Insolvency Guardian Media Centre
Johnston Carmichael, an independent accountancy and business advisory firm, has strengthened its leadership team with the appointment of a restructuring director.
Jenn Stewart, brings 16 years of experience to her new role which forms part of Johnston Carmichaels strategic expansion of its restructuring team across the country. Having been based in Dundee for the last 12 years, she also heads up the firms recently opened Dundee office, leading a team with expertise spanning sectors including technology and life sciences, food and drink and agriculture.
As a licensed insolvency practitioner, Stewart offers restructuring advice to small and medium-sized enterprises (SMEs), owner-managed businesses and individuals who find themselves in finan…
Read the full article at: https://www.accountancytoday.co.uk/2019/07/01/johnston-carmichael-appoints-new-restructuring-director/
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Howard Marks put it nicely when he said that, rather than worrying about share price volatility, The possibility of permanent loss is the risk I worry about and every practical investor I know worries about. When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Data#3 Limited (ASX:DTL) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists…
Read the full article at: https://simplywall.st/stocks/au/software/asx-dtl/data3-shares/news/data3-asxdtl-seems-to-use-debt-rather-sparingly/
The Australian Competition and Consumer Commissions (ACCC) case against embattled franchise JUMP! Swim Schools is mounting. In a pre-trial case management hearing in Federal Court, the watchdog called for greater sanctions and a JUMP! asset freezing extension.
In June, the Federal Court issued freezing orders against the company and founder Ian Michael Campbell.
The move came just days before the ACCC officially launched legal action against the franchise, however on Friday, new concerns were raised.
The watchdog argued that the asset freezing order be extended to cover foreign entities and transactions.
JUMP! foreign entities
The primary concerns related to the incorporation of Jump Swim School Franchise Corp. The US company…
Read the full article at: https://www.franchisebusiness.com.au/news/jump-asset-freezing-extension/
The punishment awaiting unrepentant fornicators remains a matter of speculation. What is not in doubt is the special kind of hell awaiting Cameron Clyne as he begins the torment of a protracted court dispute where the Israel Folau case is inevitably heading.
Rugby Australias chairman told The Sydney Morning Herald he found the prospect painful but the alternative would have been worse. Commercial sponsors would have walked away and bankrupted the game.
And naturally in these risk-averse times there were health and safety issues. We would also potentially be in litigation with employees who are gay and who would say were not providing a workplace that is safe or respectful. You see whats keeping RAs litigation team awake at night.
Read Next
A…
Read the full article at: https://www.theaustralian.com.au/commentary/courts-must-go-where-politicians-fear-to-tread/news-story/31e0a00c507be17ab92ff77db7c8e170
Australian Bank Macquarie has banned gambling with credit cards. It has become the first major Australian Bank to do so.
Starting from Monday, all credit card transactions which are registered under a gambling and lottery merchant code will be blocked.
The bank said that the new policy for credit card usage had been announced to protect the interests of customers. The decision by the Australian Bank could also put pressure on other major banks operating in the country under pressure to adopt a similar policy.
Ben Perham, Macquaries head of personal banking, said that the move to block credit card payments for gambling is to save customers from unwanted and problematic gambling debts.
The blocking of transactions th…
Read the full article at: https://casino.buzz/australian-bank-macquarie-bans-credit-card-gambling-8705/
Andersch, one of Germanys leading restructuring advisory firms has joined FTI Consulting, a global US-headquartered consultancy. The deal sees FTI bolster its German and European restructuring division with around 90 consultants.
We look forward to welcoming the entire Andersch team to FTI Consulting, said Steven Gunby, President and Chief Executive Officer of FTI Consulting. Anderschs restructuring advisory business has an impressive reputation and track record of client success.
Founded in 2012 after a group of KPMG partners and consultants split from the Big Four firm to go independent, Andersch has since grown its stature in Germanys restructuring and turnaround consulting market. To date, Andersch has completed over 380 engagements…
Read the full article at: https://www.consultancy.eu/news/2957/leading-german-restructuring-advisory-firm-joins-fti-consulting
Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly note that the eighth meeting of CoC of Kwality Limited was convened and conducted as per the provisions of the Insolvency and Bankruptcy Code, 2016 (Code) on 29th June, 2019 at 12:00 PM at Regal Hall, Royal Plaza, 19, Ashoka Rd, Janpath, Connaught Place, New Delhi- 110001 to discuss the update of the corporate insolvency resolution process and submission of resolution plan process by prospective resolution applicants
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/kwality-limited-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article28252395.ece
Shutterstock/JOAT
The loan will be used to finance the companys working capital and to meet other business requirements.
