Insolvency Guardian Media Centre
When we think of celebrities, we always think of them as having tons of money. Money that will buy them luxury cars, destination homes and so much more. But thats not always the case.
Many celebrities go from being famous and having it all to being bankrupt almost overnight. In some cases, this may be due to multiple expensive shopping sprees or being involved in messy lawsuits. Heres a list of celebrities who lost all their money (and possibly gained it back) at least once in their life!
Michael Jackson
When this famous pop singer comes to mind, bankruptcy is probably the last thing that youd think of. However, it was found that The King of Pop was approximately $400 million in debt at the time of his death in 2009! He took out several…
Read the full article at: https://celebmix.com/famous-celebrities-who-lost-all-their-money/
Port of Tyne is axing a number of back office roles within its business as part of a restructuring exercise.
The company confirmed that it is planning to make cuts to its support team, after making the decision to close its external haulage business in January.
The firm has declined to say how many jobs may be affected by the redundancy round, as consultations with staff are still ongoing.
A spokesperson for Port of Tyne said: As a direct result of ending the ports provision of distribution only transport, we are proposing some structural change which impacts a small number of support staff.
The Port had operated a separate logistics businesses that handled goods that were not shipped through its facilities, but following the decision …
Read the full article at: https://www.chroniclelive.co.uk/business/business-news/port-tyne-cut-admin-roles-15919053
NEW YORK, March 03, 2019 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Yangtze River Port and Logistics Limited, YRC Worldwide Inc, Natural Health Trends Corp., and Maiden Holdings, Ltd. Stockholders have until the deadlines listed below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Yangtze River Port and Logistics Limited ( YRIV)
Class Period: February 2, 2016 – December 5, 2018
Lead Plaintiff Deadline: March 4, 2019
The complaint alleges that throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) Yangtzes…
Mumbai: A new amendment to corporate insolvency regulation prescribing stringent punishment for successful resolution applicants who fail to make promised payments is likely to protect the new bankruptcy law from frivolous bidders, lawyers said. The amendment comes after recent cases of backtracking by winning bidders in taking over debtladen companies.
The latest of such example is the case of Chennai-based Orchid Pharmaceuticals, which owed lenders Rs 3,000 crore. Last week, a two-judge bench of the National Company Law Tribunal (NCLT) ordered the restart of the resolution process after US-based Ingen Capital Group failed to deposit money to take over the debt-laden company. Earlier, UK-based investor Liberty House had backed out after…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/unable-to-pay-up-top-bidder-to-face-penalty-under-new-rule-of-insolvency-regulation/articleshow/68248703.cms
Image: Coolgardie Minerals
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Coolgardie Minerals has entered voluntary administration just months after gold production launched at its Geko project in Western Australia.
The miner will put its Geko project up for sale while exploring other debt restructuring and capital raising alternatives.
Mining issues at Geko had led to delays and significant additional costs, which were not budgeted and are unfunded, voluntary administrators Pitcher Partners said.
In September last year, Coolgardie had an offtake agreement with Northern Star Resources for 100,000 ounces of gold from Geko at $1650 per ounce. This was expected to generate $10 million in revenue.
Coolgardie managing director Bradd Granville said at the time, This agreement is a si…
Read the full article at: https://www.australianmining.com.au/news/coolgardie-minerals-enters-voluntary-administration/
New Delhi, Mar 3 () State-run power giant NTPC has decided to acquire only those stressed power projects undergoing insolvency proceedings in the National Company Law Tribunal (NCLT), with an aim to get fairer deals.
All those insolvency deals so far in the NCLT have got discounts of up to 70 per cent or even more from secured creditors.
The secured creditors have a say on deals in the NCLT while views of unsecured creditors are not considered.
Stressed power projects have been in favour of resolving issues and avoiding distress sale under the insolvency proceedings. However, NTPC would have greater chances of getting better deals via NCLT route.
Earlier, NTPC had planned to acquire these stressed power projects through negotiations as w…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/ntpc-eyes-stressed-assets-under-insolvency-in-nclt-to-make-deals-sweeter/articleshow/68240383.cms
Financial stress is one of the top causes of break-ups, according to Relationships Australia, and while bills, budgets and debt are hardly the stuff of romance, couples who talk money have a better sex life.
