Insolvency Guardian Media Centre
The Insolvency and Bankruptcy Board of India (IBBI) has proposed a statutory mechanism that will allow a company to withdraw from the process of voluntary liquidation at any point after its initiation.
Unlike the corporate insolvency resolution and liquidation process of a stressed company, voluntary liquidations are not supervised by a committee of creditors or a stakeholders consultation committee.
In the absence of such rules, there were concerns that certain corporate persons may be abusing the process and closing the liquidation process on their own without informing the adjudicating authority.
The IBBI said, The proposed amendment provides an orderly framework for withdrawal from the process, by way of insertion of new regula…
Read the full article at: https://www.business-standard.com/article/economy-policy/ibbi-proposes-mechanism-to-allow-withdrawal-from-voluntary-liquidation-120112500866_1.html
Member Article
A new law that comes into force on 1 December which will move HM Revenue & Customs higher up the creditor ladder could push more struggling North East businesses into insolvency.
Thats the warning from Alexandra Withers, regional chair of insolvency and restructuring trade body R3, in advance of the new Crown Preference rules coming into force.
And in the light of the economic crisis thats been caused by the pandemic, she is calling on the government to make a last-minute reconsideration of its plans.
The rule change will enable HMRC to recover in priority to other unsecured creditors taxes such as PAYE, VAT and National Insurance which have either been paid to insolvent businesses by their customers or which are being h…
Read the full article at: https://bdaily.co.uk/articles/2020/11/25/treasury-cash-grab-could-increase-north-east-business-insolvencies-warns-r3-regional-chair
10:56 25/11/2020
MOSCOW, November 25 (RAPSI) The Commercial Court of St. Petersburg and Leningrad Region has declared a co-owner of Russian Internet retailer Ulmart Dmitry Kostygin bankrupt, according to court records.
The court has also initiated a debt restructuring procedure in relation to the businessman.
VTB bank filed a petition for insolvency of Kostygin over his debt worth over 644 million rubles ($8.5 million) in September 2019.
On July 5, 2018, the court initiated a monitoring procedure against Ulmart on the request of BigBox company seeking 100 million rubles (about $1.5 million) from the retailer. The firms demands were also included in the list of the retailers creditors.
Previously, several companies filed bankruptcy petit…
Read the full article at: http://www.rapsinews.com/judicial_news/20201125/306535761.html
Consolidating your credit card debt can be a good option to help you eliminate your debt more quickly in certain scenarios. But its important to understand the methods of how to consolidate your credit card debt, as well as when credit card debt consolidation makes sense and when it doesnt.
When credit card debt consolidation makes sense
To determine if debt consolidation is the right approach for you, youll need to add up your debt balances to see if youd be able to get a lower rate or earlier payoff date by consolidating. If not, you may want to think about other options like a debt management plan or do-it-yourself payoff methodsuch debt snowball or debt avalanche.
If your situation fits the bill for credit card debt consolidation,…
Read the full article at: http://www.netnewsledger.com/2020/11/24/should-you-consider-credit-card-debt-consolidation/
In Re Ando Credit Limited [2020] HKCFI 2775 (Re Ando), the Hong Kong Companies Court recently appointed provisional liquidators over a Hong Kong company, Ando Credit Limited, in novel circumstances with potentially significant consequences. According to the Courts written reasons dated November 11, 2020 (published in light of the unprecedented nature of the decision), the provisional liquidators were appointed at a hearing on October 23, 2020, for the express purpose of enabling them to seek recognition in Mainland China to facilitate the recovery of very substantial receivables owed to the company by Mainland China-based debtors.
Earlier this year, prior to Re Ando, the Hong Kong Companies Court recognized Mainland China-appointed ins…
Read the full article at: https://www.jdsupra.com/legalnews/recognition-of-hong-kong-insolvency-17560/
A Coast builder who lost his licence last year says he has not had a hand in a unit development, that he launched before his firm collapsed.
Travis Drenth Constructions Pty Ltd went into liquidation in December last year owing $1.8 million to creditors, employees’ superannuation and the tax office.
Travis Drenth said he stopped being involved in all building projects once his licence was cancelled.
“I can’t have anything to do with it,” he told the Daily.
“I can’t be the builder.”
Liquidator Dane Hammond said the company was wound up owing money to 90 different creditors.
No cash upfront as developer takes over CBD
Australian Securities and Investments Commission documents listed Erika Rose Drenth, 39, as a company director of the fa…
Read the full article at: https://www.dailymercury.com.au/news/unlicensed-builder-denies-hand-in-coast-developmen/4146016/
In the world of mens tennis, a few names consistently reappear at the top of the sport, like Federer, Nadal, and Djokovic. But there was a time when Boris Becker couldve rivaled them all. Becker was once one of the greatest tennis players in the world. These days, however, hes fallen on tough times. Lets look at the accusation levied against Becker, which states that hes hiding over $1.3 million amid bankruptcy.
