry identity John Duplock has been under administration since Christmas Eve, with four parties showing interest in buying it, but no deal eventuating.
Magnify has known debts to unsecured creditors of $3.6m. Major creditors include the ATO, which is owed $1.23m, Billboard Media owed $528,000, Freight Focus Management owed $474,000, HP owed $234,000, and Celmac, which is owed $228,000.
In addition, Magnify owes $1.13m in unpaid priori…
