Insolvency Guardian Media Centre
Trade union Prospect has hit out at BTs drawn out plans to cut 13,000 staff as part of a restructuring plans to cut 1.5 billion a year from the spreadsheets.
Holding an open ballot to measure the reception of BTs People Framework, the proposed organizational structure following the restructure, BT employees represented by Prospect have overwhelmingly rejected the proposal. 96.3% voted against the proposal.
While former CEO Gavin Patterson spent years forking out cash on various schemes, including rights for English Premier League and European Champions League football, his last actions were at the polar opposite end of the scale.
Announced in May 2018, the wide-ranging restructuring plan was to create a new BT business, one which is des…
Read the full article at: http://telecoms.com/496750/trade-union-slams-bt-restructuring-plans/
Xiaomi is one of the few manufacturers with its own in-house semiconductor business. The wholly-owned Songguo Electronics is best known for its Surge S1 chip which powers the Mi 5C. Latest reports say Xiaomi has restructured the business and has even formed another company too.
According to an internal memo, the restructuring has led to some of the teams splitting up to set up a new company called Nanjing Big Fish Semiconductor. Xiaomi is said to have a 25% stake in the new company while the teams that formed the business own 75%. Nanjing will focus on research and development of AI and IoT chips and solutions while Songguo will continue to develop mobile phone SoC chips and AI chips.
READ MORE:Xiaomis Lei Jun promises MIUI revamp; wil…
Read the full article at: https://www.gizmochina.com/2019/04/03/xiaomi-restructures-songguo-semi-conductor-business-sets-up-a-new-company-too/
Simon Jordan says Bolton Wanderers prospective new buyer is EVEN WORSE than current owner Ken Anderson.
English businessman Laurence Bassini wont have Boltons best interests in mind, according to the talkSPORT pundit, who added: just ask Watford fans.
Former Watford owner Bassini was revealed as the man set to save Bolton from impending liquidation during the clubs latest High Court hearing on Wednesday.
But the news has not been welcomed with open arms due to Bassinis chequered history, in terms of both his personal finances and his ill-fated spell in charge at Vicarage Road, which lasted all of 13 months.
The 48-year-old has TWICE been declared ban…
Read the full article at: https://talksport.com/football/efl/521961/simon-jordan-bolton-laurence-bassini-watford-ken-anderson/
Bankrupt smartphone-maker Gionee Communication Equipment Co. Ltd.s liabilities are more than double its current assets, the administrator handling the case said, as the former high-flyer prepares to be liquidated after falling victim to intense competition.
The administrator disclosed its estimates of Gionees assets and liabilities at the first meeting of the companys creditors on Tuesday in its hometown of Shenzhen, just months after it was forced into bankruptcy. A planned liquidation discussed at the meeting would make Gionee the first major victim of a looming shakeout in Chinas fiercely competitive smartphone sector, which is entering the end of a classic boom-bust cycle after several years of explosive growth.
An initial exa…
Read the full article at: https://www.caixinglobal.com/2019-04-03/bankrupt-smartphone-maker-edges-toward-liquidation-101400679.html
Bolton have been granted a further stay of execution by the High Court, while controversial former Watford chairman Laurence Bassini has been confirmed as the clubs prospective buyer.
The Sky Bet Championship outfit were back in court on Wednesday facing a winding-up petition over an unpaid tax bill but the case has been adjourned until May 8 to allow the proposed sale of the club to proceed.
This is the sixth time in the last 18 months that Bolton have faced a winding-up order, which could result in administration or liquidation. The latest one was issued in February by HMRC over debts of 1.2million.
Current owner Ken Anderson had refused to name the prospective bu…
Read the full article at: https://au.eurosport.com/football/troubled-bolton-given-more-time-as-laurence-bassini-emerges-as-potential-buyer_sto7212889/story.shtml
The Supreme Court, while deciding the constitutional validity of various provisions of the Insolvency and Bankruptcy Code, 2016 (code), in the case of Swiss Ribbons Pvt Ltd v Union of India, upheld the mandate of section 29A with minor distinctions. Section 29A of the code lists persons or entities not eligible to submit a resolution application in insolvency proceedings before the National Company Law Tribunal.
Founder and managing partner
Aureus Law Partners
The challenge to the constitutional validity of section 29A, more particularly clause (c), was made on the grounds that it restricts the speedy disposal of a resolution process, and as such is contrary to the object of the code. Clause (c) of section 29A provides that a…
Read the full article at: https://www.vantageasia.com/key-principles-governing-documentary-transactions-2/
In a welcome development, the Supreme Court on Tuesday declared as unlawful RBIs February 12, 2018 circular, which ordered banks to refer defaulting companies for insolvency proceedings if they missed repayments even one day beyond the 180-day grace period.
