Insolvency Guardian Media Centre
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The National Company Law Appellate Tribunal (NCLAT) has held that a Resolution Professional (RP) under the Insolvency & Bankruptcy Code cannot go into the issue of legality or illegality of a resolution applicant’s status as a willful defaulter when the same is already pending before the High Court. (HS Bedi vs Oriental Bank of Commerce)
The order was passed by a two-member Bench of Justice Jarat Kumar Jain, Member (Judicial) and Balvinder Singh, Member (Technical) in an appeal under section 61 IBC challenging an order of liquidation passed by National Company Law Tribunal (NCLT), Bengaluru.
The appeal was preferred by an erstwhile promoter of the corporate…
Read the full article at: https://www.barandbench.com/news/litigation/resolution-professional-cannot-decide-legality-resolution-applicant-willful-defaulter-nclat
Introduction
Petitioner
Insolvency
Just and equitable
Consequences of presentation of a petition
Grand Court’s discretion
A Cayman Islands company may be wound up either voluntarily according to its articles of association or compulsorily by the Grand Court. This article provides an overview of the compulsory process. In certain circumstances, the Grand Court may recognise the appointment of foreign liquidators to a Cayman company, but this article focuses on winding-up proceedings within the Cayman Islands. Similarly, it is possible to seek in the Grand Court the winding up of a non-Cayman entity, but that is beyond the scope of this article.
A petition seeking the winding up of a Cayman company may be presented to the G…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Cayman-Islands/Ogier/Snapshot-compulsory-liquidation
If theres one thing 2020 gave the average Aussie, its a change in perspective when it comes to money. Not only did we take saving more seriously, but one in four Aussies vowed to rid themselves of debt.
Historically, Australians havent been afraid of debt, particularly through our love of credit cards. Weve racked up debt with the assumption that job security and a steady paycheck is a relatively safe bet, but a global pandemic has tipped that notion on its head as unemployment soars, said Mozo Director, Kirsty Lamont.
For many people, Covid-19 has been a wake up call to get their finances in order, and eliminating debt is a key part of that.
If youve never had to take a serious look at your debt before, it can seem a little daunting. So t…
Read the full article at: https://mozo.com.au/personal-loans/articles/how-to-ditch-debt-fast-in-2021
TexasDebtRelief.org is a website thats helping to ease some of those burdens by offering free resources online during the pandemic.
HOUSTON Whether you’re behind on paying rent or cant afford to buy food, during the pandemic, so many families and businesses have been hit hard with financial hardship and are struggling to make ends meet.
TexasDebtRelief.orgis a website thats helping to ease some of those burdens by offering free resources online.
Among those whove benefited from the website, 73-year-old Sandra Schieber.
Up until two years ago, Schieber says shes always taken pride in paying her bills on time.
“I was doing well, I was really happy, things were going great, and then all of sudden everything just happened, said S…
Read the full article at: https://www.myfoxzone.com/article/money/debt-consolidation-help-covid-pandemic/285-7304198b-735a-4158-bb56-c54f6a9cfaa8
The Norwegian government wants to save Norwegian from bankruptcy. Photo: Henning Bagger
Norwegian airlines has announced that the government of Norway is ready to help the airline financially under certain conditions. The government of Norway has agreed to help Norwegian by granting a so-called hybrid loan, which is a loan without an expiration date with special terms. The conditions for joining are that Norwegian raises at least NOK 4.5 billion from private investors and the airline must get a comprehensive rescue plan in place.
Norwegian presented the government with a plan for how the company will emerge from the crisis. As part of other initiatives, the airline hopes to be able to more than half its debt and raise between NOK 4-5…
Read the full article at: https://scandasia.com/norway-finally-ready-to-help-norwegian-airline-avoid-bankruptcy/
This image provided by LG Electronics Inc. on Jan. 11, 2021, shows LGs new smartphone with a rollable display that was introduced at the companys press conference for CES 2021.
SEOUL, Jan. 23 (Korea Bizwire) LG Electronics Inc. can improve its corporate value by restructuring its money-losing mobile business, analysts here said Saturday, as the South Korean tech giant can better focus on its future growth engines for the post-pandemic era.
LG Electronics on Wednesday announced that its mobile communications (MC) unit is open to every possibility for its future operations amid rumors that the company may sell the struggling mobile business.
We think LGs announcement means they are going to either shut down or sell, or at least scale…
Read the full article at: http://koreabizwire.com/lg-electronics-corporate-value-to-improve-with-mobile-biz-restructuring/180288
TexasDebtRelief.org is a website thats helping to ease some of those burdens by offering free resources online during the pandemic.
