Insolvency Guardian Media Centre
A mainland Chinese gambler was found dead in what was described as a guest house in downtown Macau peninsula on Friday. He is thought to have been severely beaten by suspected loan sharks over a purported gambling debt of HKD50,000 (US$6,373), according to the citys Judiciary Police.
In February, Macaus Secretary for Security, Won…
Read the full article at: https://www.ggrasia.com/three-suspects-held-over-death-of-gambler-macau-police/
CTI Foods (CTI or the Company), a leading custom foodservice manufacturer supplying top U.S. restaurant chains and branded food companies, today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through the expedited eight-week process, CTI has reduced its debt by more than $400 million and is moving forward with approximately $110 million of committed exit financing from a new ABL facility, providing significant financial flexibility to support continued investments on behalf of its customers.
Today marks the beginning of the next chapter for CTI Foods as an even stronger company, said Mike Buccheri, President and Chief Executive Officer of CTI. Through this process and with the suppo…
Read the full article at: https://www.globalbankingandfinance.com/cti-foods-successfully-completes-financial-restructuring-and-emerges-from-chapter-11/
The Supreme Court recently struck down the Reserve Bank of India Circular dated 12 February 2018 (RBI circular), which directed banks to mandatorily initiate corporate insolvency resolution process (CIRP) for defaulting companies with loan exposure of more than 20 billion (US$290 million) where restructuring efforts failed. The lenders were directed to file applications singly or jointly under the Insolvency and Bankruptcy Code (code) within 15 days from the expiry of the 180-day deadline.
Senior partner
Hammurabi & Solomon
Following the ruling in Dharani Sugars and Chemicals Ltd v Union of India, dated 2 April 2019, the focus is now on various cases where the resolution of stressed assets for debts of more than 20 billion wer…
Read the full article at: https://www.vantageasia.com/commercial-implications-of-rbi-circular-strike-down/
A mainland Chinese gambler was found dead in what was described as a guest house in downtown Macau peninsula on Friday. He is thought to have been severely beaten by suspected loan sharks over a purported gambling debt of HKD50,000 (US$6,373), according to the citys Judiciary Police.
In February, Macaus Secretary for Security, Won…
Read the full article at: http://www.ggrasia.com/three-suspects-held-over-death-of-gambler-macau-police/
Toy retailer Build-A-Bear Workshop Australia has been saved from collapse, following a creditors meeting on the future of the business.
In a brief statement, the retailers CEO, Gavin Port, said that a Deed of Company Arrangement had been approved by creditors, which will see Build-A-Bear Workshop continue to trade and will save 200 local jobs from vanishing.
Build-A-Bear Workshop Australia had entered voluntary administration on 13 March this year. The local arm is a franchise of the global retailer of the same name.
[We are] very thankful for our partners support in ensuring the future of the business in Australia, Mr Port said.
We are very pleased to be able to continue offering the Australian guests with the unique experience Build-A-Bear…
Read the full article at: https://www.mybusiness.com.au/management/5742-build-a-bear-workshop-survives-administration
Blockchain startup SETL completes corporate restructuring programme
Troubled blockchain startup SETL has completed its corporate restructuring programme, the company said in a press release dated May 03.
Founded in 2015, SETL is an institutional payment and settlement infrastructure provider which uses blockchain technology. It raised $39 million till date and is backed by Citi, Deloitte, Computershare and Credit Agricole, among others.
However, in a turn of events, the company filed for insolvency with the UK authorities in March this year. It said at the time that it was seeking to sell off its subsidiary ID2S, the regulated central secu…
Read the full article at: https://tokenpost.com/Blockchain-startup-SETL-completes-corporate-restructuring-programme-1784
Adelaide
An SA-based residential cons…
Read the full article at: https://indaily.com.au/news/business/2019/05/06/supreme-court-winds-up-sa-based-homebuilder/
The ambitious large scale solar and battery storage developer Lyon Infrastructure says it has placed one of its units into voluntary administration following a legal spat with one of its investors but insists its broad plans will still go ahead.
In a statement on Monday, in response to enquiries by RenewEconomy, Lyon said it had appointed Deloitte as voluntary administrator to one of its entities, Lyon Infrastructure Investments 1 Pty Ltd, and that entitys subsidiaries, in order to facilitate a recapitalisation of that entity.
It insisted that the other entities in the Lyon Group are unaffected, as are its plans for dispatchable solar peaker projects, including a new solar and storage project near Cooktown in north Queensland, and other p…
Read the full article at: https://reneweconomy.com.au/battery-and-storage-hopeful-lyon-infrastructure-puts-unit-into-administration-83524/
A former business liquidator has been sentenced to seven years jail time after he was found to have committed three counts of fraud during the liquidation of a company in 2017.
As part of an investigation by the Australian Securities and Investments Commission (ASIC), the Queensland-based liquidator was sentenced on Friday after it was found he had redirected nearly $1,000,000 worth of funds from anexternal administration bank account into his own bank account.
Those funds were then used by the liquidator for his own personal use.
The company under administration at the time wasproperty development company Neolido, which wound up in 2005, and had the liquidator appointed in 2010. The liquidators registration was suspended in 2018 pend…
Read the full article at: https://www.smartcompany.com.au/finance/fraud/queensland-liquidator-jailed/
The Brisbane District Court has sentenced David John Leigh to seven years imprisonment, after he earlier pleaded guilty to three counts of fraud under the Queensland Criminal Code. He will be eligible for parole after serving 22 months in custody.
Between 25 July 2017 and 9 November 2017, Mr Leigh, a partner at PPB Advisory at the time of appointment as co-liquidator of Neolido Holdings Pty Ltd, dishonestly redirected $800,000 from the Neolido external administration bank account into a bank account that he controlled. He went on to use the funds for his own purposes.
A disciplinary committee had earlier cancelled Mr Leighs registration as a liquidator and barred him from carrying out any of the functions or duties, or exercise any of …
Read the full article at: https://www.accountantsdaily.com.au/business/12979-former-ppb-partner-jailed-for-7-years
MUMBAI: The Reserve Bank of India (RBI) is understood to be weighing a plan to incentivise lenders to take errant borrowers to bankruptcy court.
Its part of the regulatory countermove that RBI is working on to overcome hurdles in the wake of a recent Supreme Court ruling. A month ago, the apex court struck down RBIs February 12, 2018 directive that gave defaulting companies 180 days to agree on a resolution plan with lenders or be taken to bankruptcy court to recover debt of Rs 2,000 crore and above.
According to people aware of the matter, RBI is considering a proposal to assign a lower risk weight on loans to companies against which action has been initiated under the Insolvency & Bankruptcy Code (IBC) of 2016.
A lower risk weight woul…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-weighs-incentives-for-banks-to-move-ibc/articleshow/69193129.cms
The past six months has been a turning point for the bank. We are proactively addressing legacy issues while improving our products and services to ensure they deliver the right customer outcomes. Were exiting personal financial advice to focus on the parts of our wealth business where we have a competitive advantage, and we are delivering significant cost savings by simplifying our business.”
Net interest income was down 4 per cent in the half, while income from fees plunged 32 per cent. Like its rivals, the bank is also looking to cut costs in response to the weaker business conditions, and Westpac said that excluding remediation and restructuring, its expenses were down 3 per cent in the half.
Charges for impaired loans were $333 millio…
Read the full article at: https://www.smh.com.au/business/banking-and-finance/westpac-profit-slumps-22-per-cent-on-customer-compensation-costs-20190506-p51kdj.html