Boris Beckers tennis career
The German-born Becker retired as one of the great mens tennis players of all time. According to his ATP bio, he was born in 1967 and even practiced with fellow German player Steffi…
Read the full article at: https://www.sportscasting.com/a-bankrupt-boris-becker-just-got-accused-of-hiding-over-1-3-million-and-all-of-his-tennis-trophies/
President-elect Joe Biden and Vice President-elect Kamala Harris at transition Covid-19 advisory board briefing on Nov. 9, 2020 in Wilmington, Delaware.
Photo by Joe Raedle | Getty Images
Student loan forgiveness is looking more like a possibility under President-elect Joe Biden, but an unintended consequence may emerge unless Washington intervenes: a tax on loan forgiveness.
Biden has proposed creating a new program that would offer borrowers $10,000 of student debt relief for every year of national or community service, up to five years.
Sens. Chuck Schumer, D-N.Y., and Elizabeth Warren, D-Mass., have also said that the next president could wipe as much as $50,000 from borrowers’ balances via an executive order.
The catch is t…
Read the full article at: https://www.cnbc.com/2020/11/24/student-loan-forgiveness-may-come-with-tax-bomb-heres-what-you-should-know.html
My friend Roger Franklin, who has died aged 93, was a peace campaigner who lived and worked on his small organic farm for the best part of 50 years.
After the breakup of his marriage in the early 1970s Roger moved to a smallholding at Tickmorend, near Nailsworth, Gloucestershire, with a determination to live off the land. He stayed there for the rest of his life, keeping a cow and hens and growing his own food on a productive organic garden, while also tending acres of beautiful flower meadows that supported an array of wildlife.
Having been involved since the 60s in CND, Roger declared Tickmorend a nuclear-free zone. He was an active member both of the anti-nuclear campaigning group Trident Ploughshares and of the Peace Tax Campaign (now …
Read the full article at: https://www.theguardian.com/uk-news/2020/nov/24/roger-franklin-obituary
Tuesday, November 24, 2020
A legislative proposal to amend the Temporary Act COVID-19 was adopted by the Dutch parliament on 12 November 2020, and adopted by the Dutch Senate on 24 November 2020. The proposal (the COVID-19 Amendment Act) will enter into force shortly and remain in effect until 1 February 2021. This GT Alert summarizes the measures included in COVID-19 Amendment Act Chapter 2 (Temporary measures for the stay on recovery measures COVID-19).
The COVID-19 Amendment Act provides (in Chapter 2) for the possibility of the debtor requesting that the courts, in connection with the pandemic:
-
suspend the application for bankruptcy by a creditor;
-
suspend other recovery measures taken by a creditor; and
-
grant the debtor a temp…
Read the full article at: https://www.natlawreview.com/article/amendments-to-temporary-act-covid-19-tijdelijke-wet-covid-19-suspension-bankruptcy
PwC has expanded its Business Restructuring Services practice in Scotland with the appointment of Nick McLaren as a director.
He has returned to PwC Scotland from the professional services firms Australian restructuring practice, where he advised a wide range of businesses across sectors including retail and real estate in both public and private sectors.
A Chartered Accountant, McLaren qualified with PwC in Edinburgh before moving to Sydney in 2013.
This appointment and further planned investment in the Scottish team comes in addition to the existing regional offering of more than 300 specialists.
McLaren commented: It has been a difficult year for businesses across Scotlan…
Read the full article at: https://www.insider.co.uk/appointments/pwc-expands-scottish-business-restructuring-23060130
Speech Analytics and Contact Center AI Improve Experiences for Both Clients and Agents
Observe.AI, a leader in Contact Center AI, announced that its platform has enabled National Debt Relief (NDR) to improve customer experience, automate quality assurance, and provide better coaching to its front-line agents. NDR, one of the countrys largest and most reputable debt relief companies, leverages the Observe.AI platform to analyze 100% of call interactions and automatically surface key areas of concern for customers while streamlining otherwise manual and tedious quality assurance workflows.
Marketing Technology News: Konnecto Closes $3.5 Million Seed Round and Launches Reveal & Disrupt
With Observe.AI, NDR can empower its representatives …
Read the full article at: https://martechseries.com/sales-marketing/customer-experience-management/national-debt-relief-delivers-empathetic-customer-experiences-leveraging-contact-center-ai-observe-ai/