Insolvency Guardian Media Centre
DENVER, CO / ACCESSWIRE / September 2, 2020 / Samson Oil & Gas Limited (“Samson” or the “Company”) advises that the Company’s Board of Directors has approved the appointment of Adams Paul Nikitins and Samuel John Freeman of EY, Level 23 Exhibition Street, Melbourne VIC 3000 as joint and several administrators (the “Administrators”) of the Company. The Board of Directors will resign and, pursuant to Australian law, the Administrators will take control of the affairs and business of the Company. The Board of Directors adopted the voluntary plan of administration based on its determination that the Company is likely to become Insolvent within the meaning of section 436A(1) of the Corporations Act 2001 (Cth).
The Company’s financial posit…
Read the full article at: https://finance.yahoo.com/news/samson-oil-gas-limited-commence-155500748.html
Wide format print business Craftech is in voluntary administration, pulling the pin on a scheduled auction of its equipment which was to have taken place through Liquid Asset Management.
Craftech was bought three years ago by current owner Peter Friend-Ngui formerly national marketing manager at paper merchant BJ Ball from Des Mason and operates as a one-stop wide format shop.
Its kit, which includes two large format flatbed inkjet print systems and two cutting table, was initially put up for auction with Liquid Asset Management. However, Craftech was then put into voluntary administration with OBrien Palmer Insolvency and Business Adv…
Read the full article at: https://www.print21.com.au/news/auction-off-as-craftech-goes-into-administration
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m.
Not including sole proprietorships, there were 41 bankruptcies in week 35. This is 12 up on the previous week. In addition, 8 sole proprietorships were declared bankrupt, 4 more than in the previous week.
| 2019 | 1 | 17 |
|---|---|---|
| 2019 | 2 | 74 |
| 2019 | 3 | 69 |
| 2019 | 4 | 82 |
| 2019 | 5 | 87 |
| 2019 | 6 | 71 |
| 2019 | 7 | 84 |
| 2019 | 8 | 64 |
| 2019 | 9 | 83 |
| 2019 | 10 | 7…
Read the full article at: https://www.cbs.nl/en-gb/news/2020/36/49-bankruptcies-in-week-35
Electric vehicle start-up e.GO Mobile has taken advice from White & Case on a successful restructurin… Electric vehicle start-up e.GO Mobile has taken advice from White & Case on a successful restructuring of its business. With Aprils onset, Aachen, Germany-headquartered e.GO filed an application for personal insolvency procedures under self-administration. e.GO then filed for insolvency on 1 July this year. Following this, the Local Court of Aachen started insolvency proceedings under self-administration on e.GOs assets. At the time, the company stated that it was in discussions with potential international investors, with e.GOs CEO, Gnther Schuh, stating: We are confident that, with a little more time, we will find a good … Read the full article at: https://iclg.com/ibr/articles/14467-e-go-completes-restructuring Saving and paying down debt have become national pastimes as Australia enters its first recession in nearly three decades. Amid revelations of a record economic contraction, household spending fell by $35.2 billion in the three months to June 30 while household savings rose by a whopping $42 billion. Fitzpatricks Private Wealth certified financial planner Randall Stout said that meant Australians were doing the right thing and building up a financial buffer in uncertain times. Here are three tips to help you do the same. 1. Fight the avalancheThere are two schools of thought when approaching debt repayment: The snowball and the avalanche. The avalanche method involves making minimum repayments for all your debt, and funnelling any ext… Read the full article at: https://thenewdaily.com.au/finance/your-budget/2020/09/03/how-to-pay-down-debt-recession/  The observations from a two-member NCLAT bench came as it upheld an order of the National Company Law Tribunal (NCLT)The National Company Law Appellate Tribunal (NCLAT) has said insolvency proceedings cannot be triggered on the basis of debt that has been converted into capital such as equity of a company. The appellate tribunal also said any investment cannot be financial debt and the provisions of Section 7 of the Insolvency & Bankruptcy Code provides for initiation of CIRP by a financial creditor only and that too, if there is debt and default. CIRP is Corporate Insolvency Resolution Process. The observations from a two-member NCLAT bench came as it upheld an order of the National Company Law Tribunal (NCLT), which on November… Read the full article at: https://www.financialexpress.com/industry/corporate-insolvency-proceedings-cannot-be-initiated-once-debt-is-converted-into-capital-nclat/2073819/
