Insolvency Guardian Media Centre
The Insolvency and Bankruptcy Board of India (IBBI) proposes to make the legal regime around withdrawal of resolution applications under the Insolvency and Bankruptcy Code (IBC) more practical. This, in turn, will give the original promoters a wider opportunity to seek resolution outside the IBC process and thereby gain back control of their companies.
Plans are afoot to change the norms around withdrawal of resolution applications under Section 12A of the IBC to the effect that application for withdrawal may be allowed in exceptional cases even after invitation of expression of interest. The insolvency regulator proposes to make a change to this effect in the Corporate Insolvency Resolution Process (CIRP).
Currently, no application for …
Read the full article at: https://www.thehindubusinessline.com/economy/tweak-in-resolution-process-to-open-window-wider-for-original-promoters/article27084244.ece
Defence lawyers sought on Thursday to poke holes in an expert witnesss conclusion that Sean Dunne was effectively insolvent as of late 2007. This is the fourth day of the once-high-flying property developers American civil trial.
The plaintiffs claim that Mr Dunne was insolvent by the late 2000s is key to proving his allegation that Dunne transferred tens of millions of euro in assets to his wife Gayle Killilea and others during that period to shield them from creditors.
The plaintiff is the trustee for the 2013 bankr…
Read the full article at: https://www.irishtimes.com/business/commercial-property/claims-of-dunne-s-insolvency-focus-of-defence-s-questioning-1.3887059
NEW YORK, May 09, 2019 (GLOBE NEWSWIRE) — New York REIT Liquidating LLC (the Company or the LLC), which was formed to complete the liquidation of the assets previously held by New York REIT, Inc., announced today it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2019. All per share amounts have been restated to reflect the effect of the 1-for-10 reverse stock split which was completed on March 15, 2018.
Liquidation Status
Holders of membership interests in the Company are reminded that the conversion of New York REIT, Inc. to the LLC occurred on November 7, 2018. As previously disclosed, membership interests in the LLC are generally not transferable except by will, intestate succession or operation of la…
Read the full article at: https://www.globenewswire.com/news-release/2019/05/09/1821048/0/en/New-York-REIT-Liquidating-LLC-Announces-Results-for-the-Quarter-Ended-March-31-2019-and-Declaration-of-Distribution-of-0-10-Per-Unit.html
Debenhams has won emphatic approval from its creditors for its rescue restructure plan, that will close at least 22 stores and force through rent cuts on many others.
Landlords and other creditors, such as clothing suppliers, approved the closures which form part of two company voluntary arrangement (CVA) deals Debenhams new owners have said are necessary to prevent the business collapsing. A CVA is a type of insolvency procedure and Debenhams received 95% support for one plan and 97% for the other.
The retailers chairman, Terry Duddy, told the meeting: We did not want to be here but the alternative has been stark.
He said he was confident Debenhams had a future if the restructuring plan went ahead.
Duddy had urged creditors to back t…
Read the full article at: https://www.theguardian.com/business/2019/may/09/debenhams-wins-green-light-for-restructuring-plan
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Craig Hughes, from Luton, removed three coaches without the permission of liquidators in August 2017
A coach company boss who hid three coaches from liquidators has been banned from promoting, forming or managing a company for nine years.
Craig Hughes, 27, from Luton, was director of HL Tours, a private hire coach service, based in Barton-le-Clay, Bedfordshire.
The company went into voluntary liquidation in October 2017, owing thousands, the Insolvency Service said.
An insolvency practitioner was faced with “obstacles …
Read the full article at: https://www.bbc.com/news/uk-england-beds-bucks-herts-48217697
LIQUIDATORS of failed Queensland hair dressing chain Supercuts are hopeful a buyer will emerge for the 32-year old business that closed earlier this week with the loss of 76 jobs.
Pontefract Pty Ltd, which traded as Supercuts Hairdressing Salons, was voluntarily placed in liquidation on May 7, with Mark Pearce and Michael Dullaway of Brisbane-based Pearce and Heers appointed liquidators.
The company, which operated 13 salons in Queensland and one in Canberra, had been struggling for more than three years in an increasingly tough retail market.
It was placed in voluntary administration in November 2015 after racking up significant debts to the Australian Tax Office and for employee superannuation.
Supercuts Hairdressing Sal…
Read the full article at: https://www.whitsundaytimes.com.au/news/failed-hair-salon-chain-supercuts-could-attract-bu/3722896/
LIQUIDATORS of failed Queensland hair dressing chain Supercuts are hopeful a buyer will emerge for the 32-year old business that closed earlier this week with the loss of 76 jobs.
