Insolvency Guardian Media Centre
She said she was going to push the boundaries to get my credit wiped. She made me feel like I could trust her.
As the number of Australians in financial distress escalates as a result of the pandemic, consumer advocates are sounding the alarm on unlicensed debt vultures firms that charge upfront fees and promise to help people manage and restructure their debts, repair their credit rating, negotiate with banks or arrange repayment plans.
The Consumer Action Law Centres policy director Katherine Temple said shed received a steady stream of complaints from people who had signed up to services from these companies and fallen into further debt. Their credit ratings hadnt been wiped.
They use high pressure sales tactics and promise the wor…
Read the full article at: https://www.theage.com.au/national/victoria/debt-vultures-prey-on-vulnerable-as-pandemic-woes-rise-20201106-p56c2h.html
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McGrathNicol Restructuring has been appointed as voluntary administrator of Tiger Resources to assess the future of the company and its assets.
McGrathNicol Restructurings Rob Kirman and Rob Brauer will work alongside Tigers management and directors to explore options of either selling or recapitalising the company.
The voluntary administration does not extend to Tigers subsidiaries, including Socit dExploitation de Kipoi (SEK) and the Kipoi copper project.
However, Tigers interest in the Kipoi copper project will be considered in the assessment.
SEK is a 95 per cent-owned subsidiary of Tiger who operates the Kipoi copper project in the Democratic Republic of the Congo.
The mineral resource for the Kipoi copper project…
Read the full article at: https://www.australianmining.com.au/news/tiger-resources-enters-voluntary-administration/
Sunday, November 8, 2020
In the case of Anuj Jain Interim Resolution Professional for Jaypee Infratech Ltd. v Axis Bank Limited Etc.[i] the Supreme Court of India (SC) has laid down detailed principles for the identification of a preferential transaction which could be voided under the Insolvency and Bankruptcy Code, 2016 (Code). The judgment is of importance to investors and lenders, as the approach of the SC in the case, highlights the risk of a transaction being set aside and the diligence which should be exercised by investors and lenders going forward.
The SC had held that certain security interests created by a corporate debtor Jaypee Infratech Ltd. (JIL) in favour of the lenders of its holding company Jayprakash Associates Ltd. …
Read the full article at: https://www.natlawreview.com/article/speeding-insolvency-proceedings-india-understanding-principles-preferential
Matthew Davey. PHOTO: ODT FILES
The company behind Ticket Rocket that is now in liquidation has debts of more than $8 million, according to the first receivers report into the business.
BDO receiver and manager Diana Matchett reported Fortress Information Systems Limited which has three subsidiaries known as Dash Group, Dash Tickets and Dash Tickets Australia had just under $3 million in assets.
But, that figure does not include the value of many of the companys assets, which were omitted from the report because the receiver was concerned they would inhibit their ability to sell them.
Those assets include debts owed to Ticket Rocket, property and equipment, intangible assets (such as brand value or trademarks) and other investments….
Read the full article at: https://www.odt.co.nz/star-news/star-business/receivers-ignored-ticket-rocket-director
SAN MATEO, Calif., Nov. 8, 2020 /PRNewswire/ — CRED INC. announcedtodaythatit, along with allof its subsidiaries, has commenced a voluntary Chapter 11 case in the United States Bankruptcy Court for the District of Delaware to explore strategic alternatives, including, without limitation, the restructuring of its balance sheet or the sale of its business as a going concern, in a court-supervised process. The Cred technology platform has serviced customers in over 100 countries and Cred intends to use the Chapter 11 process in its attempt to maximize the value of its platform for its creditors.
In connection with the Chapter 11 filing, Cred has also appointed a new Independent Director to its Board, Grant Lyon, who will also serve as Ch…
Read the full article at: https://www.prnewswire.com/news-releases/cred-inc-commences-voluntarily-chapter-11-bankruptcy-and-continues-to-explore-strategic-alternatives-301168275.html
At meeting held on 06 November 2020
Voltas announced that the Board of Directors of the company at its meeting held on 06 November 2020 agreed in-principle a proposal for restructuring of B2B businesses, comprising domestic Projects business relating to MEP/HVAC and Water projects and contracts, Mining and Construction Equipment (M&CE) business and Textile Machinery Division (TMD) by transferring them to a 100% wholly owned subsidiary company – Rohini Industrial Electricals (RIEL). The name of RIEL would also be appropriately changed to suitably represent and reflect these businesses. While the transfer of the aforesaid businesses would be on a slump sale basis as a going concern, the mode of transfer and other requirements are being l…
Read the full article at: https://www.business-standard.com/article/news-cm/board-of-voltas-approves-proposal-for-restructuring-of-b2b-business-120110601760_1.html
The financial problems for FC Barcelona are piling up. The club has to cut costs to avoid bankruptcy and has been told at an unpleasant moment that a construction company is demanding millions from the club.