HOUSTON Whether you’re behind on paying rent or cant afford to buy food, during the pandemic, so many families and businesses have been hit hard with financial hardship and are struggling to make ends meet.
TexasDebtRelief.orgis a website thats helping to ease some of those burdens by offering free resources online.
Among those whove benefited from the website, 73-year-old Sandra Schieber.
Up until two years ago, Schieber says shes always taken pride in paying her bills on time.
“I was doing well, I was really happy, things were going great, and then all of sudden everything just happened, said S…
Read the full article at: https://www.kiiitv.com/article/money/debt-consolidation-help-covid-pandemic/285-7304198b-735a-4158-bb56-c54f6a9cfaa8
TexasDebtRelief.org is a website thats helping to ease some of those burdens by offering free resources online during the pandemic.
HOUSTON Whether you’re behind on paying rent or cant afford to buy food, during the pandemic so many families and businesses have been hit hard with financial hardship and are struggling to make ends meet.
TexasDebtRelief.orgis a website thats helping to ease some of those burdens by offering free resources online.
Among those whove benefited from the website, 73-year-old Sandra Schieber.
Up until two years ago, Schieber says shes always taken pride in paying her bills on time.
“I was doing well, I was really happy, things were going great, and then all of sudden everything just happened, said Sc…
Read the full article at: https://www.khou.com/article/money/debt-consolidation-help-covid-pandemic/285-7304198b-735a-4158-bb56-c54f6a9cfaa8
Horse Racing Ireland could be called upon by the Public Accounts Committee to explain the loss of 389,000 that arose after the company that used to undertake its cash-in-transit services went into liquidation in 2019.
In August 2019, HRI was named as one of numerous creditors of Business Mobile Security Services, the holding company of Senaca, which was responsible for the transport of Tote takings, along with gate receipts and cash takings from Leopardstown, Fairyhouse, and Tipperary.
At the time, HRI was seeking the return of 539,000 in cash, and the final sum written off in the 2019 accounts came to 389,000.
On Friday, HRI’s chief executive Brian Kavanagh, who insisted the authority would be happy to explain the figures, said: “Dur…
Read the full article at: https://www.bloodhorse.com/horse-racing/articles/245812/hri-may-be-quizzed-after-loss-to-liquidated-company
“The insolvency moratorium created longer-term risks by propping up zombie businesses, putting creditors at significant disadvantage, and threatening the future of viable businesses,” Mr Dale said.
“That created an environment where businesses were racking up debt with an inability to pay it. That was never the appropriate business environment to carry into 2021.”
Since the COVID-19 crisis, emergency measures such as JobKeeper, JobSeeker, bank interest deferrals, insolvent trading relief and a more lenient Tax Office, have led to fewer bankruptcies and company failures, making it harder for debt collection outfits to recover debts.
Exposing an underlying truth
The government supports, particularly temporary insolvency relief, are estima…
Read the full article at: https://www.afr.com/politics/federal/time-to-let-zombie-businesses-die-20201231-p56r2j
LG Electronics can improve its corporate value by restructuring its money-losing mobile business, analysts here said on Saturday, as the South Korean tech giant can better focus on its future growth engines for the post-pandemic era.
LG Electronics on Wednesday announced that its mobile communications (MC) unit is open to “every possibility” for its future operations amid rumors that the company may sell the struggling mobile business.
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“We think LG`s announcement means they are going to either shut down or sell, or at least scale back on its mobile business,” Cho Chul-hee, an analyst at Korea Investment & Securities, said.
Analysts said LG`s decision to restructure its mobile business is …
Read the full article at: https://www.zeebiz.com/companies/news-lg-can-boost-its-corporate-value-by-restructuring-mobile-biz-146773
By Joo Kyung-don
SEOUL, Jan. 23 (Yonhap) — LG Electronics Inc. can improve its corporate value by restructuring its money-losing mobile business, analysts here said Saturday, as the South Korean tech giant can better focus on its future growth engines for the post-pandemic era.
LG Electronics on Wednesday announced that its mobile communications (MC) unit is open to “every possibility” for its future operations amid rumors that the company may sell the struggling mobile business.
“We think LG’s announcement means they are going to either shut down or sell, or at least scale back on its mobile business,” Cho Chul-hee, an analyst at Korea Investment & Securities, said.
Analysts said LG’s decision to restructure its mobile busi…
Read the full article at: https://en.yna.co.kr/view/AEN20210122007100320