Insolvency Guardian Media Centre
Pursuant to Regulation 30 (2) of Securities and Exchange Board Of India (LODR) Regulations, 2015 (LODR) and in accordance with Sub Clause 16 (g) of Clause A of Part A of Schedule III of SEBI (LODR), we wish to inform you about the major outcome of the First Meeting of Committee of Creditors of Punj Lloyd Limited held on April 09, 2019 in terms of Regulation 19 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
1. The Financial Creditors after the conclusion of the voting period resolved to ratify and approve the remuneration and expenses incurred by Mr. Gaurav Gupta, IRP and his professional advisors.
2. Appointment of Mr. Gaurav Gupta, IRP as Resolution professional was no…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/punj-lloyd-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26875989.ece
Anthony Cardoza was declared bankrupt after losing an appeal against repaying money to a council
A former football club owner has been declared bankrupt after he was ordered to repay 2.1m to a council that lent it money for a stadium redevelopment.
In January a High Court judge ruled ex-Northampton Town owner Anthony Cardoza should return the money to Northampton Borough Council.
The council sued Mr Cardoza to recoup some of its 10.25m loan to the club, for work that has never been completed.
Last week Mr Cardoza and his son David lost appeals against the judgement.
At the January hearing, forme…
Read the full article at: https://www.bbc.com/news/uk-england-northamptonshire-47973708
An SMSF member has had their application to have a bankruptcy notice set aside dismissed in a recent decision by the Federal Court of Australia.
The case of Batterham v Nauerinvolved Peter Batterham, the sole member and beneficiary of an SMSF, the Batterham Retirement Fund.
The case concerned applications in two proceedings following the issue of a bankruptcy notice to the applicant, Mr Batterham, at the request of the respondent, Mr Nauer.
The bankruptcy notice required Mr Batterham to pay Mr Nauer an amount of $168,595.52. Mr Batterham was declared bankrupt on 13 November 2014. The bankruptcy was discharged on 3 December 2017.
Maylord Equity Management Pty Ltd is the trustee of the Batterham Retirement Fund, and holds any assets of the fun…
Read the full article at: https://www.smsfadviser.com/news/17542-federal-court-hands-down-decision-in-bankruptcy-case
Signs of hope have emerged for embattled wave energy developer Carnegie Clean Energy, after creditors on Wednesday voted unanimously to accept a restructuring plan to save the company and re-list it on the Australian Securities Exchange.
Carnegie went into voluntary administration last month, and appointed KordaMentha Restructuring to oversee the business and its fully owned solar and micro-grid subsidiary, Energy Made Clean.
A plan to resurrect the companys core wave power business, and to sell or wind down Energy Made Clean, was soon revealed, alongside in principle funding support through company director and shareholder Grant Mooney and key stakeholder Asymmetric Credit Partners.
According to a media statement released on Wednesday, a…
Read the full article at: https://reneweconomy.com.au/carnegie-gets-to-ride-the-wave-again-as-creditors-vote-to-save-company-20817/
If you have found yourself in the untenable position of
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Unfortunately, because there are so many debt consolidation
loan opportunities out there t…
Read the full article at: http://www.collectionscreditrisk.com/how-to-choose-the-best-debt-consolidation-loans-in-2019/
Federal candidates for the seat of Macquarie will attend an election forum hosted by the business community in Springwood on Monday, April 29.
Starting at 7.30pm at the Springwood Sports Club, the meet the candidates event will feature all four Macquarie candidates – sitting MP Susan Templeman (Labor), Sarah Richards (Liberal), Tony Pettitt (United Australia Party), and Kingsley Liu (Greens). Jointly organised by the Blue Mountains Regional Business Chamber and Springwood, Blaxland and Glenbrook Chambers of Commerce, the event is limited to current financial members of each of the chambers.
The Blue Mountains Regional Business Chamber recently hosted meeting about trends in the property, finance and business sectors. Forty business people …
Read the full article at: https://www.bluemountainsgazette.com.au/story/6072463/business-chambers-host-election-forum-in-springwood/
Federal candidates for the seat of Macquarie will attend an election forum hosted by the business community in Springwood on Monday, April 29.
Starting at 7.30pm at the Springwood Sports Club, the meet the candidates event will feature all four Macquarie candidates – sitting MP Susan Templeman (Labor), Sarah Richards (Liberal), Tony Pettitt (United Australia Party), and Kingsley Liu (Greens). Jointly organised by the Blue Mountains Regional Business Chamber and Springwood, Blaxland and Glenbrook Chambers of Commerce, the event is limited to current financial members of each of the chambers.
