Insolvency Guardian Media Centre
PUTRAJAYA does not have the luxury of time to get fatigued over the 1Malaysia Development Bhd (1MDB) scandal as the country could be declared bankrupt if debt obligations are not met, said prime minister Dr Mahathir Mohamad.
In an interview with Focus Malaysia, Dr Mahathir was asked if Malaysians are growing tired of the controversy surrounding the state fund.
He replied that the people must not ignore the snowball effect that 1MDBs debts had on the economy.
You can be tired and fatigued about it, but the problem is there and it is affecting us, he said.
Even if you borrow and you dont pay, you cannot say never mind, forget about that. It does not work that way.
You have to tackle the problem. I try to emphasise that when you borrow money, a…
Read the full article at: https://www.malaysia-chronicle.com/?p=161069
This is to inform you that the 14th Meeting of Committee of Creditors (CoC) was held on 27.03.2019.
In the meeting, The Resolution Professional apprised the members of the Committee of Creditors that as only one Resolution Plan has been received and therefore, Som Distilleries Pvt Limited being the sole resolution applicant is H1 bidder in terms of the request of Resolution Plan. After discussions with the Resolution Applicant on the Resolution Plan, the COC informed to the Resolution Applicant that the decision on the Resolution plan will be conveyed to the Resolution Applicant on the next meeting of COC, which is to be tentatively scheduled on 08.04.2019.
Kindly take the above on your records.
Pdf Link:
Mount Shivalik Industries Ltd. -…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/mount-shivalik-industries-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article26685720.ece
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A long-time manager at the CBS Employees Federal Credit Union in Studio City faces arraignment April 18 on federal charges for allegedly embezzling $40 million from his employer over two decades, leading the financial cooperative to be declared insolvent Friday by a government agency.
Edward Martin Rostohar, 62, of Studio City, spent the money on gambling, expensive cars, watches and travel by private jet, federal prosecutors allege.
Rostohar faces between two and 30 years in federal prison and a $1 million fine if convicted of one felony count each of bank fraud and aggravated identity theft, according to the U.S. Attorneys Office.
Rostohar was arrested on March 12 and ordered detained pending trial by a federa…
Read the full article at: https://mynewsla.com/crime/2019/03/29/studio-city-man-who-allegedly-embezzled-40-million-faces-federal-charges/
STAFF at troubled farm business Ceres Agricultural Companyhave been told to expect significant job losses after the company was placed in voluntary administration with advisory groupGrant Thornton.
In an internal memo sent to all staff from owner Garrick Hawkins on Thursday, staff were told the current business was unsustainable and Ceres would be closed.
It is understood meetings are being held with staff this morning.
According to its website, Ceres Agricultural Company manages 30,000 hectares of grazing and cropping land in the central tablelands and north-west slopes of NSW.
The 15 properties operated by Ceres include: Ballyroe and Mayfield at Oberon; Gunyerwarildi, Postmans, Brentwood, Lava Downs and Inverness at Warialda; and Brudle P…
Read the full article at: https://www.queenslandcountrylife.com.au/story/5980948/ceres-agricultural-placed-in-voluntary-administration/
The Pool has been pushed into liquidation two months after the womens lifestyle website told staff and freelances it would go into administration.
Winding-uporderswere issued on 13 March in the High Court against owner The Pool (UK) Ltd after a petition by HM Revenue and Customs.
Companies House has todayissued an update about the court order, which forces an insolvent company into compulsory liquidation, but the file has not yet been published.
The Pool (UK) Ltds status is now shown as in liquidation.
Companies can apply for winding-up orders to be cancelled within five working days of their issue.
The Pools company director Domini…
Read the full article at: https://pressgazette.co.uk/the-pool-pushed-into-liquidation-two-months-after-administration-note-to-staff/
The Pool has been pushed into liquidation two months after the womens lifestyle website told staff and freelances it would go into administration.
Winding-uporderswere issued on 13 March in the High Court against owner The Pool (UK) Ltd after a petition by HM Revenue and Customs.
Companies House has todayissued an update about the court order, which forces an insolvent company into compulsory liquidation, but the file has not yet been published.
The Pool (UK) Ltds status is now shown as in liquidation.
Companies can apply for winding-up orders to be cancelled within five working days of their issue.
The Pools company director Domini…
Read the full article at: https://www.pressgazette.co.uk/the-pool-pushed-into-liquidation-two-months-after-administration-note-to-staff/
Introduction:
The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC) undergoes to second amendment to ensure enforcement of the provisions of the Code aiming towards the fulfilment of its objective of time-bound resolution process. These amendments will make easier effective implementation and obtain desired results.
