Insolvency Guardian Media Centre
NEW DELHI: Lenders of debt-ridden dairy firm Kwality on Monday decided to carry out voting on extending the May 15 deadline for submitting the resolution plan by interested bidders, including Haldiram and Kotak group firm, sources said.
The lenders would also vote on seeking extension of insolvency proceedings by 90 days, they said.
As many as five companies — Haldiram, Kotak fund, LVP Foods, Aion and TPG Capital — have expressed interest to bid for acquiring Kwality.
Kwality is currently undergoing the Corporate Insolvency Resolution Process (CIRP) as per the provisions of the Insolvency and Bankruptcy (IBC) Code, pursuant to an order of the NCLT, New Delhi, dated December 11, 2018. Global private equity player KKR had filed insolvenc…
Read the full article at: https://www.livemint.com/companies/news/kwality-insolvency-lenders-to-vote-on-deadline-extension-for-submitting-bids-1557757237722.html
New Zealand-based CBL Corporation has been placed into liquidation by the High Court, as directors of the failed insurer withdrew their opposition to liquidate the group.
CBL Corporation directors Alistair Hutchison and Peter Harris said they decided not to oppose the liquidation application after failing to obtain the agreement of the companys bankers to the terms of a proposed Deed of Company Arrangement (DOCA).
Unfortunately, even after 15 months, the banks have not seen any material money from the sales of CBLC assets, most of which are still in process, Harris said, so the very large bank debt has not reduced.
Although Alistair and I conside…
Read the full article at: https://www.insurancebusinessmag.com/nz/news/breaking-news/cbl-corporation-placed-in-liquidation-167118.aspx
The latest insolvency statistics published by Deloitte show that the total number of corporate insolvencies in Q1 2019 was 195, a marginal increase when compared to Q1 2018 when 188 corporate insolvencies were recorded.
Further analysis of the insolvencies in the first quarter of the year reveals that eight out of ten companies (154, 79%) entering an insolvency process were incorporated more than five years ago.
21% (41) of all insolvencies recorded in this quarter relate to companies less than five years old, 27% (52) are in the 5-10 years bracket, 26% (51) are in the 10-20 years bracket, 11% (21) are in the 20-30 years bracket, 7% (14) are in the 30-40 years bracket and 8% (16) are over 40 years old.
David Van Dessel, Partner, Financ…
Read the full article at: https://irishtechnews.ie/8-out-of-10-companies-entering-insolvency-in-q1-2019-established-more-than-five-years-ago-deloitte/
Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly note that the sixth meeting of CoC of Kwality Limited is schedule on 13th May, 2019 at 03:00 PM at The Claridges, Viceroy Hall, 12 Dr. A P J Abdul Kalam Road, New Delhi – 110011 as per the provisions of the Insolvency and Bankruptcy Code, 2016 (Code).
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/kwality-limited-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article27114921.ece
Image: Weatherford International
Irish-domiciled multinational oil and natural gas service company Weatherford International has entered into an agreement with its top creditors that will allow the company to file for a “prepackaged” Chapter 11 bankruptcy – after more than four years without making a profit.
Weatherford expects to implement the Restructuring Agreement through a “pre-packaged” Chapter 11 process and expects to file U.S. chapter 11 and Irish examinership proceedings.
As part of this process, W…
Read the full article at: https://www.oedigital.com/news/466099-weatherford-to-file-for-bankruptcy
Corporate insolvency and resolution is a work in progress. To smooth out its kinks, the Insolvency and Bankruptcy Board of India (IBBI) had, last week, proposed additional changes, allowing companies to withdraw an application from undergoing the insolvency process. Such an option doesnt exist now, and as a result though, several applications are filed; the Adjudicating Authority has shot them down. It also kept promoters away from regaining control despite lenders blessings.
Last week, IBBI issued a new set of draft regulations and has invited comments. As part of the proposals, besides allowing withdrawal of applications, IBBI also proposed easing financial support to liquidators in the …
Read the full article at: http://www.newindianexpress.com/business/2019/may/13/ibbi-mulls-option-for-firms-to-back-out-of-insolvency-1976251.html
NEW DELHI: Small borrowers with annual income up to 60,000 are likely to get automatic relief for any unsecured loans they are unable to repay, according to a new scheme for personal insolvency resolution that the government has prepared. The new scheme that will replace colonial era laws dealing with personal bankruptcy will also give breathing space to those who can repay loans. It will also protect some of their assets from dues recovery to help in their subsistence.
