Insolvency Guardian Media Centre
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There were 21 insolvencies declared in the Dubbo region in the the first three months of 2019, according to the latest Australian Financial Security Authority (AFSA) figures. Four were business related insolvencies and 17 were non-business related or not stated. The numbers differ only slightly from those reported in the last three months of 2018, when 22 insolvencies were declared – three of which were businesses related and 19 of which were non-business related or not stated. READ ALSO: Coulton sworn in as minister The AFSA figures showed there have been 17 insolvencies declared in Orange so far this year, eight in Bathurst and 13 in the Lithgow-Mudgee region. MoneyQuest Dubbo finance specialist Matt Wright said the f…
Read the full article at: https://www.dailyliberal.com.au/story/6184089/dubbo-data-how-you-could-be-unknowingly-declaring-yourself-bankrupt/
Telstra has announced it will record $500 million in impairments in its FY19 results as it writes off its legacy IT assets, and increased its forecast annual restructuring costs due to expedited job cuts.
Telstra CEO Andy Penn.Credit:Peter Rae
Like other legacy telecom firms around the world, Telstra is finding it hard to battle cutthroat competition and new technology that has crushed its mainstay fixed-line businesses.
In a push to cut costs, the telco last year said it would shed 8,000 jobs from a workforce of 32,000.
About 6,000 of those cuts are likely to happen by the end of the financial year, it said today in a statement.
Read the full article at: https://www.smh.com.au/business/companies/telstra-flags-200m-increase-in-costs-on-job-cuts-20190529-p51s7c.html
Los Angeles, 28 May 2019 International law firm Hogan Lovells is pleased to announce that David Simonds has joined the firms Business Restructuring and Insolvency (BRI) practice as a partner based in the firms Los Angeles office.
I am very excited to expand my practice both nationally and internationally at Hogan Lovells, said Simonds. Ive worked with members of the Hogan Lovells BRI practice over the years and am looking forward to offering the firms broad array of services to my clients and strengthen the already established BRI platform in Los Angeles.
We have been strategically expanding our practice globally and David is a perfect addition, said Chris Donoho, Global Head of Hogan Lovells Business Restructuring and Insolvency practice…
Read the full article at: http://www.lawfuel.com/blog/hogan-lovells-expands-l-a-office-with-prominent-business-restructuring-and-insolvency-partner/
This is to inform you that the 17th Meeting of Committee of Creditors (CoC) was held on 24th May, 2019.
In the meeting, The Resolution Professional apprised the members of the Committee of Creditors that SOM Distilleries Pvt Ltd and Kals Distilleries Pvt ltd have submitted their revised bids for the Corporate Debtor.
After discussions on the Revised Bids and meeting with representatives of both Resolution Applicants, separately, the COC requested the resolution applicants to increase the financial bid and Resolution Applicants sought time till Monday for the same.
The COC considered the issue and directed to the Resolution Professional to allow the Resolution Applicants to submit their revised bids and make changes in their plans and submi…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/mount-shivalik-industries-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article27275087.ece
The science fiction writer William Gibson once observed the future is already here its just not very evenly distributed.
This sentiment almost perfectly describes the current state of digital transformation within banking. Some operational areas, like account opening and fraud management, have seen significant changes as banks have worked to redesign legacy processes around new digital capabilities.
Debt collection by contrast feels like it has been standing still.
Its not difficult to understand why. As a collections executive at a large U.S. lender told Aite Group in a recent survey, Its hard to justify tech development work to collect from delinquent borrowers versus investments that would generate new customer rel…
Read the full article at: https://www.americanbanker.com/opinion/tech-could-help-reinvent-debt-collection
A High Court test case which would have significantly clarified the law around debt-for-equity personal insolvency arrangements has been struck out on a technicality.
The case was brought by Start Mortgages against a personal insolvency arrangement approved in Trim Circuit Court, which saw a mans mortgage written down from almost 140,000 to 18,500, The Irish Times reports.