Following are the significant amendments introduced in the 2018:
(a) Home Buyers are recognised as Financial Creditors
In the matter of Jaypee Infratech Limited, the Supreme Court held that, home buyers have now been recognized as financial creditors under the IBC. This amendment has been carried out keeping in mind the peculiarity of under construction apartments in India where almost 25% to 30% of the proje…
Read the full article at: https://legaldesire.com/brief-analysis-of-the-major-amendments-to-insolvency-and-bankruptcy-code-2016-code-in-2018/
STAFF at troubled farm business Ceres Agricultural Companyhave been told to expect significant job losses after the company was placed in voluntary administration with advisory groupGrant Thornton.
In an internal memo sent to all staff from owner Garrick Hawkins on Thursday, staff were told the current business was unsustainable and Ceres would be closed.
It is understood meetings are being held with staff this morning.
According to its website, Ceres Agricultural Company manages 30,000 hectares of grazing and cropping land in the central tablelands and north-west slopes of NSW.
The 15 properties operated by Ceres include: Ballyroe and Mayfield at Oberon; Gunyerwarildi, Postmans, Brentwood, Lava Downs and Inverness at Warialda; and Brudle P…
Read the full article at: https://www.queenslandcountrylife.com.au/story/5980948/ceres-agricultural-placed-in-voluntary-administration/?cs=4785
Napoleon Perdis has found a potential saviour in private equity firm KUBA Investments, which has offered to purchase the collapsed cosmetics business for an undisclosed sum.
The deal, yet to be approved by creditors, would see prominent cross-border retailer Livia Wang and her business partner Henry Lee take control of the business, with an eye on overseas expansion, likely into China.
The eponymous retail chain, founded by Napoleon Perdis in 1995, was placed into voluntary administration in January, owing over $20 million to creditors, including Priceline owner Australian Pharmaceutical Industries.
Perdis supports the deal and despite signing over his stake in the company will continue to contribute his creative expertise to the busi…
Read the full article at: https://www.smartcompany.com.au/industries/retail/napoleon-perdis-livia-wang/
Make-up artist Napoleon Perdis has lost control of the cosmetics empire he founded 25 years ago, with administrators announcing a sale of the business to an Australian investment firm.
Worrells, the insolvency firm which was put into Napoleon Perdis Cosmetics in January, said the sale to KUBA Investments would save 250 jobs and the Perdis brand.
Melbourne-registered KUBA is owned by Livia Wang, who owns a brand management company, and former retail executive Henry Lee. Worrells has run the Napoleon Perdis Cosmetics profitably since closing half its 56 stores after its appointment.
Subject to the sale to KUBA via a deed of company arrangement being approved by creditors, Mr Perdis and wife Soula-Marie Perdis would remain with the business in…
Read the full article at: https://thewest.com.au/business/make-up-king-napoleon-perdis-dethroned-after-company-sold-ng-b881151203z
STAFF at troubled farm business Ceres Agricultural Companyhave been told to expect significant job losses after the company was placed in voluntary administration with advisory groupGrant Thornton.
In an internal memo sent to all staff from owner Garrick Hawkins on Thursday, staff were told the current business was unsustainable and Ceres would be closed.
It is understood meetings are being held with staff this morning.
According to its website, Ceres Agricultural Company manages 30,000 hectares of grazing and cropping land in the central tablelands and north-west slopes of NSW.
The 15 properties operated by Ceres include: Ballyroe and Mayfield at Oberon; Gunyerwarildi, Postmans, Brentwood, Lava Downs and Inverness at Warialda; and Brudle P…
Read the full article at: https://www.queenslandcountrylife.com.au/story/5980948/ceres-agricultural-placed-in-voluntary-administration/?cs=4698
Gambling is becoming legal in more states and in different ways as of late. With online betting and the rising popularity of fantasy sports and sports betting, there are more ways than ever to wager.
Many people consider gambling ill-advised or even sinful. In some of the most religious states gambling is outlawed in some or all forms because of moral objections.
Yet it is allowed and even encouraged by other states as taxes on casinos and profits from lotteries add hundreds of millions of dollars to state coffers where gambling is permitted. The states that allow gambling collected a total of $35.1 billion in 2016, helping to offset state debt
24/7 Wall St. reviewed lottery spending data from the U.S. Census Bureau and…
Read the full article at: https://247wallst.com/special-report/2019/03/28/states-spending-the-most-and-least-on-gambling-2/