Insolvency Guardian Media Centre
LUSAKA (Reuters) Vedanta Resources on Tuesday plans to challenge the appointment of a provisional liquidator and the intended winding up of its Zambian business without the chance to be heard through lawyers of its choice, documents filed in court show.
According to a notice filed in court on June 6, Vedanta wants to be represented by lawyers Nchito & Nchito and not those appointed by the provisional liquidator.
A court hearing following Zambias decision to name the provisional liquidator to run Vedantas Konkola Copper Mines (KCM) business was adjourned until Tuesday without tackling the companys demands to be involved, Vedanta said last week.
Vedanta Resources, part-owner of the Mumbai-listed Vedanta group of companies, is KCMs majority…
Read the full article at: https://www.euronews.com/2019/06/11/vedanta-to-challenge-winding-up-of-zambian-business-in-court
With the rise of online shopping and the e-commerce industry, it is no surprise that a number of high street stores, such as HMV and House of Fraser, have faced difficulties in recent times. Due to the ever-growing uncertainty of the market, more and more companies are becoming insolvent. But what does it mean if a company that owes you money goes insolvent?
What is Insolvency
Under the Insolvency Act 1986, insolvency is when a business is unable to pay its debts as and when they fall due. An Official Receiver (OR) is usually appointed in the early stages of a companys insolvency and an Insolvency Practitioner (IP) may be appointed later to deal with the assets. The appointment of an OR/IP must be included as and when any correspondence…
Read the full article at: https://www.enterprisetimes.co.uk/2019/06/11/death-on-the-high-street-how-to-recover-your-debt-if-the-company-goes-insolvent/
Treasurer Jackie Trad has told Queenslanders theyll have to swallow rising debt if they want more jobs and better hospitals.
Ms Trad delivered her second budget on Tuesday, announcing a surplus for 2019/20 but with a sting: mounting state debt.
Its a $7.3 billion debt increase Queenslanders have to accept.
But Ms Trad says the rise in debt is manageable and necessary to keep people employed, help create more jobs and the states $350 billion economy turning over.
We know how critical it is that government spends in regional economies, she said.
We need to be doing that and we are unapologetic about it. Premier Annastacia Palaszczuk says the government must deliver services no matter where people live.
We will continue to invest in everything th…
Read the full article at: https://www.news.com.au/finance/economy/tax-changes-and-higher-debt-in-queensland-budget/news-story/a0cc607ec7cb2eb13d939be6838e0c59
Dear Sir/Madam
This is to inform you that the Honourable National Company Law Tribunal (NCLT), Hyderabad Bench has passed the order on 03/06/2019 (uploaded on website on 08/06/2019) admitting the petition CP(IB) No.679/7HDB/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by the Financial Creditor IDBI Bank Limited and initiating the Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016 (IBC). A Copy of the Order issued by the NCLT, Hyderabad is hereby enclosed.
As per Section 17 of the IBC, 2016, the powers of the Board of Directors stands suspended and such powers shall be vested with Dr.M S Sankar (IP Registration No.IBBI/IPA-001/IP-/P00770/2017-2018/11315) appointed as the IRP with r…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/neueon-towers-ltd-corporate-insolvency-resolution-process-cirp-appointment-of-interim-resolution-professional-irp/article27775167.ece
ASX-listed CommsChoice Group is planning to restructure its business, which will see its offshore call centre downsized with key functions moving back to Australia and about eight staff made redundant as it aims to remove non-core costs from operations and sales areas in Australia.
The company also plans to pump more resources into its key partners and indirect sales group, which it says has been experiencing positive momentum with channel partners, dealers, and IT service providers.
We were not seeing the level of customer service and responsiveness we needed in our business to satisfy the needs of our Australian business and corporate cus…
Read the full article at: https://www.arnnet.com.au/article/662722/commschoice-group-cuts-staff-amid-business-restructure/
KEMMERER, Wyo. (AP) – A federal judge has approved the sale of a Wyoming coal mine following the owners bankruptcy.
