Insolvency Guardian Media Centre
This is to inform you that the 12th Meeting of Committee of Creditors (CoC) was held on 04.03.2019.
In the meeting, The Chairperson apprised the members of the CoC that the Resolution Professional has filed an application before the Honble NCLT, Jaipur Bench, wherein vide order dated 28.02.2019 the Honble NCLT has allowed the application for seeking exclusion of the period of 113 days from calculating the period of 270 days of the Corporate Insolvency Resolution Process.
A Copy of said order is attached herewith.
Kindly take the above on your records.
Source : BSE – www.bseindia.com
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/article26437914.ece
EUGENE, Ore. — For people who owe money, debt consolidation is one pathway forward.
KEZI 9 News talked to Oregon Pacific Bank President and CEO Ron Green to learn more.
Are debt consolidation loans a good idea?
Green said debt consolidation is always a good option if youre looking to lower your interest rates or lower your monthly payments.
However, obtaining a debt consolidation l…
Read the full article at: https://www.kezi.com/content/news/Ask-The-Banker-Debt-consolidation-depends-on-income-506683571.html
Sub: Outcome of the 9th Meeting of Committee of Creditors of Uttam Value Steels Limited
Dear Sir,
This is in reference to the captioned subject.
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we would like to bring to your notice that the 9th meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (the Company) was held on February 27, 2019 to discuss the agenda items stated in the notice of the meeting.
The e-voting on the resolutions put to vote at the 9th meeting of the CoC of the Company commenced on Friday, March 1, 2019, at 05:00 p.m. and concluded on Saturday, March 2, 2019 at 05:00 p.m.
You are requested to take the same on record.
Pdf Link:
Uttam Value Steels Ltd. -…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26436257.ece
The liquidator for collapsed app-development business Appster is rallying creditors to pursue legal action against founders Mark McDonald and Josiah Humphrey, alleging they traded while insolvent.
Releasing an anticipated statutory report into the affairs of Appster on Tuesday, liquidator Paul Vartelas revealed the once-upon-a-time market darlings financial position had been worsening for several years prior to its collapse last December.
It is my view that the company traded whilst insolvent prior to my appointment since the 31st of March 2018 and quite possibly since the 31st of March 2017, Vartelas wrote in his report.
Creditors are now being asked to fund legal proceedings against the directors, due to the limited resources left a…
Read the full article at: https://www.smartcompany.com.au/startupsmart/news/appster-may-have-traded-while-insolvent/
Corporate insolvencies rose by ten per cent in 2018, consultancy firm Begbies Traynor said in a trading update this morning, as it reported it was on track to meet full-year expectations.
The restructuring firm announced it had seen a good flow of insolvency appointments in the three months to the end of January this year, as the annual figure grew to 16,090 nationally last year.
Read more: Personal insolvencies reach seven-year high as consumer credit squeezed
The surge of insolvencies in 2018 comes after three consecutive years of the lowest level of corporate appointments since 2004.
The firm also confirmed that it completed the acquisition of Croft Transport Planning & Design on 31 January and bought Newcastle-based insolvency prac…
Read the full article at: http://www.cityam.com/274147/corporate-insolvencies-boost-puts-begbies-traynor-track
We havent been imagining it retailers, along with the accommodation and food sectors, have seen a spike in corporate insolvency appointments over the last 12 months, an insolvency specialist has confirmed.
The accommodation and food services industry saw a 21 per cent spike in corporate insolvency appointments over the 2017-18 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 …
Read the full article at: https://www.mybusiness.com.au/management/5506-retail-food-sectors-see-spike-in-corporate-insolvency
TOLEDO, OHIO – General Motors will end production this week at the first of five North American plants it wants to close by early next year as part of a companywide restructuring.
The last American-made Chevrolet Cruze will come off the assembly line Wednesday at GMs sprawling Ohio assembly plant near Youngstown, GM spokeswoman Kim Carpenter said Monday.
The plant closings come as the Detroit-based automaker moves toward shifting its focus to making trucks, SUVs and electric and autonomous vehicles.
The United Auto Workers has sued GM over the closings, which still must be negotiated with the union.
Ohios political leaders along with union officials and workers are leading a campaign to save the Lordstown plant, but more than 300 alre…
Read the full article at: https://www.japantimes.co.jp/news/2019/03/05/business/gm-restructuring-production-ending-ohio-plant-week-last-chevy-cruz-rolls-off-line/
Analysts said the MCA notification helps clear the ambiguity regarding who can approach NCLT for CIRP.The government has allowed trustees, estate administrators, persons authorised by a companys board of directors etc to
initiate corporate insolvency resolution process (CIRP) against a corporate debtor before the NCLT, on behalf of financial creditors under the Insolvency and Bankruptcy Code (IBC), 2016.
In a notification, the ministry of corporate affairs (MCA) said a guardian, an executor or administrator of an estate of a financial creditor, a trustee (including a debenture trustee) and a person duly authorised by board of directors of a company may file an application for initiating CIRP against a corporate debtor before the adjudicati…
Read the full article at: https://www.financialexpress.com/economy/insolvency-and-bankruptcy-code-govt-says-trustees-too-can-approach-ibc-against-corporate-debtors/1505097/
Divorce is not the only scenario in which you can be affected by whether you married in community of property or out of community of property, according to attorney Simon Dippenaar.
He points out that another major event to consider is insolvency.
What is insolvency?
He explains that insolvency is not the same as bankruptcy, although the terms are often used to mean the same thing. One is a financial state; the other is a legal procedure.
Someone is insolvent when they are unable to pay their debts, either because their liabilities exceed their assets, or because they have insufficient cash flow.
Bankruptcy
Bankruptcy, on the other hand, occurs when one of the following takes place:
- A person or legal entity – that is a close corporation or comp…
Read the full article at: https://www.fin24.com/Money/Debt/how-insolvency-affects-a-spouse-and-a-business-20190304
Carlyle Group is to provide funding to restructuring US-based Nordam to enable the aerostructures manufacturer and repair provider to emerge from Chapter 11 bankruptcy protection.
But the Siegfried family, which founded and still owns Nordam, will continue as a shareholder of the Tulsa-based company.
The Siegfried family will retain its 50-year ownership and oversight of the business, and continue to lead the company forward, Carlyle Group says.
No financial details of the transaction have been released; it is scheduled to be completed by June.
Carlyle Group says that it will provide equity and new debt financing to de-lever the business and position the company for continued growth.
Nordam entered Chapter 11 bankruptcy protectio…
Read the full article at: https://www.flightglobal.com/news/articles/carlyle-group-backs-nordam-restructuring-efforts-456313/
The Insolvency and Bankruptcy Board of India (IBBI) has come up with a charter of responsibilities for Insolvency Resolution Professionals (IRPs) and Committee of Creditors (CoC) so that stakeholders have a complete and clear understanding of their roles and responsibilities in a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
This charter, which is not mandatory, has been prepared in consultation with the three insolvency professional agencies that have been set up by the CA Institute, the Institute of Company Secretaries and the Cost Accountants Institute.
This charter is only indicative and meant for the sole purpose of educating the stakeholders, said an IBBI official.
While specifying th…
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/corporate-insolvency-charter-of-responsibilities-for-irps-coc-unveiled/article26432294.ece
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