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 Inso…
Read the full article at: https://www.businesstoday.in/current/corporate/corporate-insolvency-proceedings-cant-be-triggered-once-debt-converted-into-capital-nclat/story/414993.html
Key points:
- Some businesses that would have closed their doors under normal circumstances are hanging on thanks to COVID measures.
- These businesses should get financial advice immediately or risk a bigger crash when the support measures end
- A new insolvency regulatory regime came into force on 1 September, reinforcing best practice.
Kiwi businesses surviving on Government COVID-19 support and that may otherwise have fallen into liquidation or receivership in normal times should get professional advice immediately with a national insolvency cliff looming, says Chartered Accountants Australia and New Zealand (CA ANZ).
Figures from RITA…
Read the full article at: https://www.scoop.co.nz/stories/BU2009/S00082/get-help-before-dropping-off-insolvency-cliff.htm
When Archie Jafree heard that Lord & Taylor filed for Chapter 11 bankruptcy in early August, he was sad about the fate of the storied retailer with roots dating back to 1824.
Still, the 36-year-old northern Virginia resident acknowledged he hadnt shopped there in months, preferring instead to go to Nordstrom and Zara, where he feels the customer service is better.
It had good quality clothes, Jafree said of Lord & Taylor, but they hadnt evolved with the times.
Many shoppers like Jafree are seeing iconic labels vanish or become mere shadows of themselves, driven in part by a pandemic that has shoved them into bankruptcy but also by changing consumer habits that put less emphasis on brand names and more emphasis on experience.
So far, mo…
Read the full article at: https://www.dailynews.com/2020/09/02/pandemic-fallout-40-plus-retail-chains-bankrupt/
Germanys smaller shipbuilder Flensburger Schiffbau-Gesellschaft (FSG), which in recent years has specialized in ro-ros and ferries, took a key step forward with its restructuring. The purchase agreement for the assets of the shipyard along with 350 of its employees was completed by investment companies belonging to Tennor Holding. The shipyard had sought court protection in April 2020 with a self-administered insolvency process but later was placed under the protection of the commercial court in Germany to complete insolvency proceedings.
FSG had a long history of financial troubles. Siem Europe, which was the yards largest customer, had acquired the shipyard in 201…
Read the full article at: https://www.maritime-executive.com/article/german-shipbuilder-fsg-proceeds-with-restructuring-to-resume-business
Debt is a dirty word. Try and stay away from it as much as possible. Ever heard this before? Well, youre not alone. Yet contrary to common theory, debt isnt always a bad thing. In fact debt can indeed mean development. You’ve just got to change your mindset about why you use it, so the how to use it right becomes simpler.
The importance of financial literacy
In case youre reading this and wondering why youre not more across the how-to of debt, let me assure you, this is not a case of you – its us. And when I say us, I mean Australians.
The basics of financial literacy arent taught in schools, and yet money makes the world go round. As a nation, our basic financial literacy is actually relatively low. According to a study conducted by t…
Read the full article at: https://au.finance.yahoo.com/news/what-is-the-difference-between-good-and-bad-debt-230410222.html
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Tennis legend Boris Becker is facing a string of criminal charges over claims he failed to cooperate with his bankruptcy proceedings.
The 52-year-old Grand Slam champion was declared bankrupt in June 2017, and last year faced 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, after the Insolvency Service revealed it has investigated undisclosed transactions totalling more than 4.5 million.
In the latest twist in the saga, Becker now faces a string of criminal charges and is due to appear before magistrates later this month.
An Insolvency S…
Read the full article at: https://www.standard.co.uk/news/uk/boris-becker-criminal-charges-bankruptcy-a4538881.html
Inside Asian Gaming CEO Andrew W Scott recently met with Suncity Group CEO and Director Alvin Chau at SKY 21, atop Macaus AIA building. One of Suncitys many non-gaming offerings, the well-known bar and restaurant was the perfect venue for an after work drink and an in-depth discussion about the state of Macaus VIP industry, and potential solutions to conflicting gaming regulations in Macau and mainland China.
Andrew W Scott: Casino gambling is illegal in mainland China but is the primary economic driver of Macau. This creates somewhat of a contradiction given that Macau is part of China. How does this apparent conflict play out in practice?
Alvin Chau: The central government has stated it is committed to cracking down on online gambling…
Read the full article at: https://www.asgam.com/index.php/2020/09/02/alvin-chau-capital-solutions/
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: https://www.business-standard.com/article/economy-policy/no-corporate-insolvency-proceedings-once-debt-converted-into-capital-nclat-120090201968_1.html
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: http://www.digitaljournal.com/pr/4793940
Philly’s most successful dining mogul insists the brand is still strong. And I’m inclined to believe him.
Stephen Starr, who just declared bankruptcy on one of his restaurants, and daughter Sarah Starr, who works for his company. (Getty Images)
A roundup of Philly news. This article may be updated at any time as new information becomes available.
One of Stephen Starrs Restaurants Is Headed to Bankruptcy Court
As Ive watched mom-and-pop restaurants close one after the other thanks to COVID-19, Ive been sad but hardly surprised. But Ive assumed that people like Michael Solomonov, Marc Vetri and Stephen Starr are,…
Read the full article at: https://www.phillymag.com/news/2020/09/02/stephen-starr-restaurant-bankruptcy/
Inside Asian Gaming CEO Andrew W Scott recently met with Suncity Group CEO and Director Alvin Chau at SKY 21, atop Macaus AIA building. One of Suncitys many non-gaming offerings, the well-known bar and restaurant was the perfect venue for an after work drink and an in-depth discussion about the state of Macaus VIP industry, and potential solutions to conflicting gaming regulations in Macau and mainland China.
Andrew W Scott: Casino gambling is illegal in mainland China but is the primary economic driver of Macau. This creates somewhat of a contradiction given that Macau is part of China. How does this apparent conflict play out in practice?
Alvin Chau: The central government has stated it is committed to cracking down on online gambling…
Read the full article at: https://www.asgam.com/index.php/2020/09/02/alvin-chau-3/