Legislation passed last night means liquidators will need to be licenced and meet basic standards of honesty and competence moves enacted to protect creditors and the public, Commerce and Consumer Affairs Minister Kris Faafoi says.
The Third Reading of the Insolvency Practitioners Regulation Bill and the Insolvency Practitioners Regulation (Amendments) Bill address some failings of the previous system, and shut down the ability of liquidators who fell short on skills and integrity.
One of the main aims of corporate insolvency law is for businesses to be turned around if they are viable but if they are not, they should be wound up, the assets realised and distributed to creditors in accordance with clear rules and with a minimum…
Read the full article at: https://www.miragenews.com/insolvency-practitioners-bill-brings-new-protections-for-consumers-and-creditors/
SEBI has moved the Supreme Court against an order by the National Company Law Tribunal (NCLT) in the matter of collective investment schemes (CIS) where the tribunal ruled that the Indian Bankruptcy Code (IBC) will prevail over the SEBI Act. The SC has issued a notice to the parties involved and the next hearing is on Monday, according to lawyers present in the Court said.
The Principal Bench of the NCLT presided by MM Kumar and SK Mohapatra last month had ordered the release of assets belonging to corporate debtor HBN Dairies and Allied, which were attached as part of execution proceedings by SEBI.
The HBN Dairies case was admitted by the NCLT as investors cited delay in getting back their money. Nearly a year before HBN was admitted for…
Read the full article at: https://www.thehindubusinessline.com/markets/cis-regulator-moves-apex-court-against-nclt-order/article27889017.ece
With concerns growing that children and vulnerable people are being targeted by rogue online gambling advertising, my new research suggests the current sanctions arent enough to change the practices of online advertisers.
In April 2019, the UKs Advertising Standards Authority (ASA) ran an experiment using an advertising avatar, an online identity which mimicked the internet use of a child. It found five gambling brands were specifically targeting their gambling offers at under 18-year-olds. A 2017 survey by the Gambling Commission found that 12% of children aged 11 to 16 had gambled with their own money in the previous week, and that 0.9% of children were problem gamblers.
In the wake of its experiment, the ASA announced a change…
Read the full article at: http://theconversation.com/online-gambling-children-among-easy-prey-for-advertisers-who-face-few-sanctions-117480
A total of 347 people agreed deals with their lenders in the first three months of this year in situations where they are unable to pay the full amount.
This was up 16pc on the number of arrangements put in place in the first quarter of last year, figures from the Insolvency Service of Ireland show.
Most of the deals were personal insolvency arrangements (PIAs). These are court-approved restructurings of mortgage and other debts where there is a deal to repay a more manageable amount over a six-year period.
Last month a High Court judge has reserved judgment in a personal insolvency application by musician Frank McNamara and his barrister wife Theresa Lowe.
The couple are seeking court approval for an arrangement to assist them in dealin…
Read the full article at: https://www.independent.ie/business/irish/more-debt-deals-but-fewer-people-declared-bankrupt-38212616.html
The liquidators of CBL Corporation have published their first report on the New Zealand-based insurers financial position, showing that it owes more than $179 million to creditors.
Kordamentha, the appointed liquidator, stated that preferential creditors are owed $566,766, secured creditors are owed $6,617,438 and unsecured creditors are owed $172,801,592.
CBL Corporation was placed in voluntary administration on February 23, 2018. During the administration period, administrators commenced sale processes for some of the groups businesses. Now, liquidators said they are continuing with the sale processes for some of the insurers assets, which remai…
Read the full article at: https://www.insurancebusinessmag.com/nz/news/breaking-news/collapsed-cbl-owes-creditors-179-million-169703.aspx
The Supreme Court, in the recent case of JK Jute Mill Mazdoor Morcha v Juggilal Kamlapat Jute Mills Company Ltd through Its Director & Ors, held that a trade union can file as an operational creditor for the purpose of the Insolvency and Bankruptcy Code, 2016 (IBC).
The court said that a trade union is certainly an entity established under the Trade Unions Act and would, therefore, fall within the definition of person under sections 3(23) of the IBC. Therefore, an operational debt, meaning a claim in respect of employment, could certainly be made by a person authorized to make such a claim on behalf of an employee.
The case was pending under the Sick Industrial Companies (Special Provisions) Act, 1985, after a long-drawn saga of the jute …
Read the full article at: https://www.vantageasia.com/trade-unions-are-operational-creditors-under-insolvency-code/
The number of mature age Australians carrying mortgage debt into retirement is soaring.
