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In India, the Corporate Insolvency Resolution Process (hereinafter referred to as CIRP) is…
In India, the Corporate Insolvency Resolution Process (hereinafter referred to as CIRP) is governed under the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as Code). Insolvency laws in India provides for an expeditious settlement of insolvency cases, protecting the interests of the creditors through a balanced procedure, in a time bound manner. A financial creditor, an operational creditor and the corporate debtor are eligible to initiate the CIRP.
For the initiation of CIRP, an application can be made to the National Company Law Tribunal (hereinafter referred to as NCLT) as per the provisions of the Code. The Code prohibits l…
Virgin Australia says it will double domestic capacity by early July as state border restrictions ease and demand grows, joining rival Qantas in adding a significant number of flights.
Virgin, the country’s second-biggest carrier, entered voluntary administration in April, owing nearly $7 billion to creditors, but has been flying a limited government-supported network during the coronavirus pandemic that has decimated travel.
Grounded Virgin Australia aircraft are seen parked at Brisbane Airport in Brisbane. (AAP Image/Darren England)People are seen at the Virgin Australia terminal at the Brisbane Domestic Airport in before the airline grounded most flights. (AAP Image/Darren England)
When Virgin Australia Holdings Ltd went into voluntary administration towards the end of April a casualty of the COVID-19 pandemic members of Virgin Australias Velocity Frequent Flyer program may have thought that their points were safe.
Velocity Frequent Flyer Pty Ltd (VFF) is a distinct company from Virgin Australia Holdings and had avoided administration.
Furthermore, VFF had also set up a trust the Loyalty Trust under which Velocity Rewards Pty Ltd holds money as trustee for VFF to secure the value of any loyalty points issued.
But it has now emerged that Velocity Rewards Pty Ltd had loaned $150 million to Virgin Australia Holdings in 2014 and that loan hasnt been repaid.
Spiique co-founder David Hewish said the group was concerned all the value in Virgin – and the upside from a future recovery – would be handed over to its new investors.
Our suggestion was to do something to create an alternative – to fix the business plan with the support of the stakeholders and then compare that with whatever the sale process creates,” said Mr Hewish, a restructuring veteran formerly with EY and KordaMentha.
“It would have created a floor that was an alternative to liquidation.”
ACAP’s proposal included bondholders converting their debt to equity in the company, rolling it over into a recapitalised business or taking a cash dividend. Virgin could have been sold at a later date – and for a better price – once the bus…
Roughly one in three Americans have delinquent debt according to recent data fromTheUrban Institute. At 16%, medical debt makes up the highest percentage of debt delinquency, but consumers also default on student loans, auto loans and credit card debt.
If someone’s debt is so large that making payments becomes unmanageable (or if paying off the balances would take an unthinkable number of years), consumers may be able to find relief through debt settlement.
Debt settlement companies help consumers negotiate their debts down, either with the original lender/card issuer or with acollections agency. This gives people who are in over their heads a chance to clear away their balances at a lower cost.
Peak body Equestrian Australia has been placed in voluntary administration by its board in a bid to avoid insolvency.
In what has been described as a “difficult decision, Equestrian Australia says the move follows the withdrawal of funding by Sports Australia – reportedly due to due to poor governance – and the impact of COVID-19 on its forecast revenue.
In a statement, the peak body advised this places the organisation at risk of trading insolvently.
“Clearly, the current EA model does not work.
“The intent of entering voluntary administration is to avoid insolvency, which would be disastrous, and to create the conditions for a successful and sustainable equestrian community into the future.”
Justine Channing, a gaming industry specialist with 25 years experience, said clubs and hotels in both city and regional areas had positive results, on average.
“I suspect we’ve got a honeymoon, as people who enjoy gambling want to get out there and have a go,” Ms Channing said.
While big clubs might still be struggling due to debt and restrictions on patron numbers, medium-size clubs are doing quite well, she said.
“If you’ve got 200 people in Bankstown sports club then you’re about 2500 short of what you need,” Ms Channing said. “[Meanwhile] a medium-size RSL club is doing as well now as they did last June.”
Clubs responded to the restrictions by removing underperforming games, she said.
Dufry is making sweeping changes to its business in a bid to accelerate growth and support profitability during the recovery phase of the economic crisis and beyond, it announced today.
The changes, in place from 1 September, include: the integration of its headquarters and divisions, as well as rationalising its country groupings from 23 down to seven plus North America; simplifying the first management level by grouping related functions and introducing a new, reduced Global Executive Committee to reflect organisational changes
Julian Diaz, CEO of Dufry said: Dufrys new simplified organisation will allow us to adapt the company to the new business environment, by adding flexibility, agility and by accelerating the decision making proc…
Carillion announced its first profit warning on 10 July 2017. At the time, I was scheme secretary to a board of 16 trustee directors and a company-appointed trustee of a trust-based defined contribution (DC) plan. Although it would be a further six months before the company was placed in liquidation, it was at this point that the nature of my work changed to almost daily liaison with The Pensions Regulator (TPR), appointing additional advisers and responding to concerns and queries from scheme members.
Some of the things that need to be considered at this stage are:
ascertaining whether you have enough support – and whether there is extra resource that can be made available, potentially at short notice. External help should be sought w…
* CO & UNITS HAVE ENTERED VOLUNTARY ADMINISTRATION
* APPOINTED GRANT SPARKS AND DAVID ORR OF DELOITTE FINANCIAL ADVISORY PTY LTD AS ADMINISTRATORS OF GROUP
* ADMINISTRATORS TO UNDERTAKE URGENT ASSESSMENT OF GROUPS BUSINESS & FINANCIAL POSITION TO DETERMINE FUTURE OF BUSINESS & ASSETS Source text for Eikon: Further company coverage:
The Chinese solar panel making division of the debt-saddled company appears likely to be broken up after admitting creditors will take controlling stakes in its business units following the successful petition of a court in Hebei province.
The company says employees will not be affected by the restructure.
Image: Yingli
Heavily indebtedYingli Solar has confirmed parts of its main Chinese solar panel making division are set to be parceled off to creditors after a court in Hebei province accepted a petition to restructure the business.
A filing made by the OTC Markets Group-listed company to the U.S. Securities and Exchange Commission (SEC) yesterday revealed the Baoding Municipal Intermediate Peoples Co…