The Casper Star-Tribune reports that a judge in Houston, Texas, approved the sale of the mine in Kemmer…
Read the full article at: https://www.washingtontimes.com/news/2019/jun/10/federal-judge-approves-sale-of-bankrupt-wyoming-co/
Only a small percentage of companies help their employees with student-loan payments, despite it being a sought-after perk. But that could change dramatically if a proposed tweak to the tax code gains momentum in Congress.
There is no doubt that employees would welcome some kind of loan-relief benefit. A recent survey by YouGov commissioned by health-care company Abbott Laboratories found that 64% of adults with student-loan debt say finding a company with student-loan benefits is important. Yet last year only about 4% of…
Read the full article at: https://www.wsj.com/articles/student-debt-relief-for-employees-11560218881
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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.brisbanetimes.com.au/money/borrowing/tips-to-help-you-in-the-assessment-of-a-refinanced-mortgage-20190610-p51w6b.html
14:09, 10 June, 2019
YEREVAN, JUNE 10, ARMENPRESS. Surik Khachatryan, a former politician who twice served as Governor of Syunik (2004-2013, 2014-2016), has been declared bankrupt by a court, according to the Datalex online judicial information platform.
According to the available documents the Armenian “ARMBUSINESSBANK”bank requested a court to declare the ex-governor bankrupt for the latters failure to repay 1,000,000 dollars in credit.
Khachatryan signed a credit contract with the bank in July 2017 and was granted a 1,000,000 credit line with an annual 10% interest rate. He had to repay the money by July 2020.
The bank said it warned Khachatryan about his failure to implement obligations and said it is entitled to confiscate the en…
Read the full article at: https://armenpress.am/eng/news/977867/
International Business MachinesIBM has come up with a restructuring plan which includes massive layoff. The company reportedly announced plans to terminate around 1,700 employees from several of its units in different locations.
IBM on Friday said that the restructuring was necessary in order to focus more on high-value segments of the IT market. It further added that it will employ more staff in newer and key areas to offer higher value service to clients.
Notably, IBM has around 340,000 employees and the job cut will effect around 0.5% of its workforce.
International Business Machines Corporation Price, Consensus and EPS Surprise
International Business Machines Corporation Price, Consensus and EPS Surprise
International Business Machine…
Read the full article at: https://finance.yahoo.com/news/ibm-lays-off-1-700-132301148.html
Less than two months ago, gasoline prices were headed for $3 a gallon. Today theyre headed for $2 a gallon. This is good news for summer vacationers traveling by car on road trips to theme parks and national parks. Nearly a third of Americas drivers will take a trip by car this summer, burning more than 400 million gallons of fuel every day.
The potential savings are immense, and theyre tax-free.
But not cost free.
U.S. frackers havent turned a profit in 10 years, and investors have not only been putting pressure on them to show them a return on their investments, but have largely shut off the flow of new investment capital until they do. Last year oil companies raised about $22 billion from both equity and debt financing, less tha…
Read the full article at: https://www.thenewamerican.com/tech/energy/item/32559-as-oil-and-gas-prices-drop-frackers-declare-bankruptcy
Employee surveys show that financial worry is a leading cause of workplace stress in the U.S., contributing to $250 billion in stress-related lost productivity each year.
Because employee debts the biggest contributor to those worries, more firms are looking at offering debt relief benefits alongside more traditional benefits.
Debt assistance is also proving a powerful tool for attracting, hiring and retaining new workers, especially young people with heavy student loan burdens.
The Center for Financial Services Innovation (CFSI) says 70% of recent grads enter the workforce with debt.
Debt relief benefits for firms of all sizes
Large companies able to design, implement and fund debt assistance programs are leadin…
Read the full article at: https://www.hrmorning.com/articles/debt-relief-benefits/