The Bench led by Justice Rohinton Nariman said that in light of Section 35AA of the Banking Regulation Act, the RBI could not have issued a generic circular mandating reference under the Insolvency and Bankruptcy Code.
The controversial circular issued by former RBI Governor Urjit Patel, which targeted companiesmostly in power, sugar and fertilizer sectorswith loans of Rs 2,000 crore or more, had stunned the industry.
Crucial infrastructure projects such as coal-fired pow…
Read the full article at: http://www.newindianexpress.com/opinions/editorials/2019/apr/03/why-sc-quashing-rbis-february-12-circular-on-insolvency-proceedings-is-good-news-for-industry-1959537.html
Chinese police officials have gone creative in busting illegal gambling dens across the country.
Gambling is legal only in Macau which is Chinese territory. Gambling is illegal in mainland China; however, illegal gambling activities are on the rise. In a recent drive to curb and crack down on such unlawful gambling operations, the police in China used sophisticated drones to capture evidence and arrest those involved in such activities.
The gambling den that was raided after video footage of the illegal activities and gamblers was captured using a drone, was located on the outskirts and in isolation. The problem for the authorities was that these gambling Dens were continuously shifting from one place to another. As s…
Read the full article at: https://casino.buzz/chinese-police-goes-creative-busting-illegal-gambling-dens-with-drone-5687/
Kiwi trainer Tony Pike remembered a debt when booking jockey Damian Lane to ride Surely Sacred in Saturdays Australian Derby at Randwick.
The debt stretches back to when Lane rode Pikes classy performer Sacred Elixir to wins in the 2016 Caulfield Guineas Prelude and the Moonee Valley Vase, but Zac Purton was booked to ride the horse in that years Victoria Derby.
Sacred Elixir finished second to Prized Icon in the Derby, but Pike was keen to book Lane, who won the Golden Slipper last month, to ride Surely Sacred in the Australian Derby.
I owe Damian a Derby ride, Pike told the NZ Racing Desk.
I told him Id give him a Derby ride one day and hell have his chance on Surely Sacred on Saturday. Im looking forward to it.
Lane had…
Read the full article at: https://www.racenet.com.au/news/tony-pike-keen-to-pay-his-debt-in-australian-derby-20190403
FORT LAUDERDALE, Fla., April 02, 2019 (GLOBE NEWSWIRE) — Swisher Hygiene Inc. (the Company) today reported liquidation basis accounting for the year ended December 31, 2018.
As previously announced, on August 12, 2016, the Securities and Exchange Commission (the SEC) granted the Companys request for no-action relief from filing future periodic reports under Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 beginning with its quarterly report on Form 10-Q for the quarter ended June 30, 2016. In accordance with the terms of the requested relief, the Company will disclose material developments relating to its (i) liquidation, including the amounts of any liquidation distributions, payments and expenses, (ii) dissolut…
Read the full article at: https://globenewswire.com/news-release/2019/04/02/1795783/0/en/Swisher-Hygiene-Inc-to-File-Current-Report-on-Form-8-K-Reporting-Liquidation-Basis-Accounting-for-the-Years-Ended-December-31-2018-and-2017.html
FORT LAUDERDALE, Fla., April 02, 2019 (GLOBE NEWSWIRE) — Swisher Hygiene Inc. (the Company) today reported liquidation basis accounting for the year ended December 31, 2018.
As previously announced, on August 12, 2016, the Securities and Exchange Commission (the SEC) granted the Companys request for no-action relief from filing future periodic reports under Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 beginning with its quarterly report on Form 10-Q for the quarter ended June 30, 2016. In accordance with the terms of the requested relief, the Company will disclose material developments relating to its (i) liquidation, including the amounts of any liquidation distributions, payments and expenses, (ii) dissolut…
Read the full article at: https://www.globenewswire.com/news-release/2019/04/02/1795783/0/en/Swisher-Hygiene-Inc-to-File-Current-Report-on-Form-8-K-Reporting-Liquidation-Basis-Accounting-for-the-Years-Ended-December-31-2018-and-2017.html
Bogen Communications International, Inc., (Pink Sheets: BOGN) announced its German subsidiary Speech Design GmbH (Speech Design) filed an application in Hamburg for preliminary insolvency proceedings on January 10, 2019. The court approved debtor-in-possession management of the business, in conjunction with an insolvency advisor retained by Speech Design and a court appointed preliminary insolvency custodian. On April 1, 2019 formal insolvency proceedings were declared opened by the court. During this phase management, its insolvency advisor, and the insolvency custodian will collectively explore strategic alternatives for the business and develop a plan of reorganization for approval by creditors and the court. Speech Design is a wholl…
Read the full article at: https://www.globalbankingandfinance.com/bcii-german-subsidiary-files-for-insolvency/