Insolvency Guardian Media Centre
The Federal Court of Australia has made orders to wind up Linchpin Capital, the parent company of Beacon Financial Group, after it found that Linchpin had contravened multiple provisions of the Corporations Act.
The Federal Court of Australia has found that Endeavour Securities (Australia) Ltd (Endeavour) and Linchpin Capital Group Ltd contravened multiple provisions of the Corporations Act and has made orders to place both companies in liquidation.
The court also ordered that a registered scheme operated by Endeavour and an unregistered scheme operated by Linchpin, both called Investport Income Opportunity Fund, also be placed into liquidation.
Linchpin Capital is the parent comp…
Read the full article at: https://www.smsfadviser.com/news/17463-federal-court-winds-up-parent-company-of-smsf-firm
LONDON (Reuters) – Struggling British department store group Debenhams said on Friday its shareholders could be wiped out as a result of some of the restructuring options it is considering and rebuffed a bid by Sports Direct to buy its Danish business.
FILE PHOTO: A new Debenhams department store in a shopping centre in Watford, Britain, September 24, 2018. REUTERS/Peter Nicholls/File Photo
Debenhams has issued a string of profit warnings and lost 90 percent of its market value in the past year. The company is trying to fend off an attempt by its largest shareholder, Mike Ashleys Sports Direct, to take control of the business.
On Friday, Debenhams said it was seeking 200 million pounds ($262 million) of additional funds from lenders, all…
Read the full article at: https://www.reuters.com/article/us-debenhams-restructuring/debenhams-shareholders-may-face-wipeout-in-restructuring-idUSKCN1R30YQ
On 8 January 2019, a seminar titled Corporate Insolvency Law and Practice Basic Principles and Updates was held by the Association of Corporate Counsel (ACC) Hong Kong at the offices of ONC Lawyers.
ONC senior partner, Ludwig Ng, also the author of the Hong Kong Corporate Insolvency Manual, provided an insightful overview of Hong Kong corporate insolvency law and practice.
Ng highlighted some areas of insolvency law that are of particular concern to commercial lawyers, such as the impact of winding-up on prior transactions and the personal liabilities of directors and employees in insolvency.
The seminar was well received and attended by m…
Read the full article at: https://www.vantageasia.com/acchk-rings-2019-insolvency-seminar/
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Read the full article at: https://neweralive.na/posts/acc-gives-nimt-ultimatum-over-allegations
Disclosure of List of Creditors of SRS Limited displayed under Regulation 13(2)(c) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 pursuant to Regulation 30 read with Clause 16(e) of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2018
Pdf Link:
SRS LTD. – Corporate Insolvency Resolution Process (CIRP)-List of Creditors
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/srs-ltd-corporate-insolvency-resolution-process-cirp-list-of-creditors/article26606239.ece
ABG Shipyard Ltd, once Indias biggest private shipbuilder, is headed for liquidation after a lenders panel rejected the resolution plan submitted by London-based Liberty House for the debt-laden shipbuilder.
Sundaresh Bhat, the resolution professional for ABG Shipyard, has filed an application with the Ahmedabad bench of the National Company Law Tribunal (NCLT) seeking liquidation of the Gujarat-based shipbuilder under Section 33 (2) of the Insolvency and Bankruptcy Code (IBC), according to papers filed with the bankruptcy court.
The Committee of Creditors (CoC) led by ICICI Bank has approved a resolution backing the liquidation plan. The yard owes some Rs 18,245 crores to a clutch of banks led by ICI…
Read the full article at: https://www.hellenicshippingnews.com/private-shipbuilder-abg-set-to-be-liquidated/
Comprehensive Report on Debt Settlement Market by Future Market Insights 2019 2025| CuraDebt Systems, Guardian Debt Relief, Debt Negotiation Services, Premier Debt Help
This press release was orginally distributed by SBWire
Houston, TX — (SBWIRE) — 03/21/2019 — Debt Settlement is a legitimate method of debt repayment that can be quite beneficial for consumers in certain circumstances. It is a debt and exemption method in which the debtor and creditor agree to reduce the overall amount of the payment and it also known as debt arbitration, debt negotiation, or credit settlement.
