The At…
Read the full article at: https://www.accountantsdaily.com.au/business/15254-attorney-general-floats-bankruptcy-changes-tougher-sanctions-against-untrustworthy-advisers
In a statement issued on Saturday, the Egyptian parliament’s industrial committee said that the government’s decision to liquidate the 67-year-old Egyptian Iron and Steel Company should be a matter of careful study.
“The liquidation process should be based on a logical review of the company’s performance in terms of losses and profits in the last few years,” said the statement.
It argued that the government’s liquidation resolution has split society into proponents and opponents.
“So, there should not be a final scenario about the future of the company, but there should be a public debate supported by studies, figures, and scientific research about the capacities of the Helwan-based Egyptian Iron and Steel Company in the future,” s…
Read the full article at: http://english.ahram.org.eg/NewsContent/1/64/399000/Egypt/Politics-/Liquidation-of-the-Egyptian-Iron-and-Steel-Company.aspx
Rockwell said on Friday it had entered an acquisition and amalgamation agreement with Bristow’s wholly-owned 1274787 BC Ltd.
Under the deal, Rockwell shares – except those held by Bristow and any dissenting shareholders – would be exchanged for redeemable preferred shares in the amalgamated corporation, which would be immediately redeemed for C0.5c per share in cash.
Bristow had been acting CEO of Rockwell for six months to May 2011, joining the board later that year and currently holds about 2.4% of the JSE-listed company.
Bristow also led Africa-focused Randgold Resources before its merger with Barrick in 2018.
Rockwell was involved in alluvial diamond mining in South Africa but said its investments and mineral property interests i…
Read the full article at: https://www.mining-journal.com/m-amp-a/news/1402746/mark-bristow-makes-diamond-company-deal
Agribusinesses and farmer creditors left out of pocket after the crash of failed Chinese-owned cotton marketer Weilin Trade have been paid 20 cents for every dollar they were owed.
Weilin’s administrators suggest there is a chance a further small dividend of maybe one cent more could follow after the receivership process winds up.
However, its parent or related company has retained irrigated property assets in southern NSW, despite having only contributed enough to cover about a fifth of its trading arm’s debts to growers and service providers.
Weilin Trade went into receivership in early July after it was caught by a $100 a bale market slump in February-March last year leaving it unable to pay growers for cotton it had contracted t…
Read the full article at: https://www.farmweekly.com.au/story/7088238/weilins-modest-debt-payment-offer-banked-by-cotton-creditors/?cs=5150
If you’re sitting on debt from 2020, here’s one cost-effective way to tackle it.
Maybe the coronavirus pandemic inspired extra generosity during the holidays, so you went a little overboard with gifts. Or maybe you made last-minute travel plans that caused you to pay more for your flight than what your paycheck could cover.
A lot of people are sitting on debt from the holidays. If you’re one of them, know that the sooner you pay it off, the less money you’ll waste on interest charges. Also, carrying too much credit card debt can damage your credit score — bad news if you’re planning to apply for any sort of loan soon.
Of course, paying off a whopping pile of debt may seem daunting. But if you own a home, here’s one potentially ea…
Read the full article at: https://www.fool.com/the-ascent/mortgages/articles/racked-up-holiday-debt-refinancing-could-help-you-pay-it-off/
HYDERABAD: Upholding the claims of a Vietnamese prawn feed supplier company that moved the National Company Law Tribunal (NCLT) against a Bhimavaram based shrimp farming firm, the Hyderabad bench of NCLT initiated the corporate insolvency process against the shrimp firm for failing to clear the dues it owed to the Vietnamese firm.
The bench of K Anantha Padmanabha Swamy, member (judicial), and Veera Brahma Rao Arekapudi, member (technical) pronounced this order after hearing a petition filed by Uni-President Vietnam Company said that it supplied prawn feed worth Rs1.58 crore in two consignments in March 2018 to Gayatri Seafoods and Feeds company, Bhimavaram.