The man would have paid Start Mortgages 60 instalments of 332 per month and been allowed to remain in his home indefinitely.
In return, Start Mortgages would take an 85 per cent ownership stake in the home, which it would not be allowed to sell until the man died.
The test case was struck out after Start raised a technical objection about…
Read the full article at: https://irishlegal.com/article/test-case-on-debt-for-equity-personal-insolvency-arrangements-struck-out-on-technicality
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More than 200 Boots stores across the UK could be closed by its American owners Walgreens Boots Alliance (WBA) in a bid to cut costs.
The shops – which are in areas where Boots has more than one store – are under review for possible closure.
It is understood the review will take place over the next 12 to 18 months.
Boots said it did not have “a major programme envisaged” but was always reviewing “underperforming stores and opportunities for consolidation.”
“We are being realistic about the future and that we will need to be agile to adapt to the changing landscape,” it added.
The chain has 2,485 stores a…
Read the full article at: https://www.bbc.com/news/business-48435802
Government officials are hopeful a saviour can be found for British Steel after speaking to 80 potential bidders, saying multiple parties have expressed an interest in taking on all or part of the business.
The Insolvency Service has been seeking buyers since the company collapsed last week, a financial failure that threatens the future of 5,000 jobs, most of them at the Scunthorpe steelworks.
The official receiver, a government official overseeing the process, said 60 of the companies it had spoken to have been sent non-disclosure agreements, giving them access to the firms financial data.
Several are understood to have signed the documents, indicating that they are ready to take their approaches further, with more expected to follow s…
Read the full article at: https://www.theguardian.com/business/2019/may/28/hopes-of-saving-british-steel-rise-as-potential-buyers-emerge
Notice along with Agenda for the 10th 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: Thursday 30th May, 2019
Time: 5.00 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 Limited
(KALPANA G)
Resolution Professional
IBBI Registration No.: IBBI/IPA-001/IP-P00756/2017-2018/11288
Date: 28th May, 2019.
Place: Hyderabad
Pdf Link:
Southern Online Bio Technologie…
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/article27275138.ece
A court in Rotterdam declared Rerum Technics (formerly Entropia Digital bv) bankrupt on 23 May, Connection. KPN filed for the bankruptcy, after a cooperation failed and KPN claimed that Rerum Technics had payment arrears. According to the ruling, the court agreed that Rerum Technics did not meet its payment obligations. The company said it will appeal.
Read the full article at: https://www.telecompaper.com/news/rerum-technics-declared-bankrupt–1294591
Pursuant to Reg. 30(2) read with sub- cl. 16(f) of Cl. A of Part A of Sch. III of the SEBI (LODR) Regulations, 2015 and in continuation to our earlier disclosure on 16.05.2019 reg. outcome of the 3rd meeting of the Committee of Creditors (COC), whereby COC had resolved to replace the Interim Resolution Professional(IRP) and appointed Mr. Ashwini Mehra as Resolution Professional(RP),we hereby inform you that COC had filed an application before the Adjudicating Authority for approval of appointment of Mr. Ashwini Mehra (Reg. No. IBBI / IPA – 001 / IP – P00388/ 2017 – 18/ 10706), as RP under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016.
The Adjudicating Authority vide its order bearing Item No. 08(IB)-731(PB)/2018 dated 22….
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/punj-lloyd-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article27273340.ece
Chinas financial regulators are stepping up penalties on banks and asset managers caught hiding bad debts as Beijing grows increasingly wary of the countrys opaque cache of unpaid loans.
The strengthened enforcement underlines authorities rising concerns over a potential runaway bad debt problem at smaller banks in the country, a trend that Chinas top leaders fear could spawn financial and social instability.
Fines for banks and asset managers that help mask the bad debt are on the rise, with at least five large institutions, including a branch of the Industrial and Commercial Bank of China, receiving penalties over the past month. While the amounts are relatively small, the penalties are intended to deter other institutions from …
Read the full article at: https://www.ft.com/content/06d70216-7b6c-11e9-81d2-f785092ab560