Insolvency Guardian Media Centre
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- For years, she didnt realise that paying only the monthly minimum payment wasnt enough, and her balance continued to grow.
- In January, she and her fiance made a plan to pay off her credit card debt faster by paying more than the monthly minimum payments. Now that shes in the habit of paying more than the minimum, her debt is disappearing fast.
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Credible can help you compa…
Read the full article at: https://www.businessinsider.com/paid-off-credit-card-debt-paying-more-than-minimum-2019-6
The Insolvency Resolution Professional (IRP) appointed by the National Company Law Tribunal (NCLT) has told the pilots and staff of Jet Airways that their salary dues may not be settled fully as the company is undergoing the insolvency process.
In a meeting with the Jet management the IRP, Ashish Chhawchharia, Partner, Grant Thorton, charted out two possible scenarios for clearing dues.
If the insolvency process is successful and the IRP is able to bring in a new investor, then the past dues will depend on the amount or percentage of the amount that the successful bidder is willing to pay, which may or may not be in full. However, if the resolution process is not successful, the company will go into liquidation and the employees dues wil…
Read the full article at: https://www.thehindubusinessline.com/economy/logistics/bitter-message-to-jet-staff-irp-says-salary-dues-may-not-be-settled-fully/article28118216.ece
New Delhi: Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on 17 April and saw lenders voting for bankruptcy earlier this month.
The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of 26 lenders on 20 June.
“Pursuant to an order dated June 20, 2019 of NCLT Mumbai Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Jet Airways (India) as per the provisions of Insolvency and Bankruptcy Code, 2016,” Jet Airways said in a regulatory filing on Sunday.
It further said that upon initiation of CIRP, the powers of…
Read the full article at: https://www.livemint.com/companies/news/jet-airways-crisis-insolvency-proceedings-initiated-1561283124597.html
A national watchdog has launched its new strategy to reduce gambling harm in Scotland with a shift in emphasis away from the customer towards the industry taking greater responsibility.
The Gambling Commission, which regulates commercial gambling for the whole of the UK, will work closely with health bodies, charities, regulators and businesses with a three-year strategy aimed at tackling the problem.
It is continuing to call for action on two strategic priority areas prevention and education with a clear public health plan that includes the right mix of interventions.
At present the total gross gambling yield for the industry in the UK is 14.5 billion, with more than 8,000 betting shops operating in the UK.
Bil…
Read the full article at: https://www.scotsman.com/health/the-silent-epidemic-regulators-fight-back-against-gambling-addiction-1-4952635
Days after the National Company Law Tribunal initiated insolvency process against Jet Airways, its employees have received the first letter from Resolution Professional Ashish Chhawchharia. The letter, issued on June 20, states the Corporate Insolvency Resolution Process (CIRP) has started the insolvency process under the Insolvency and Bankruptcy Code (IBC). The bankruptcy tribunal has ordered a resolution within three months, failing which the airline could be headed for liquidation. The tribunal also asked the IRP to submit a status report on the resolution process every fortnight. The first status report is to be submitted on July 5, 2019. The letter says under Section 17 of the IBC, the IRP will takeover the company management and e…
Read the full article at: https://www.businesstoday.in/sectors/aviation/jet-airways-insolvency-process-airline-employees-receive-1st-letter-from-resolution-professional/story/358315.html
A dealer at Resorts World Sentosa, one of Singapores two casino resorts, was sentenced last week to nine months and six weeks in prison after being discovered to have stolen S$77,000 (approx. $56,818) worth of chips from the gambling facilitys tables. Ding Zhipeng, a Chinese national, was also slapped with a S$12,000 (approx. $8,855) fine, and will have to serve additional three weeks in prison if he is unable to pay the penalty.
Ding started working as a dealer at Resorts World Sentosas casino in July 2017. At about this time last year, the 28-year-old Chinese national began stealing chips from the tables he was servicing up until mid-November 2018. He was found to have stolen chips worth S$77,000.
After stealing the chips, Din…
Read the full article at: https://www.casinonewsdaily.com/2019/06/22/resorts-world-sentosa-casino-dealer-steals-chips-worth-s77000-to-buy-luxury-goods/
Notice for the 14th Meeting of the Committee of Creditors of Southern Online Bio Technologies Limited (under Corporate Insolvency Resolution Process) under the provisions of The Insolvency and Bankruptcy Code 2016 read with Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016.
Day & Date: Tuesday 25th June, 2019.
Time 4.00 P.M
Venue: Bank Of India
Telangana Zonal Office, PTI Building, 2nd Floor A.C. Guards, Hyderabad – 500004.Thanking you,
Yours Truly,
For Southern Online Bio Technologies Ltd.
G Kalpana,
Resolution Professional.Source : BSE -…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/southern-online-bio-technologies-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article28110050.ece
A Russian metal and mining group whose biggest shareholder is the billionaire oligarch Roman Abramovich is interested in acquiring part of British Steel, according to people aware of the situation.
As the clock ticks down on efforts to find a buyer for the UKs second-largest steelmaker following its collapse into insolvency, Evraz is eyeing up the groups business in France, which supplies rails for train lines, said two people briefed on the matter.
British Steel entered compulsory liquidation last month after the UK government rejected its request for a second bailout, putting 5,000 jobs at risk.
The official receiver is overseeing operations at the groups main UK division, which is centred on its Scunthorpe steelworks and continu…
Read the full article at: https://www.ft.com/content/01047476-942c-11e9-aea1-2b1d33ac3271
In Compliance of Para 16(g) of part A of Schedule III and Regulations 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2018 (LODR), the Third meeting of Committee of Creditors (“CoC”) of Excel Glasses Limited was held on Friday, the 21st June,2019 at 3.00 pm BKC Centre, 31-E Laxmi Industrial Estate, New Link Road, Andheri (W), Mumbai – 400053, Maharashtra.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/excel-glasses-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article28108497.ece
An operating arm of ailing franchise brand JUMP! Swim School may have been trading insolvent for up to three years, an administrators report has revealed.
The report, obtained by Inside Franchise Business, was handed down to Swim Loops Pty Ltd (Swim Loops) creditors last week and details a long-list of issues relating to the brands franchising entities. Not the least of which being an unsecured creditor debt totalling $15.2m.
Administrator Glenn OKearney of GT Advisorys report said the companys financial failingscouldbe tracedback to poor management.
My view is that the companys financial position can be largely attributed to a lack of working capital and poor budgeting control in relation to both revenue and expenses, the re…
Read the full article at: https://www.franchisebusiness.com.au/news/jump-swim-schools-franchisor-15m-debt/
Piper Alderman has promoted 27 lawyers to senior positions, including four partners and a special counsel.
The four new partners are all based in the firms Sydney office. They include two female lawyers and increase the firms partnership to 75 a fourth of whom are female.
The firms new partners are Daniel Fitzpatrick, Angelina Kozary, Chris Lyons, and McKenzie Moore.
Fitzpatrick has 15 years experience advising developers, builders, trade contractors and owners of retail shopping centres, aged-care facilities, and industrial and residential developments in construction disputes, including in litigation, arbitration, security of payment legislation, expert determination, and mediation. He joined the f…
Read the full article at: https://www.australasianlawyer.com.au/news/piper-alderman-promotes-27-263847.aspx
A dealer at Resorts World Sentosa, one of Singapores two casino resorts, was sentenced last week to nine months and six weeks in prison after being discovered to have stolen S$77,000 (approx. $56,818) worth of chips from the gambling facilitys tables.