Muro Cortina Modular Renting, also known as MCM, built a new facade for the main building of La Masia, Barcelonas youth academy, from 2010 onwards. Club and construction company signed a contract stating that Barcelona would pay three and a half million for the work, but MCM claims that money has not entered the account to this day. Marca writes that.
The deadline expired in June 2017 and from that point on, Barcelona was on the MCM debtor list, with both parties bombarding each other with claims and claims. Now the construction…
Read the full article at: https://alkhaleejtoday.co/sport/5292984/‘Construction-company-wants-Barcelona-to-be-declared-bankrupt-and-goes-to.html
The Saunders and French Productions are closing their operations after filing for voluntary liquidation, nearly three decades after the firm was founded by the actress duo in 1992.
U.K. comedy legends Dawn French and Jennifer Saunders are shuttering their shared TV production firm after almost three decades.
The double act launched Saunders & French Productions in 1992 after finding fame with their French and Saunders sketch show in the late 1980s, and the funny duos company bosses went on to co-produce the hit series Absolutely Fabulous.
However, according to , the partners have filed for voluntary liquidation, with an insolvency company appointed to wind down the organisations operations.
A notice to creditors states that t…
Read the full article at: https://upnewsinfo.com/2020/11/07/dawn-french-and-jennifer-saunders-forced-to-close-tv-company-after-almost-three-decades/
Tamil Nadu Chief Minister Edappadi K Palaniswami on Thursday said the state government will ban online rummy and bring in legal changes to arrest its organisers and players.
The state government has decided to ban all online games involving betting, he told reporters in Coimbatore where he arrived to review Covid-19 management work and inaugurate infrastructure projects in the Nilgiris and Tirupur districts. The decision comes amid series of suicides across the state by victims who fall into debt due to online gambling.
About a dozen died by suicide due to debt from online gambling. In Coimbatore, two men, aged 28 and 32, committed suicide within two days this week, while across the state about a dozen have killed themselves so far.
…
Read the full article at: https://thebridge.in/card-games/tamil-nadu-ban-online-rummy-other-games-involving-betting/
Signage is displayed outside a JC Penney Co. store in Chicago, Illinois.
Christopher Dilts | Bloomberg | Getty Images
For the dozens of American retailers that have filed for bankruptcy in 2020, it doesn’t always mean the end is near.
Bankruptcies have piled up in the retail industry this year, as many of the consumer-facing companies that were already teetering on the edge of survival prior to the coronavirus pandemic were pushed into even bigger sales slumps, and could not manage through the crisis. And analysts say another wave of filings likely lies ahead, after the holiday season, with the size of that wave dependent upon retailers’ performance through the winter months.
A common misconception among consumers when they se…
Read the full article at: https://www.cnbc.com/2020/11/07/americas-iconic-retailers-fight-for-survival-as-pandemic-rages-on.html
ANKARA
Turkey is contributing to debt relief to Somalia by pledging around 2.4 million in Special Drawing Rights (SDR), an IMF reserve currency, the country’s Official Gazette announced on Thursday.
The move comes under the Heavily Indebted Poor Countries (HIPC) Initiative, a World Bank and IMF-created framework to help provide debt relief to the world’s poorest and most heavily indebted countries.
Turkey is involved in the international initiative by granting the SDR currency to an administered account for Somalia, which provides a vehicle to facilitate fund raising and delivery on Somalia’s accumulated debt to the financial body.
According to Turkey’s Official Gazette, this March, the IMF and the World Bank approved the Horn of Afric…
Read the full article at: https://www.aa.com.tr/en/africa/turkey-helping-pay-down-somalias-imf-debt/2034992
The most significant insolvency reform in Australia in the last 30 years has been announced. On 7 October 2020, the Treasury released some of the proposed details to the reforms for public consultation. The purpose of this article is to examine some of the details.
The most significant insolvency reform in Australia in the last 30 years has been announced. On 7 October 2020, the Treasury released some of the proposed details to the reforms for public consultation. The purpose of this article is to examine some of the details.
New Formal Debt Restructuring for Small Businesses
This formal debt restructuring process allows an eligible company to restructure their debts and maximise their opportunity for survival. The formal debt restruct…
Read the full article at: https://www.businessnews.com.au/article/Impending-restructuring-reform-Formal-debt-restructuring-and-simplified-liquidation-for