Insolvency Guardian Media Centre
There have been four deaths for every revival case under the Insolvency and Bankruptcy Code (IBC) proceedings.
And significantly for those four, which have headed for liquidation, the process continues without much progress and hardly any takers.
Further, of the 1,858 cases taken up for resolution and finding a suitor for a revival plan, more than 1,000 are still under various stages of proceedings at the National Company Law Tribunal (NCLT).
As on March 31, 2019, of the total 1,858 cases admitted under insolvency proceedings, 94 achieved resolution, 243 were settled by mutual consent or appeals, and 378 companies/cases were taken up for liquidation. And, the rest are still undergoing the corporate insolvency resolution process (CIRP).
The …
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/insolvency-proceedings-for-each-revival-under-ibc-four-firms-go-under/article28211892.ece
A food supplier has gone into liquidation with the loss of 125 jobs after it was the subject of a listeria investigation that ultimately cleared it of being the source of the outbreak.
The Food Standards Agency inquiry meant The Good Food Chain had to suspend production for weeks. The FSA this week said the Good Food Chain is no longer part of the ongoing investigation into the source of the listeria infection in hospitals but added that it remained part of the wider investigation into the outbreak and its cause as the business had produced and supplied sandwiches linked to the cases.
The Staffordshire-based company said on Friday it would cease trading due to the impact of the suspension, which was voluntarily enforced on 5 June.
The i…
Read the full article at: https://www.theguardian.com/business/2019/jun/28/food-supplier-liquidation-nhs-listeria-investigation-good-food-chain
A unit of one of Chinas big five power producers has been ruled bankrupt after amassing major debts, with a missed 16.44 million yuan ($2.39 million) loan repayment proving the straw that broke the camels back.
A local court in northern Chinas Gansu province deemed Gansu Datang International Liancheng Power Generation Co. to be seriously insolvent after it failed to pay creditors, according to a stock exchange filing (link in Chinese) from its parent company on Thursday.
The unit of Datang International Power Generation Co. accrued debts of around 1.77 billion yuan, the filing showed. With the companys assets worth around 594 million yuan, its debt to liability ratio stands at a whopping 298.5%. Bankruptcy and liquidation proceedings wi…
Read the full article at: https://www.caixinglobal.com/2019-06-28/gansu-power-company-bites-the-dust-101432809.html
A2018 report found that Americans collectively carry $13.29 trillion in debt, which is $618 billion higher than 2008s peak of $12.68 trillion.
With debt rising, more people are turning to personal loans to pay off their high-interest debts, whether thats medical bills, credit card balances, student debt, etc.
But is taking out apersonal loanto pay off your current…
Read the full article at: https://www.marketwatch.com/story/is-a-personal-loan-the-best-way-for-you-to-tackle-debt-2019-06-27
June 28 (Reuters) – Struggling gold miner Avocet Mining Plc on Friday said its board has proposed voluntary liquidation of the company and that remaining cash be used to pay creditors. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Bernard Orr)
Read the full article at: https://www.reuters.com/article/avocet-mining-liquidation/gold-miner-avocet-proposes-voluntary-liquidation-idUSL4N23Z1OZ
Daily News
27 June 2019
Recruitment firm executive Simon Anthony Charles Wooding, of Altrincham was banned from being involved in the management of a company for nine years without the permission of a court the second ban for Wooding, the UK Insolvency Service reported this week. His wife, Julie Ann Wooding was banned for 3 years.
Simon Wooding had been acting as director of Avante Recruitment Ltd., which recruited candidates for finance, accountancy and insolvency roles, before entering Creditors Voluntary Liquidation itself in September 2017, according to the Insolvency Service. The company allegedly did not make adequate tax payments and did not always file tax retur…
Read the full article at: https://www2.staffingindustry.com/eng/Editorial/Daily-News/UK-Recruitment-executive-receives-second-ban-after-found-to-be-running-company-50410
Megan and Creagh never thought theyd be in the position of being in $91,000 worth of debt.
But fast forward a year, now the most incredible part wasnt that the debt existed, it was that they managed to pay it off in less than 12 months and save for a house deposit at the same time.
The couple,whove been married for 18 months, reversed their fortunes in a way they didnt think they could so quickly.
