In a relief to Reliance Group Chairman Anil Ambani, the Supreme Court has dismissed State Bank of India’s plea seeking vacation of stay on personal insolvency and bankruptcy proceedings against the businessman. The plea pertains to a personal guarantee given by Anil Ambani against a loan taken from SBI by Reliance Communications and Reliance Infratel.
During a hearing on Thursday, the Supreme Court said the Delhi High Court can take up the issue on October 6 and the state-owned lender can also seek removal or modification of the stay order.
Notably, this is first such case where the personal g…
Read the full article at: https://www.businesstoday.in/current/corporate/sc-dismisses-sbi-plea-against-anil-ambani-personal-insolvency/story/416324.html
French authorities have said claims not processed by this date are not eligible for compensation as contracts have ceased.
The administration of Elite Insurance has been managed by PricewaterhouseCoopers, who confirmed in February 2020 that the insurer had 60,000 clients in France, mostly with 10-year construction insurance contracts.
Company in liquidation since 2019
Elite Insurance, based in Gibraltar, has been in judicial liquidation since the end of 2019. The cessation of contracts for French clients was announced by French regulator l‘Autorit de Contrle Prudentiel et de Rsolution(A…
Read the full article at: https://www.connexionfrance.com/French-news/60-000-French-contracts-cancelled-as-Elite-Insurance-firm-closes
By Andrie Kypridemo
As if the haircut on deposits required for the bail-in of banks in March 2013, and the credit constraints that brought Cyprus businesses to their knees, werent enough, just 7 years after another black March dawned further financial constraints came from Covid-19 measures.
Having reduced their operations to the very minimum or even being forced to close down for two months, these businesses are now called to continue business as usual amidst the current market instability and an imminent global financial crisis.
The vast majority of businesses in Cyprus are family-run, and the entrepreneurs that support these, in fear of the stigma of failure, tend to recapitalize the business from personal lending.
This may be the …
Read the full article at: https://www.financialmirror.com/2020/09/17/how-to-choose-business-restructuring-that-suits/
Marion van Dijk/Stuff
Nevil Basalaj, director of liquidated company Nelson Reliance Engineering, has been ordered to pay Inland Revenue reparations, after the company failed to pay $491,000 PAYE and related taxes.
Businesses owed more than $4m from a Nelson company, whose director has been sentenced for tax default, are frustrated they dont know what has happened to the money, more that two years after the company went into liquidation.
Nevil Basalaj, director of the insolvent boat building company Nelson Reliance Engineering, was sentenced on Wednesday for his company failing to pay $491,000 PAYE and related taxes.
Basalaj, a prominent offroad motor sport competitor, pleaded guilty to nine charges of not passing on employees’ …
Read the full article at: https://www.stuff.co.nz/business/122795868/wheres-the-other-4m-ask-creditors-of-liquidated-marine-company
A SEEMINGLY straightforward voluntary liquidation of a multimillion-dollar Toowoomba civil construction business has gone pear-shaped.
Hotshot Transport Queensland Pty Ltd, which traded as HTQ Civil Pipe Mining, was placed in a member’s voluntary liquidation on June 30 and Adam Ward of Worrells Solvency and Forensic Accountants was appointed liquidator.
Before placing the company in liquidation, directors Reuben Dolphin and Clint Kenny completed a statutory declaration of solvency, which according to Mr Ward’s latest report to members and creditors, “states that it is the director’s opinion that the company can pay its due and payable debts within 12 months of the commencement of the winding up”.
This week however, Mr Ward informed c…
Read the full article at: https://www.thechronicle.com.au/news/million-dollar-shortfall-renders-civil-constructio/4101239/
UNIVERSITY students with a HECS debt could soon flood to Bowen farms in a scheme backed by a peak farming body and a federal parliamentary committee.
The scheme aims to help bolster industry shortages after it was revealed the number of available overseas workers had plunged from 140,000 to 70,000 due to COVID-19.