Sunday 30, June 2019 BY
KUDAKWASHE MUZORIWA
Riyad Bank has approved the restructuring of Al Kathiri Holding Companys Shariah-compliant credit facility agreement.
In a bourse filing, Al Kathiri Holdings stated that the company has amended and renewed its Shariah financing agreement with Riyad …
Read the full article at: https://www.islamicbusinessandfinance.net/en/home/articles/riyad-bank-approves-restructuring-al-kathiri-holdings-islamic-facility
For Queensland mum Emily Banks, the first sign something was wrong came when her husbands tax return failed to show up.
The entire $790 return had been garnished, and a call to the tax office revealed it was Centrelink who had taken it.
This was at Christmas time last year, and the news came as a blow because the cash-strapped family had been counting on the money to help pay for presents and essentials, Mrs Banks said.
But it was about to get even worse for Mrs Banks when she called Centrelink.
It was then that she was told that she owed a further $3000 because of overpaid family tax benefits dating back more than two years ago.
The debt came as a shock, Mrs Banks said, because she had always reported any changes in her familys income to Cen…
Read the full article at: https://www.9news.com.au/national/centrelink-robodebt-vanishing-tax-returns-only-clue-to-debt-australia-news/aa1dfcb0-a82d-433c-994e-126803faf540
Lenders of Asian Colour Coated Ispat Ltd. (ACCIL) have approved the JSW Groups 1,550-crore bid to acquire the debt-ridden steel firm, sources said.
ACCIL went into insolvency in July last year after the National Company Law Tribunal (NCLT) admitted an application by State Bank of India (SBI) to initiate the Corporate Insolvency Resolution Process (CIRP) for the company.
The Resolution Professional (RP) appointed to carry out the insolvency process was Kuldip Bassi.
The total admitted debt in the resolution process was about 6,500 crore. According to sources, the committee of creditors approved the bid of JSW Group, with nearly 80% of lenders voting in favour.
For approval, a resolution plan needs at least 66% votes in favour.
To acquir…
Read the full article at: https://www.thehindu.com/business/lenders-approve-jsws-1550-cr-bid-for-accil/article28229896.ece
Last week, the High Court dismissed an appeal in Carter Holt Harvey Woodproducts Australia Pty Ltd v The Commonwealth of Australia and Others[2019] HCA 20.
Amerind Pty Ltd became insolvent in 2014, with $21 million in debts repaid to Bendigo and Adelaide Bank, leaving a receivership surplus of about $1.6 million.
The Commonwealth of Australia had sought to claim the surplus to compensate $3.8 million in accrued wages and entitlements to former employees of Amerind under the Fair Entitlements Guarantee Scheme.
Carter Holt, a creditor of Amerind, competed against the claim, submitting that section 433 of the Corporations Act did not afford priority to the Commonwealth.
Carter Holt had sought to overturn the decision of the Court of Appea…
Read the full article at: https://www.accountantsdaily.com.au/business/13190-high-court-rules-in-favour-of-employees-in-an-insolvency
Lenders of Asian Colour Coated Ispat Ltd (ACCIL) have approved the JSW Groups 1,550 crore bid to acquire the debt-ridden steel firm, sources said. ACCIL went into insolvency in July last year after the National Company Law Tribunal (NCLT) admitted an application by SBI to initiate Corporate Insolvency Resolution Process (CIRP) for the company.
The Resolution Professional (RP) appointed to carry out the insolvency process was Kuldip Bassi, supported by EY. The total admitted debt in the resolution process was around 6,500 crore.
According to sources, the committee of creditor (CoC) approved the bid of JSW Group, with nearly 80 per cent of lenders voting in favour. For approval, a resolution plan needs at least 66 per cent votes in favour….
Read the full article at: https://www.thehindubusinessline.com/companies/lenders-approve-jsws-1550-cr-bid-for-asian-colour-coated-ispat/article28226496.ece