And on average each mature age Australian with a mortgage debt owes much more relative to their income than 25 years ago.
Microdata from the Bureau of Statistics survey of income and housing shows an increase in the proportion of homeowners owing money on mortgages across every home-owning age group between 1990 and 2015. The sharpest increase is among homeowners approaching retirement.
More mortgaged for longer
For home owners aged 55 to 64 years, the proportion owing money on mortgages has tripled from 14% to 47%.
Among home owners aged 45 to 54 years, it has doubled.
Source: Authors own calculations from t…
Read the full article at: http://theconversation.com/more-people-are-retiring-with-high-mortgage-debts-the-implications-are-huge-115134
If there is one word to describe Jet Airways it is this: beleaguered. The former Indian aviation giant is staring down the barrel of yet another major blow that could prevent them from returning to the skies. After collapsing in April, Jet Airways now could be headed towards bankruptcy as creditors seek to recover their dues.
The court case
Flightglobal reported that Jet Airways faces insolvency action from two creditors. Shaman Wheels, a truck dealer, and Gaggar Enterprises, a water bottler, have submitted their matter to the National Company Law Tribunal for hearing on June 13th.
Jet Airways collapse
Jet Airways collapsed in April. This came after months …
Read the full article at: https://simpleflying.com/jet-airways-potential-bankruptcy/
Chennai: Integrated sugar maker Thiru Aarooran Sugars (TA Sugars) has knocked the doors of the National Company Law Tribunal (NCLT) to kick-start the process of corporate insolvency resolution plan after SBI moved the tribunal upon default of loans.
The petition for resolution under the Bankruptcy Code was filed by SBI claiming dues of Rs 149.36 crore.
The Chennai Bench of NCLT has appointed a R Raghavendran as interim resolution professional to kick start the process to find a resolution.
An SBI-led consortium of lenders which includes PNB, IDBI Bank, UCO Bank, Union Bank of India and Standard Chartered Bank lent Rs 159.94 crore to the company in 2016. The account was declared a bad loan or non-performing asset (NPA) in 2018.
Sugar mills …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/thiru-aarooran-sugars-flies-into-insolvency-resolution-process/articleshow/69747460.cms
Richair
Leisure Cargo (LC) is to enter insolvency following the loss of contracts with TUI and another carrier.
Aspokesperson for the GSSA confirmed to The Loadstarit had begun insolvency proceedings at a court in Dusseldorf, with White & Case appointed trustees.
Reorganisation manager Tillmann Peeters, of Falkensteg Restrukturierung, said: We want to stabilise business operations quickly and continue as smoothly as possible.
Together with the provisional trustee, we will explore the remediation options as swiftly as possible, and as thoroughly as necessary, during the June-August bankruptcy period.
Rumours had been circulating for some time that L…
Read the full article at: https://theloadstar.com/leisure-cargo-files-for-insolvency-after-loss-of-major-customers/
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A loan taken out 2-3 years ago was based upon different metrics and lender requirements, he says.
Following changes in requirements, many people can no longer refinance or increase their borrowing capacity even though their financial position might not have changed.
For many, this means they cannot switch to another lender at a reduced interest rate.
So, while advisors are exhorting the benefits of seeking out the best mortgage rate available, the reality is that many of the banks wont necessarily play ball.
However, rather than deciding its all too hard and paying a premium rate, here are some tips to help you in your assessment of a new or refinanced loan.
Proof of expenses
Many banks now require you to produce three months worth of …
Read the full article at: https://www.smh.com.au/money/borrowing/tips-to-help-you-in-the-assessment-of-a-refinanced-mortgage-20190610-p51w6b.html
In their April 29 report to creditors, Mr Hosking and Mr Hathway said they were also investigating a number of potentially voidable transactions including payments totalling $9.28 million made to Merhis Finance (a wholly owned subsidiary of Merhis Corp, which is wholly owned by Mark Merhi) and $18.46 million transferred to related companies in the lead up to liquidation.
The liquidators are also taking legal action to recover about $800,000 from the sale of four ground-floor commercial lots to Stacey Apartments sole shareholder Oger Holdings (Aust) Pty Ltd. These were sold for $400,000 including GST compared with an independent retrospective valuation of $1.2 million plus GST when assessed by Messrs Hymans Valuers & Auctioneers on behalf …
Read the full article at: https://www.afr.com/real-estate/residential/liquidator-refers-developer-merhis-to-asic-over-insolvent-trading-20190605-p51upf