Pontefract Pty Ltd, which traded as Supercuts Hairdressing Salons, was voluntarily placed in liquidation on May 7, with Mark Pearce and Michael Dullaway of Brisbane-based Pearce and Heers appointed liquidators.
The company, which operated 13 salons in Queensland and one in Canberra, had been struggling for more than three years in an increasingly tough retail market.
It was placed in voluntary administration in November 2015 after racking up significant debts to the Australian Tax Office and for employee superannuation.
Supercuts Hairdressing Sal…
Read the full article at: https://www.frasercoastchronicle.com.au/news/failed-hair-salon-chain-supercuts-could-attract-bu/3722896/
LIQUIDATORS of failed Queensland hair dressing chain Supercuts are hopeful a buyer will emerge for the 32-year old business that closed earlier this week with the loss of 76 jobs.
Pontefract Pty Ltd, which traded as Supercuts Hairdressing Salons, was voluntarily placed in liquidation on May 7, with Mark Pearce and Michael Dullaway of Brisbane-based Pearce and Heers appointed liquidators.
The company, which operated 13 salons in Queensland and one in Canberra, had been struggling for more than three years in an increasingly tough retail market.
It was placed in voluntary administration in November 2015 after racking up significant debts to the Australian Tax Office and for employee superannuation.
Supercuts Hairdressing Sal…
Read the full article at: https://www.northernstar.com.au/news/failed-hair-salon-chain-supercuts-could-attract-bu/3722896/
PLYMOUTH MEETING, Pa.–(BUSINESS WIRE)–May 8, 2019–CSS Industries, Inc. (NYSE: CSS) announced today a comprehensive restructuring plan to significantly reduce its cost base, while streamlining the organization in a manner designed to improve business performance, profitability and cash flow generation. Development of this restructuring plan initially began in connection with the Companys previously announced management project.
Under the restructuring plan, ongoing run-rate spending (primarily attributable to selling, general and administrative expense) is expected to be reduced approximately $22 million by the end of fiscal 2020, representing an approximate 10 percent reduction in total spending. Half of the total savings are expected …
Read the full article at: https://www.apnews.com/Business Wire/c265527c8a4b48d193daa7b2800d3c1d
A man who agreed to hold a semi-automatic pistol, cannabis and two stolen motorbikes in order to pay off a gambling debt has been placed on a 12-month probation bond.
Dylan Mooney, 23, became addicted to gambling during long stays in hospital while being treated for cystic fibrosis. He continued to gamble once he was discharged playing online and going to bookmakers.
He ran up a debt of 15,000 and agreed to hold the gun, ammunition, a total of 20,600 worth of cannabis and two motorbikes to pay off the debt.
Mooney of Sheephill Avenue, Blanchardstown, Dublin pleaded guilty at Dublin Circuit Criminal Court to possession of cannabis resin, cannabis herb, a semi-automatic pistol and two charges of handling stolen property at his home on Septemb…
Read the full article at: https://www.irishexaminer.com/breakingnews/ireland/man-held-pistol-cannabis-and-two-stolen-motorbikes-to-pay-off-gambling-debt-922534.html
Following the National Company Law Tribunal (NCLT) directive, Reliance Communications (RCom) on Wednesday informed the stock exchanges that the administration of the corporate debtor would be taken over by the interim resolution professional (RP) and the corporate insolvency resolution process (CIRP) would resume. The powers of the board of directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the interim resolution professional, the company said in the filing. The NCLT has also directed the interim RP to file a progress report of the CIRP. The next hearing is on May 30. Operational creditor Ericsson, in September 2017, had orig…
Read the full article at: https://www.business-standard.com/article/companies/rp-takes-over-rcom-board-corporate-insolvency-resolution-process-to-resume-119050900050_1.html
He jumped in front of a train at Santahar Junction
A carpenter has reportedly committed suicide over IPL gambling debts by jumping in front of a moving train, at Belgharia in Kahaloo upazila of Bogra.
The deceased, Sohel Mia, 28, jumped on the rail tracks in front of a train crossing Belgharia at Santahar Junction around 11am on Wednesday.
Speaking to Dhaka Tribune, Sub-inspector Kaykobad, in-charge of Bogra railway station police, said: “Sohel, a carpenter, used to gamble and lose money over Indian Premier League (IPL) matches. As he was unable to repay his debts, he decided to commit suicide.”
“We took his body to Shahid Ziaur Rahman Medical College and Hospital morgue for autopsy and later, handed it over to his family. An unnatural de…
Read the full article at: https://www.dhakatribune.com/bangladesh/nation/2019/05/08/carpenter-commits-suicide-over-ipl-gambling-debt-in-bogra