Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
The gaming market is changing at a rapid pace. With the shift to online and mobile gaming and now the advent of new immersive technologies like augmented and virtual reality operators face intense competition in terms of attracting customers, with ongoing innovation key to their success.
But in such an environment, new issues will arise and new solutions will need to be found. Thanks primarily to the proliferation of internet-connected devices, operators need to be aware of how an abundance of accessibility can cause potential risks for some individuals.
In two areas specifically, Experian believes machine learning can help. Namely, the protection of minors and the identification of problem gamblers.
Its three years since the Parliament passed the Insolvency and Bankruptcy Code, but its implementation is fraught with teething troubles. Endless delays in the resolution process under the code appear to be its Achilles heel. A recent report released by Crisil and Assocham has quoted Insolvency & Bankruptcy Board of India data which says for one-third of the 1143 cases under the corporate insolvency resolution process pending as on March 31, 2019, resolution has been ongoing for over 270 days. The fact that 94 cases resolved under the code took an average resolution time of 324 days highlights the work required to reduce this timeline.
The appointment of an additional 14 judicial members (technical membe…
The Principal Bench of National Company Law Tribunal (NCLT) recently ordered de-attachment of properties belonging to a corporate debtor, which were attached as part of execution proceedings by the Securities and Exchange Board of India (SEBI). The attachment order was also upheld by the Securities Appellate Tribunal (SAT). This particular case highlights the inherent conflict between provisions of the Insolvency and Bankruptcy Code and the SEBI Act.
The interplay of IBC with the SEBI Act has so far been largely limited to the admissio…
Cryptopia, the New Zealand-based Bitcoin exchange hacked in January 2019 is shutting down for good and going into liquidation. A couple of liquidators from Grant Thornton have already been tasked with the job of security assets belonging to stakeholders of the company.
Cryptopia joins others like Mt. Gox in failing to recover from a cyber attack. Meanwhile, experts continue to warn cryptocurrency traders to recognize the risks associated with participating in the market.
Bitcoin Exchange Placed in Liquidation
According to the NZ Herald, Russell Moore and David Roscoe of Grant Thornton will be in charge of overseeing the liquidation process. Cryptopia lost close to $23 million in cryptocurrency from the January 2019 heist.
Australias largest LGBTIQ+ publication has announced today they have entered voluntary administration and are up for sale.
Star Observerhas been running in its various forms since it was founded in 1979.
Star Observers Chairman Sebastian Rice says that cash flow is the life blood of any small organisation.
TheStar Observer is an LGBTI community owned not-for-profit that has always relied on advertising revenue to raise money, Rice said, We do not receive any government funding.
The board saw an unexpected slowdown in our advertising clients paying their bills, which caused us to run low on cash in the bank. We needed to enter voluntary administration to protect our creditors and staff, and provide a chance for theStar Observer to sur…
Melbourne-based independent brewery Sample Brewing is in the market for a buyer after bringing in administrators earlier this week.
The business, stocked by hundreds of bars, pubs and bottleshops including Dan Murphys and Liqourland handed over control to Shane Cremin of Rodgers Reid on Tuesday.
SmartCompany has confirmed Cremin is trading the business as usual through an expression of interest campaign. It is hoped a buyer will be found willing to take on the business as a going concern.
Were working hard to try and achieve a sale, Cremin told SmartCompany on Thursday morning.
Several parties have already lodged initial interest in the business, while founder and director Vedad Huric is also considering whether to submit a deed of co…
Students from the now-defunct Argosy University in Eagan are a step closer to having some of their debts forgiven.
With a unanimous vote, the Minnesota Senate approved a bill that would help students with some of their most recent debt from the school. The chain closed suddenly in March.
The legislation has already cleared the House and now heads to Gov. Tim Walz who is expected to sign it.
The chain of 16 schools in 11 states had been struggling financially. In February, the U.S. Department of Education cut off the schools access to federally backed student loans after it learned the chain used $13 million owed to students to cover payroll.
Argosy closed weeks later after it was unable to find a buyer. In Eagan, about 1,000 students wer…
Opinion writer focusing on politics, economics and American life
Opinion writer
May 15 at 12:51 PM
Last month Sen. Elizabeth Warren (D-Mass.) debuted a proposal that would wipe away the majority of student debt through a generous forgiveness program. It may have been controversial among pundits, but it was popular with the public. Now theres another plan out there that offers help too and Warren, along with fellow presidential candidates Sens. Bernie Sanders (I-Vt.), Kamala Harris (D-Calif.), Amy Klobuchar (D-Minn.) and Rep. Eric Swallwell (D-Calif.) are all co-sponsoring it.
Lets talk about bankruptcy. Americans owe a collective $1.5 trillion in student loan debt, an amount thats increased from $…
Hexion Inc. (Hexion or the Company) today announced that the U.S. Bankruptcy Court for the District of Delaware (the Bankruptcy Court) has approved the Companys assumption of the Restructuring Support Agreement (RSA).
Craig A. Rogerson, President and CEO of Hexion, stated: Todays approval of the RSA signifies another significant step forward in the successful implementation of our deleveraging plan. The RSA reflects the deal reached with 90% of the creditors across our capital structure to reduce debt and invest new equity into our business. This overwhelming support reflects the confidence our stakeholders have in both our business and management team as we continue providing our customers w…
In practical terms, the move will push commercial finance providers to the backburner and, also from April 2020, demote company pension schemes in the hierarchy of creditors.
In revenue terms, the move is expected to rake in 60m for the Treasury in 2020/21 and 175m in 2023/24. Almost needless to say, the projections for contractors are nowhere near as positive. You can make your feelings known, as a consultation on reinstating HMRCs crown preference is set to close on May…
We have agreed to sell substantially all of our assets, the company says in a SEC filing
Salon Media says they have reached an 11th hour deal to sell the company and its flagship property Salon.com for $5 million. In an SEC filing,Salon also revealed its position was dire and that it would face imminent bankruptcy and liquidation if the deal should fall through.
We have agreed to sell substantially all of our assets (the Asset Sale), including all pertinent intellectual property rights comprising the Companys business of owning, operating and publishing the website known as Salon.com, the filing read.
The company buying Salon was named only as Salon.com LLC and appeared to be…
Cryptopia, the cryptocurrency exchange hit by a major hack in mid-January, has gone into liquidation and suspended trading operations.
The news was announcedWednesday by Cryptopias assigned liquidator, professional services firm Grant Thornton New Zealand. Cryptopia confirmed the news on Twitter, as well as on its website.
Possibly signaling changes afoot, Cryptopia website went under maintenance yesterday without any message to the public on its social media platforms. It was first noticed by a Redditor who asked whether the exchange had been hacked again.
Back in January, Cryptopia went offline for a couple of days before statingmid-month that it had suffered a security breach which resulted in significant losses. A blockc…
