Insolvency Guardian Media Centre
The GlobalDebt SettlementMarket report value has been estimated considering the application and regional segments, market share, and size, while the forecast for each product type and application segment has been provided for the global markets. The Debt Settlement report offers detailed profiles of the key players to bring out a clear view of the competitive landscape of the Debt Settlement Outlook. It also comprehends market new product analysis, financial overview, strategies and marketing trends. As per the world economic growth rate of the past four years, market size is estimated from xxx million $ in 2015 to xxx million $ in 2018. The Debt Settlement Market is expected to exceed more than US$ xxx million by 2023 at a CAGR…
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The National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by ICICI Bank against Hyderabad Ring Road Projects, observing that there was “duplicacy of the claims” of the private lender.
A two-member bench headed by President Justice M M Kumar said ICICI Bank has already raised the similar claims against its corporate guarantor Era Infra Engineering, which is currently going through Corporate Insolvency Resolution Process (CIRP).
“Therefore, on account of duplicacy of the claims the petition cannot be entertained,” said NCLT bench, adding “this petition fails and the same is dismissed”.
Hyderabad Ring Road Projects Private Ltd is a special purpose vehicle related to Era Infra Engineering Ltd and raised an amount of Rs 193…
Read the full article at: https://www.businesstoday.in/top-story/nclt-dismisses-icici-bank-insolvency-plea-against-hyderabad-ring-road-projects/story/351010.html
New Delhi, May 27 The National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by ICICI Bank against Hyderabad Ring Road Projects, observing that there was “duplicacy of the claims” of the private lender.
A two-member bench headed by President Justice M M Kumar said ICICI Bank has already raised the similar claims against its corporate guarantor Era Infra Engineering, which is currently going through Corporate Insolvency Resolution Process (CIRP).
“Therefore, on account of duplicacy of the claims the petition can not be entertained,” said NCLT bench, adding “this petition fails and the same is dismissed”.
Hyderabad Ring Road Projects Private Ltd, is a special purpose vehicle related to Era Infra Engineering Ltd and ra…
Read the full article at: https://www.outlookindia.com/newsscroll/nclt-dismisses-icici-insolvency-plea-against-hyderabad-ring-road-projects/1542822
Three years ago, the government passed a consolidated framework for insolvency and bankruptcy. The objectives of the code were clearresolution of corporate entities, partnership firms and individuals in a time-bound manner for:
- Maximisation of value of assets.
- Promoting entrepreneurship, availability of credit.
- Balancing the interests of all stakeholders.
But 30 months and 1,858 cases later, the jury is still out on the success of the IBC in achieving these goals. Yes, some 700 cases stand closed, as per data on the Insolvency and Bankruptcy Board website, but of those 152 were closed on appeal or review or settled, 91 withdrawn, 378 have ended in liquidation and 94 have ended in approval of resolution plans. 1,143 cases are still ongoing.
De…
Read the full article at: https://www.bloombergquint.com/bq-blue-exclusive/five-reasons-ibc-is-less-effective-than-it-could-be
Adelaide
EXCLUSIVE | A senior liquidator facing a complaint to ASIC …
Read the full article at: https://indaily.com.au/news/business/2019/05/27/liquidator-admits-errors-in-sa-homebuilder-wind-up/
British fashion chain Topshop is planning to close all 11 of its U.S. stores after its parent company filed for bankruptcy protection.
Arcadia Group, the London-based owner of the chain, said it is facing poor market conditions in the retail sector. The company blamed online competition such as Amazon and discount-retailers like TJMaxx for weak sales.
Against a backdrop of challenging retail headwinds, changing consumer habits and ever-increasing online competition, we have seriously considered all possible strategic options to return the Group to a stable financial platform, Arcadia CEO Ian Grabiner said in a statement to CNN. This has been a tough but necessary decision for the business.
Topshop owner Sir Philip Green to close 23 st…
Read the full article at: https://www.theepochtimes.com/topshop-says-it-will-close-all-us-stores_2937573.html
Attempts to find a buyer for British Steel could be abandoned by midsummer despite reassurances to trade unions that the government would prop up the business indefinitely, according to Whitehall sources.
More than 4,000 jobs are hanging in the balance after the company entered into insolvency on Wednesday, three years after private equity group Greybull Capital bought it from Indias Tata Steel for 1.