Megan, 32, an administration assistant, and Creagh, 33, a warehouse manager, never intended to accrue such a large amount of personal debt.
But, as with many couples simply wanting a modern lifestyle, their desires came at a cost.
Megan spoke to Mamamiato explain their incredible story.
Read the full article at: https://www.mamamia.com.au/how-to-pay-off-credit-card-debt/
Brown Wright Stein has elevated Gena Kawaguchi and Suzie Boulous to partner.
The duos promotion from senior associate recognises their significant contributions to their clients and the firm, the Sydney boutique said.
We are delighted to promote both Gena and Suzie to partner, said Peter Wright, managing partner. They are both those rare individuals who treat their clients and teams as part of the family. They both commenced their careers as graduates with our firm. Their appointment takes our gender balance at the partner level to 40%, and of that we are exceptionally proud.
Kawaguchi and Boulous exemplify the firms values of delivering outstanding service through mutual respect and honesty with cl…
Read the full article at: https://www.australasianlawyer.com.au/news/brown-wright-stein-promotes-two-female-partners-263998.aspx
BERLIN
Ford Motor
Co.
detailed plans to close factories in Europe and cut 12,000 jobs, or more than 20% of the companys workforce there, an effort to return to a profit in the region and focus on technologies that are reshaping the auto industry.
The moves are part of a revamp of Fords unprofitable European operations announced in January and a broader cost-cutting effort as the company pivots toward electric vehicles and autonomous driving. Ford said it would cut its European manufacturing footprint to 18 plants from 24 by the end of 2020.
As part of the overhaul in Europe, where auto makers are struggling with sluggish consumer demand after years of growth, the company…
Read the full article at: https://www.wsj.com/articles/ford-to-slash-jobs-as-part-of-european-shake-up-11561636169
By David McHugh|AP,
FRANKFURT, Germany Carmaker Ford said Thursday it is shedding 12,000 jobs in Europe as it streamlines operations in the region to increase profitability.
The job cuts are part of a broad restructuring that includes the already announced closure of six plants in Europe. Ford is reducing its total number of plants in the region to 18 as it reorganizes its business into three divisions: commercial vehicles, passenger cars and imports of Ford models such as the Mustang.
Ford of Europe said that the positions in Europe would be eliminated mostly by voluntary separation programs through the end of 2020. Some 2,000 lost jobs will be salaried positions, part of 7,000 white collar jobs being cut as part of a glob…
Read the full article at: https://www.washingtonpost.com/business/ford-to-cut-12000-jobs-in-europe-as-part-of-restructuring/2019/06/27/bae47658-98d1-11e9-9a16-dc551ea5a43b_story.html
The former head of a contracting firm charged with embezzling almost $6.5 million during construction of a Russian spaceport and spending money on luxury goods has received a suspended sentence and escaped jail time.
The Vostochny Cosmodrome, a $3 billion project seen in Moscow as vital to secure Russias independent access to space, has been embroiled in allegations of mass fraud and mismanagement. Viktor Grebnev, who headed the TMK contractor until it was declared bankrupt 2015, was accused of knowingly signing loss-making contracts and using company money to buy yachts and a mansion.
A district court in Far East Russia handed Grebnev a five-year suspended sentence and fined him 200,000 ruble…
Read the full article at: https://www.themoscowtimes.com/2019/06/27/russian-space-contractor-escapes-jail-time-after-6-million-fraud-a66179
MUMBAI: Consumer goods-to-real estate conglomerate Godrej could see a restructuring as differences have surfaced between family members over the way forward for the 122-year-old, $5-billion enterprise. Group chairman Adi Godrej and his brother Nadir Godrej are on one side while cousins Jamshyd Godrej and Smitha Godrej Crishna are on the other.
A TV report said the clan is also split over the development of a 1,000-acre land parcel they own in Mumbai.
Investment banker Nimesh Kampani and lawyer Zia Mody are advising Jamshyd Godrej while Kotak Mahindra Banks chief Uday Kotak and Cyril Shroff of legal firm Cyril Amarchand Mangaldas are assisting Adi Godrej. A Godrej group spokesperson declined to comment. However, people familiar with the …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/godrej-fourth-gen-looks-to-chart-separate-paths/articleshow/69966101.cms