The Global Debt Settlement Market Report offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is d…
Read the full article at: http://www.digitaljournal.com/pr/4219316
Labor has pledged $60m for financial services that divert vulnerable borrowers from high-interest payday lenders.
The policy picks up on the recommendation of a Senate inquiry to expand no interest loans schemes to prevent low-income Australians being plunged into a cycle of debt due to unexpected expenses such as medical procedures and broken household appliances.
Labors plan would deliver $15m a year for four years to Good Shepherd Microfinance to expand its services. Good Shepherd estimates the funding will allow it to provide 76,800 low-cost loans each year to Australians in financial hardship.
The Senate inquiry heard that in the worst cases, financial products such as consumer leases slug consumers with effective interest rates o…
Read the full article at: https://www.theguardian.com/australia-news/2019/mar/22/labor-pledges-60m-to-divert-vulnerable-borrowers-from-payday-lenders
A father has been arrested for selling his toddler daughter in order to settle a 6,800 gambling debt.
The man, known only by his surname of Jiang, is accused of selling the girl, aged one, after becoming addicted to online gambling.
Jiang told his wife that the girl would be staying with her grandmother.
Instead, he sold his daughter to a couple in Guiyang, Guizhou, for the amount of money he needed to pay off his debt.
Last November, Jiang told his wife their daughter would be staying with his mother in Zunyi city, about 100 miles away.
The mother grew suspicious after she hadnt heard from her daughter for nearly three months.
Her husband would…
Read the full article at: https://metro.co.uk/2019/03/21/father-sells-daughter-pay-off-gambling-debts-8970217/
On March 19, 2019, the federal government tabled its 2019 budget (2019 Budget), which included a number of provisions related to pensions, benefits and executive compensation, as summarized below.
Changes to Insolvency Proceedings, Corporate Law and Pensions
Changes to Stock Options
Unclaimed Assets Framework
Permitting Additional Types of Annuities Under Registered Plans
Individual Pension Plans
Contributions to a Specified Multi-Employer Plan for Older Members
Changes to Tax-Free Savings Accounts
Pharmacare
Canada Pension Plan
Guaranteed Income Supplement
CHANGES TO INSOLVENCY PROCEEDINGS, CORPORATE LAW AND PENSIONS
The 2019 Budget proposes to introduce legislative amendments to the Companies Creditors Arrangement Act, the Bankruptcy…
Read the full article at: https://www.jdsupra.com/legalnews/2019-federal-budget-key-provisions-19655/
Blackham Resources has announced a fully underwritten renounceable entitlements issue to raise $25.8 million, of which $10 million will be used to pay debts owing to contractor MACA and The Lind Partners.
Under the offer, Blackham will issue five shares for every four shares held, at a price of 1.5 cents, which is a 44.4 per cent discount to its previous closing price of 2.7 cents each.
It will also issue one free attaching option for every three of the entitlement shares issued, with each option being exercisable at 3 cents each at an expiry date of October 12 2020.
MACA has agreed to sub-underwrite up to $7.5 million of the entitlements issue, with MACAs participation to be applied to a reduction of the trade receivable balance owing t…
Read the full article at: https://www.businessnews.com.au/article/Blackham-to-raise-26m-to-help-pay-off-debts
Follow us on Facebook for great stories daily!How could the father do such a thing to his own daughter!
Recently, a man from China was arrested for selling his child for RM35,000 to settle his online gambling debt. The father, Jiang, came from Guiyang, Guizhou and said that he had to do so because he was unemployed.
Source: DailyMail
According to DailyMail, Jiang first told his wife that he was bringing their daughter to her grandmothers house last November. However, after not hearing from her daughter for three months, Jiangs wife started to grow suspicious about her childs whereabouts. Every time she asked him about their daughter, Jiang would just give different excuses to justify her absence.
After three months, his wife could not stand …
Read the full article at: https://www.worldofbuzz.com/jobless-man-could-not-pay-his-gambling-debts-so-he-sold-his-1yo-daughter-for-rm35000/