The case itself was commenced following Kazmins request. It is related to the sale of assets of the insolvent Liepjas metalurgs to Ukrainian company KVV Group in 2014. The State Chancellery reported that the International Centre for Settlement of Investment Disputes (ICSID) decided in a case of arbitration to satisfy Latvias plea and order Kazmin to submit a letter of guarantee for the reimbursement of Latvias legal expenses in the amount of EUR 3 million by 28 April 2020. The tribunal of the court of arbitration outlined in the ruling that there are serious concerns if Kazmin we…Read the full article at: https://bnn-news.com/kvv-liepajas-metalurgs-vs-latvia-case-put-on-hold-216767 Tennis legend Boris Becker is accused of hiding an international property portfolio from his bankruptcy proceedings, as well as millions of dollars and shares in an artificial intelligence company. The 52-year-old Grand Slam champion was declared bankrupt in June 2017 and last year faced civil claims that he had failed to fully declare his estate to the Official Receiver. The High Court imposed restrictions on Becker’s finances until 2031 amid concerns from the Insolvency Service that various transactions had been undisclosed. In the latest twist in the saga, Becker is now facing 19 criminal charges where he is accused of concealing property, failing to disclose details of his estate, and not declaring large sums of money and a debt… Read the full article at: https://www.standard.co.uk/news/crime/boris-becker-bankruptcy-hid-property-portfolio-a4539126.html By RNZ New Zealand Steel is to restructure its business with the likely loss of up to 200 jobs, but maintain steelmaking at its Glenbrook mill. The Australian owner of the mill, Bluescope, signalled in May it was reviewing the future of the loss-making business because it was not paying its way. Chief executive Gretta Stephens said the mill would keep making its top-selling Colorsteel, but loss-making products would be cut and other operations changed. Advertisement “We are proposing to change the mix of products and continue our focus on reducing costs to become a leaner and more resilient business that is ‘fit for purpose, fit for market’.” She said between 150 and 200 jobs may go out of the 1400-strong workforce. Stephens s… Read the full article at: https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12362118 The company said its board approved to explore various structures for streamlining the businesses currently being carried out by different group entitiesTopics SI Reporter | Mumbai Last Updated at September 3, 2020 13:02 IST Shares of Gateway Distriparks (GDL) moved higher by 15 per cent to Rs 108.20 on the BSE on Thursday after the company announced its board has approved to explore various structures for streamlining the businesses currently being carried out by different group entities. GDL is one of the leading integrated inter-modal logistics facilitators in India. Gateway Rail Freight, a subsidiary of GDL, provides inter-modal logistics and operates rail-linked Inland Container D… Read the full article at: https://www.business-standard.com/article/markets/gateway-distriparks-surges-15-on-restructuring-plans-120090300589_1.html The National Company Law Appellate Tribunal (NCLAT) on Wednesday said that insolvency proceedings cannot be triggered on the basis of debt which has been converted into capital such as equity of a company. The appellate tribunal also said that any investment cannot be ‘financial debt’ and the provisions of Section 7 of the Insolvency & Bankruptcy Code provide for initiation of CIRP by a financial creditor only and that too, if there is ‘debt’ and ‘default’. CIRP is Corporate Insolvency Resolution Process. The observations from a two-member NCLAT bench came as it upheld an order of the National Company Law Tribunal (NCLT), which on November 26, 2019, had dismissed the plea by an individual Rita Kapur seeking initiation of insolven… Read the full article at: http://www.businessworld.in/article/Corporate-Insolvency-Proceedings-Cannot-Be-Initiated-Once-Debt-Is-Converted-Into-Capital-NCLAT/03-09-2020-316086 Mr Morrison told Parliament Labor “[sees] the COVID pandemic as some sort of opportunity to lock in endless income support, and that is not a responsible thing”. Loading “We must be sure that the supports we put in place to get Australians through don’t become a barrier to them, and don’t become a barrier to those businesses to be able to attract employees,” Mr Morrison said. The government plans to reduce the JobKeeper wage subsidy from $1500 to $1200 per fortnight for full-time workers from the first week of October, with a further cut in January until the program ends in March. The shielding of businesses, including billions of dollars in government stimulus and wage subsidy spending, has resulted in a dramatic drop in insolvencie… Read the full article at: https://www.smh.com.au/politics/federal/thousands-of-businesses-to-hit-the-wall-unless-insolvency-supports-extended-20200903-p55s13.html |
The case KVV Liepjas metalurgs owner Yevgenij Kazmin had against the state of Latvia has been put on hold, according to information from the State Chancellery.