Okay, this may not be entirely true. In fact, I couldnt find any research to support it, but I did find that having these tough talks with your partner is the key to a healthier financial relationship.
So how do you start these awkward conversations?
Setting up fiscal date nights can help to break the ice. Bring a bottle of wine, sparkling mineral water or whatever it takes for you two to get into a money mood. While you should never be short on money topics, here are five themed fiscal date nights to get you started.
1. CONFESSION NIGHT…
Read the full article at: https://honey.nine.com.au/2019/03/04/11/12/financial-date-nights-every-couple-needs
The accommodation and food services industry saw a 21 per cent spike in corporate insolvency appointments over the 201718 financial year, while the retail trade sector saw a 19 per cent increase, according to Worrells Solvency and Forensic Accountants latest insolvency report.
Our experience in the last 12 months is indicative of what the Australian Securities and Investments Commissions statistics report, said Worrells partner Chris Cook.
The enquiries and discussions we have daily with business owners and their advisors tells me that theres more stress and pressure to come in the construction and retail industry and trading environments.
The makeup of the top five industries in the corporate insolvency analysis includes other (busine…
Read the full article at: https://www.accountantsdaily.com.au/business/12709-retail-food-sectors-see-spike-in-corporate-insolvency
Real estate analysts agree that tightening credit is a key driver of the house price decline across the country.
With banks now scrutinising loan applicants finances even more closely, preparation is the name of the game.
Gone are the days when you could casually walkinto a bank and come out with a home loan minutes later.
Helen Collier-Kogtevs, property investor and educator from Real Wealth Australia told Auction Day you need at least 90 days to get bank ready.
You can choose to gather your paperwork and apply straight away, but you run the risk of being declined, she said.
Lenders want to see a minimum of three months financial history to see how you manage your money.
Its best to take th…
Read the full article at: https://www.yourmoney.com.au/wealth/credit-and-loans/how-to-get-your-home-loan-approved-in-90-days/
Nikolay Kravchenko was accused of extortion under the threat of violence and organization of murder.
Crime lord Nikolay Kravchenko aka Kolya Bes, who was well-known in the criminal underworld and was buried in Veliky Novgorod, has been declared bankrupt. Heirs of the late crime lord so requested the court, Novgorod.Ru reports.
Before Kravchenko was recognized bankrupt, his debt to creditors was almost 5 million rubles ($75,840). After the death of Kolya Bes, his heirs asked the court to recognize their deceased relative bankrupt.
Nikolay Kravchenko was known for being accused of extortion under the threat of violence and organization of murder. He was detained in Ukraine …
Read the full article at: https://en.crimerussia.com/criminalauthorities/crime-lord-kolya-bes-who-killed-himself-declared-bankrupt/
This is to inform you that the 13th meeting of the Committee of Creditors (CoC) of Sterling Biotech Limited (under Corporate Insolvency Resolution Process) (the Company) was held on Wednesday, 27th February 2019 at 10:00 A.M. at IMC Bldg., IMC Marg, Churchgate, Mumbai – 400 020, Maharashtra, India.
The e-voting on the resolution put to vote at the 13th meeting of the CoC of the Company commenced at Thursday, 28th February 2019 at (07:00 p.m. IST) and concluded on Saturday 02nd March 2019 at (08:00 p.m. IST)
In this regard, please note the following outcome of the E-Voting results:
1. TO CONSIDER AND APPROVE THE WITHDRAWAL OF THE CIRP OF THE COMPANY:
Result: The said resolution was rejected by the Committee of Creditors due to lack of requis…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/sterling-biotech-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26423315.ece
NEW YORK, March 02, 2019 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Yangtze River Port and Logistics Limited ( YRIV) from February 2, 2016 through December 5, 2018, inclusive (the Class Period) of the important March 4, 2019 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Yangtze River investors under the federal securities laws.
To join the Yangtze River class action, go to https://www.rosenlegal.com/cases-1476.html or call Phillip Kim, Esq. or Zachary Halper, Esq. toll-free at 866-767-3653 or email [emailprotected] or [emailprotected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A …
Read the full article at: https://www.gurufocus.com/news/826575/yriv-march-4th-investor-deadline-rosen-law-firm-reminds-yangtze-river-port-and-logistics-limited-investors-of-important-deadline-in-securities-class-action–yriv