The National Farmers Federation backed the proposal for HECS debt relief, saying incentivising picking programs would help farmers in desperate need.
Bowen mango farmer Ben Martin, from Martos Mangoes, welcomed the …
Read the full article at: https://www.whitsundaytimes.com.au/news/uni-students-with-debts-to-pay-could-help-bowen-fa/4100701/
Julien Mattia/Le Pictorium/picture-alliance/dpa/MAXPPP
David Malpass and Emmanuel Macron have spoken out in favour of debt leniency. This picture was taken in May 2019 in Paris.
Low-income countries require support to cope with the Covid-19 pandemic. The international community has responded with intensified lending, debt suspension and even calls for debt cancellation. Money, however, is not the solution. Decision-makers must pay more attention to the quality of debt. It is necessary to learn lessons from past debt-relief efforts and address systemic weaknesses. Otherwise, countries will remain unable to manage their debt burdens and stay stuck in poverty traps.
The rising indebtedness of low-income countries was until recently …
Read the full article at: https://www.dandc.eu/en/article/even-during-global-pandemic-debt-relief-should-not-be-granted-across-board
Photo by Sam Mgrdichian on Unsplash
If youre one of the many Australians who cut down their credit card debt during coronavirus, you need to also make sure you keep it off when things go back to normal.
For years, credit card debt has been a problem for many Australians. Back in 2017, an ASIC report found almost two in five people had long-term credit card debt and had it since at least 2013. Its very easy to fill up on credit card debt and even harder to pay off.
A similar ASIC report in 2018 found at least one in three people who use a balance transfer end up with at least 10% more debt after transferring a balance. Using ASICs credit card interest calculator, a $5,000 credit card balance on an 18% p.a. interest rate would cost you $…
Read the full article at: https://www.savings.com.au/credit-cards/how-to-keep-credit-card-debt-off-post-covid
Fox News Media said that it was restructuring some of its divisions, with a reduction of its workforce by less than 3%.
As Fox News Media has evolved into a streamlined multi-platform organization, we are realigning several functions and restructuring various divisions in order to position all of our businesses for ongoing success, the network said in a statement Wednesday.
No on-air talent is impacted by the staff reductions.
The changes were made after an assessment of how to streamline various departments including those which have duplicate functions. In 2017, the network formed a media production group to streamline the Fox News and Fox Business graphics and media production department.
A source with knowledge of the matter said t…
Read the full article at: https://deadline.com/2020/09/fox-news-layoffs-restructuring-1234577833/
Wednesday, September 16, 2020
As we discussed in ourprevious blog relating to the Supplier of Last Resort Process, energy company insolvencies bring with them a range of different processes and requirements which other companies do not need to consider.
In particular, the involvement of the Secretary of State and the Gas and Electricity Markets Authority (GEMA) in energy company insolvencies is especially notable. This month, new legislation was introduced to dictate how the Corporate Insolvency and Governance Act 2020 would interact with energy company insolvencies.
On 3 September 2020,The Insolvency (Moratorium) (Special Administration for Energy Licensees) Regulations (SI 2020/943)came into force which make modificatio…
Read the full article at: https://www.natlawreview.com/article/how-do-changes-to-uk-insolvency-laws-apply-to-energy-companies
by BERNAMA / pic by RAZAK GHAZALI
A TOTAL of 945 youths, aged between 18 and 35 years, were declared bankrupt between January and July this year, said Deputy Minister in the Prime Ministers Department, Datuk Shabudin Yahaya.
He said that according to the Malaysian Insolvency Department (Mdl), more than 100 bankruptcy cases were recorded involving those aged 31 to 35.
To help reduce cases of bankruptcy, Mdl has implemented various programmes such as community programmes and Mdl Prihatin (Mdl cares) to create public awareness of the bankruptcy issue.
It is to convey information, provide education and create awareness, especially to youths so t…
Read the full article at: https://themalaysianreserve.com/2020/09/10/945-youths-declared-bankrupt-january-july/