The scheme prepared by the Ministry Of Corporate Affairs and the Insolvency and Bankruptcy Board of India (IBBI), which oversees the bankruptcy ecosystem, will benefit small informal financial creditors as well as partnerships and proprietorships, the legal form most s…
Read the full article at: https://www.livemint.com/industry/banking/small-borrowers-to-get-debt-relief-under-new-personal-bankruptcy-scheme-1557727484957.html
STUFF
Lights blazed late into the night as CBL Insurance staff attempted to save the company in 2018. The failures of CBL Insurance has led to a review at the Reserve Bank.
CBL Corporation, which was once valued at $750 million, has been placedintoliquidation by the HighCourt in Auckland.
CBL Corporation was a feature of many KiwiSaver funds, but the NZXsharemarket suspendedtrading in its sharesin February last year after it emerged its subsidiary CBL Insurance had run into serious trouble in Europe.
Directors of failed insurer CBL Corporation withdrew their opposition to its liquidation before the liquidation hearing on Monday at which Brendon Gibson and Neale Jackson ofKordaMenthawere appointed asliquidators.
CBL Insurance was not a hous…
Read the full article at: https://www.stuff.co.nz/business/112674846/cbl-corporation-once-worth-750-million-put-into-liquidation
A FEDERAL agency chased a Gladstone man for nearly two years to fill out a form a magistrate said would take just five minutes.
Former business owner Michael Rodney Stark pleaded guilty in Gladstone Magistrates Court last week to one count of fail to make out and file statement of affairs and furnish a copy to trustee of estate.
A representative of the Commonwealth Director of Public Prosecutions (CDPP) told the court Stark was charged under the Bankruptcy Act 1966 after he failed to file a statement of affairs.
The representative said Stark owed over $100,000 and was declared bankrupt in June 2017.
The court was told on June 8, 2017 the trustee wrote to Stark and notified him of the bankruptcy declaration.
The letter a…
Read the full article at: https://www.gladstoneobserver.com.au/news/department-chased-tradie-for-two-years-over-bankru/3725670/
() has entered into an agreement to sell part of its Infusion business to a subsidiary of BTC Health Ltd () for $6.3 million.
This will complete the first phase of the Infusion business divestiture. Completion of the sale is subject to certain conditions being satisfied with the sale expected to complete in late May 2019.
Admedus generated $11 million in revenue from its ADAPT products in 2018, and has steadily been reducing the selling, general and administration costs relative to revenue, as global sales of the ADAPT product portfolio increases.
The spin-off of Infusion will allow the company to pursue its global growth strategy to focus the business on the commercial growth a…
Read the full article at: https://www.proactiveinvestors.com.au/companies/news/220085/admedus-divesting-non-core-business-to-focus-on-adapt-product-portfolio-220085.html
NEW DELHI: India has begun work on a universal debt relief scheme for small borrowers aimed at micro enterprises, small farmers and artisans, which should be ready for implementation when the next government is in place.
Individuals below a specified income and asset threshold will be eligible for debt relief. People with annual income of Rs 60,000 or less, outstanding loans of Rs 35,000 or less, and assets worth Rs 20,000 or less may be eligible.
This will be a well-structured loan waiver programme across sectors for small farmers, artisans, microenterprises or other individuals, corporate affairs secretary Injeti Srinivas told ET. It will be a universal debt relief scheme for the poor.
The scheme, which is being worked on by the Minist…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/universal-debt-relief-scheme-on-cards-for-small-borrowers/articleshow/69300097.cms
Barred promoters may soon have legitimate means to regain control of their insolvent assets at the liquidation stage if recent proposals of the Bankruptcy Law Reform Committee are accepted. And while on the face of it this seems contrary to section 29A of the Insolvency and Bankruptcy Code, 2016, experts believe otherwise, pointing out that if no-one else is interested in the asset, it makes little sense to bar promoters as well.
As of March 2019, 378 corporate debtors are facing liquidation, as per IBBI data. To address the various challenges stakeholders are facing during liquidation, the BLRC has proposed the following:
- Allow promoters to participate at the liquidation stage by proposing scheme of compromise under company law.
- Give credi…
Read the full article at: https://www.bloombergquint.com/bq-blue-exclusive/ibcs-liquidation-overhaul-not-ideal-but-enough