The Official Receiver is now working alongside EY to seek a new owner for the group. So far there have been no formal approaches, according to people close to the situation, although a wide range of potential buyers have expressed an interest.
Unite the Union said this week that Greg Clark, business secretary, had promised the governm…
Read the full article at: https://www.ft.com/content/27add1b8-7e46-11e9-81d2-f785092ab560
The State Bank of India has dragged energy firm Bhatia Coke and Energy Limited into insolvency process for non-payment of dues of about 125.9 crore to a consortium of banks.
In September 2009, the company availed itself credit from State Bank of India and the erstwhile State Bank of Mysore.
Further, it availed itself a joint working loan of 97 crore (51 crore from State Bank of India, 31 crore from State Bank of Mysore and 15 crore from Punjab National Bank. Bhatia Coke is engaged in trading of coal and coke oven and coal washery manufacturing.
Its account became a non-performing asset (NPA) from November 2017. The lenders had rejected the companys proposal for a one-time settlement.
The Chennai Bench of National Company Law Tribunal admi…
Read the full article at: https://www.thehindu.com/news/national/tamil-nadu/insolvency-process-initiated-against-energy-company-bhatia-coke-and-energy-limited-state-bank-of-india/article27250314.ece
In last years Federal Budget, the Coalition government announced it would expand the scheme, so it can be accessed by a far greater number of pensioners.
To qualify, you or your partner have to be at least age pension age, own your own home outright or own an investment property outright, have adequate insurance covering the secured real estate and not be a bankrupt or subject to a personal insolvency agreement.
Those who meet the criteria can apply to receive an income stream of up to 1.5 times the maximum rate of the age pension each fortnight.
For example, a single person who meets the criteria and is receiving the full pension plus supplements of about $24,000 a year will be able draw another $12,000 taking their total annual cashflow …
Read the full article at: https://www.smh.com.au/money/super-and-retirement/more-than-a-million-seniors-qualify-for-new-look-pension-loan-scheme-20190507-p51kvw.html
To see the Scunthorpe steelworks in action is to witness British manufacturing prowess at its most visually stunning.
Huge slabs of steel, glowing orange with heat, flow seamlessly through the plant, destined to become anything from paperclips to the steel ropes that support the Humber Bridge. Even from a safe distance, the searing 1,000-degree temperature created by this round-the-clock process is uncomfortable to bear.
Within a matter of months, though, this industrial wonder may well have gone cold. British Steel, which owns the site, collapsed into insolvency last week less than three years after it appeared to have been saved by private equity group Greybull Capital, which bought it for 1 in 2016.
Greybull, which can expect to face…
Read the full article at: https://www.theguardian.com/business/2019/may/25/british-steel-stricken-could-government-step-in
The judge was not happy. A vulture fund that had bought bad mortgages from banks questioned the legality around how a couple went about seeking a remedy to their severe financial problems.
The couple in question, musician-composer Frank McNamara and his wife Theresa Lowe, the TV presenter-turned-barrister, are among the best known people to have turned to the countrys still-being-tested personal insolvency regime to deal with Celtic Tiger-era debts they cannot repay.
It doesnt seem to me to be a fatal error, Mr Justice…
Read the full article at: https://www.irishtimes.com/life-and-style/homes-and-property/the-new-way-to-deal-with-mortgage-debt-1.3902063
Wendy Newell was stuck in her relationship for so long she barely recognised herself.
When she finally escaped after 17 years of an unhappy marriage, she was a jobless alcoholic with severe debts and no access to her two sons so she turned to religion to get out of debt.
I was lost in that marriage, the 55-year-old told news.com.au. Id become a shell.
Im an intelligent woman, but looking back, now my eyes are open I can see the manipulation.
He was controlling what I did, who I saw, what I wore. You lose yourself in that.
Wendy, from Newcastle in New South Wales, claims she was not allowed to work or even talk to other people. When I started getting friends, wed move, she said.
That happened six times, until she was far away from her family i…
Read the full article at: https://www.news.com.au/finance/money/costs/i-spiralled-into-a-dark-hole-australians-taking-a-radical-step-to-escape-debt/news-story/d71fac9efcbe4b327bfaa0c0b5afbe78