But despite repeated reminders, the Bhimavaram company failed to pay the cost of …
Read the full article at: https://timesofindia.indiatimes.com/city/hyderabad/insolvency-process-initiated-against-bhimavaram-firm/articleshow/80309720.cms
Steel CC via Wikimedia
CAIRO 16 January 2021: Egyptian Member of Parliament Mustafa Bakri has submitted a request to House of Representatives, to question the government over the liquidation of the state-owned Iron and Steel Company.
On January 11, 2021, the General Assembly of the Helwan-based company took a decision to liquidate the company due to losses and huge debts.
Bakri said in his request to interrogate the Minister of Business Sector, saying the company, which was established in 1954, has been liquidated by an unfair decision stemming from a severe hostility by the current Minister of Business giants Public Business Sector.
The MP said that the government failed to produce coke necessary for operating the furnaces to sav…
Read the full article at: https://www.egypttoday.com/Article/3/96497/Egyptian-national-company-for-Iron-and-Steel-to-be-liquidated
For many, 2020 has been the year to forget. The Coronavirus pandemic (COVID-19) has halted global economies and initiated recessions across continents and countries, including Australia. In an attempt to alleviate the financial impact of COVID-19, the Australian Government has implemented various reforms (both temporary and permanent) designed to provide relief to financially distressed businesses. One sector hardest hit is that of small businesses and the Australian Government has now finalised a new restructuring process for small businesses, commencing on 1 January 2021.
Although the reforms, set out in the Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (Cth) (Act), have appeal across sectors, there are many who thin…
Read the full article at: https://www.jdsupra.com/legalnews/happy-new-year-the-small-business-74017/
Surveillance garda watched a well-educated man getting instructions by phone to go to a drugs pick-up and they arrested him moments later with a 32,000 stash of cocaine.
That was at Christmas 2019. Now the accused man has been sentenced to five years with the last two years suspended.
37-year-old Paul Burke of Coppingers View, Popes Quay, Cork, had no previous convictions of any kind.
Burke, who studied electrical engineering and worked in IT, was using cocaine and gambling. He developed a 1,000 debt from the betting and was told that by collecting this consignment of cocaine he would clear that debt.
Detective Garda Robert Kennedy said the accused only admitted his part and would not identify anyone else involved in the transaction or …
Read the full article at: https://www.irishexaminer.com/news/courtandcrime/arid-40208051.html
Agribusinesses and farmer creditors left out of pocket after the crash of failed Chinese-owned cotton marketer Weilin Trade have been paid 20 cents for every dollar they were owed.
Weilin’s administrators suggest there is a chance a further small dividend of maybe one cent more could follow after the receivership process winds up.
However, its parent or related company has retained irrigated property assets in southern NSW, despite having only contributed enough to cover about a fifth of its trading arm’s debts to growers and service providers.
Weilin Trade went into receivership in early July after it was caught by a $100 a bale market slump in February-March last year leaving it unable to pay growers for cotton it had contracted t…
Read the full article at: https://www.farmonline.com.au/story/7088238/weilins-modest-debt-repayment-offer-banked-by-cotton-creditors/
Dive Brief:
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As makeup begins a possible recovery, Ulta Beauty is laying off an unspecified number of corporate employees, a spokesperson told Retail Dive via email. The total number was “a meaningful, but relatively small number of our total associates,” the spokesperson said.
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The layoffs resulted from a restructuring that eliminated current and open roles across all functions in the company, reorganized certain positions, expanded others and added new positions to investment areas. They were a result of the impacts of the pandemic and the knowledge that “recovery will take considerable time and that the context we operate in has shifted meaningfully,” the spokesperson said.
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At the same time, the beauty retailer announced a new st…
Read the full article at: https://www.retaildive.com/news/ulta-announces-corporate-layoffs-merchandising-restructure/593479/