The Blue Mountains Regional Business Chamber recently hosted meeting about trends in the property, finance and business sectors. Forty business people …
Read the full article at: https://www.bluemountainsgazette.com.au/story/6072463/business-chambers-host-election-forum-in-springwood/?cs=1432
There are lessons for all employers in the case of David Bate, who was awarded $NZ189,950 ($A177,660) in an unjustified dismissal case against IBM New Zealand, a top employment lawyer says particularly local subsidiaries of multinationals left grappling to speedily implement a restructure ordered by an offshore parent.
In a determination filed on April 5, the Employment Relations Authority awarded Mr Bate $NZ15,000 compensation for humiliation, loss of dignity and injury to feelings.
It noted evidence that in the wake of his firing, the 22-year IBM veteran required medication to sleep, and that he was easily agitated and prone to disproportional responses to minor irritations.
IBM was also ordered to pay him $NZ174,950 as reimbursement for…
Read the full article at: https://www.news.com.au/finance/work/at-work/ibm-exec-awarded-180000-payout-after-restructure-leaves-him-with-nothing-to-do/news-story/699d28bf7ee055d6da3b56207abd864b
The Ministry of Corporate Affairs (MCA) has invited stakeholder comments on the proposed insolvency law reforms such as group insolvency, pre-packaged insolvency resolution and other issues related to the Insolvency and Bankruptcy Code, 2016 (IBC).
The suggestions and comments have to be sent online by May 7.
The move comes on the heels of the Centre reconstituting the Insolvency Law Committee on March 6. The reconstituted committee has been asked to analyse the functioning and implementation of the Code, and make recommendations to address the issues.
Also read: Performance security a must for corporate resolution, says IBBI
The current legal framework does not facilitate insolvency resolution and liquidation of corporate debtors across a …
Read the full article at: https://www.thehindubusinessline.com/economy/ibc-reforms-govt-invites-views-on-group-insolvency-pre-packs/article26867006.ece
LONDON, April 17 (LPC) – Private debt funds are building teams to boost their ability to syndicate loans as a flood of cash into the sector helps them to target bigger deals, drawing criticism from competing banks and peers, as well as regulators who see the shadow banking sector as a possible systemic risk.
Direct lenders filled the gap after banks pulled back from lending to small and medium-sized companies following the global financial crisis, but the influx of cash and bigger deals are encouraging them to syndicate more debt in the next step of development for the booming sector.
Private debt funds raised US$110bn in 2018 globally, after raising US$129bn in 2017, and direct lending funds focused on Europe raised 18.3bn in 2018, brin…
Read the full article at: https://www.reuters.com/article/private-debt-firms-boost-loan-syndicatio-idUSL5N21Z5YA
April 17 (Renewables Now) – Carnegie Clean Energy (ASX:CCE) announced today that its creditors have accepted a restructuring plan to save the wave energy company and relist it on the bourse.
The plan includes a capital hike of up to AUD 5 million (USD 3.6m/EUR 3.2m) and aims at restructuring the companys balance sheet and relisting it on the Australian Securities Exchange over the next three to four months.
A month ago, Carnegie Clean Energy placed into voluntary administration the company and the units that make up its Energy Made Clean (EMC) solar and microgrid business. The process does not concern its CETO wave energy subsidiaries.
Carnegie said in a statement today …
Read the full article at: https://renewablesnow.com/news/creditors-accept-restructuring-plan-for-carnegie-651069/
James Stunt is being pursued over a 1 million debt he accrued while gambling. Stunt claims he will find the cash to pay his debt by selling Monet and Picasso portraits he once lent toPrince Charles.
Stunt, who is known as a playboy and is the former husband of Formula 1 heir Petra Ecclestoneallegedly ran up the seven-figure loss with a spread-betting firm. According to court documents, he has offered to borrow 70 million against a collection of fine art he loaned the Prince of Wales.
More About the Art Portfolio and Stunts Debt
The portfolio includes pieces by Monet, Picasso, Constable, Van Dyck, and Dali that are worth 225 million. Stunt, a bold bullion magnate, lent the pieces to Dumfries House, which is Prince Charles stately home. Stunt…
Read the full article at: https://www.usaonlinecasino.com/casino-news/james-stunt-divorce-and-a-large-gambling-debt/