Insolvency Guardian Media Centre
McGrathNicol said “indications of insolvency” were apparent as early as last August, after costs blew out by $57 million on its Daydream and Hayman solar farm projects in Queensland, leaving the project facing a $28.5 million loss instead of a $28.5 million profit.
“At that time, management and the board considered that the cost overruns were isolated to those two projects, and that the funds sought through the 2018 capital raise would be sufficient to address the issue, however further cost overruns had been identified on those and other projects by the end of October 2018,” McGrathNicol said.
The administrators also said directors may have breached section 180 of the Corporations Act, which requires directors to exercise “care and dilig…
Read the full article at: https://www.afr.com/business/rcr-tomlinson-may-have-traded-while-insolvent-administrators-find-20190320-h1cksz
Three Kansas hospitals are among six hospitals once run by a North Kansas City-based company that have filed for Chapter 11 bankruptcy protection.
Two of the three, Horton Community Hospital and Oswego Community Hospital, have closed in the last few weeks. The third, Hillsboro Community Hospital, remains open under the auspices of a court-ordered receivership.
A spokesman for Kansas Attorney General Derek Schmidt said last week that his office is conducting an ongoing investigation into Horton Community Hospital,but he declined to provide details.
All six bankrupt hospitals at one time were operated by EmpowerHMS, which bought up ailing rural hospitals in Kansas, Missouri and other states with the aim of turning them around. Empower unt…
Read the full article at: https://www.hppr.org/post/three-small-town-kansas-hospitals-declare-bankruptcy-after-months-struggling
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Office Outlet
The former Staples stationery chain, Office Outlet, is in administration, putting 1,200 jobs at risk.
The retailer has no connection to the online-only business which trades under the Staples UK name.
Two partners at business services firm Deloitte were appointed joint administrators on Monday.
Office Outlet, which is part-owned by Hilco, the former HMV owner, has 90 UK stores, which will continue to trade while a buyer is sought.
The administrators said the chain had suffered as demand for stationery supplies had continued to fall an…
Read the full article at: https://www.bbc.com/news/business-47626280
Most people who are struggling with their debts and personal finance are often in a dilemma whether or not they should opt for a debt relief program to ease their finance a bit. This is due to the common misconception about these programs. Ideally, you can opt for these programs and expect to get rid of your debt after a specific time limit which can range anywhere from 3 to 5 years.
The most common way to get rid of your debt seems to be settling it with your creditor for a reduced amount but if you have multiple debts in your name then the best alternative seems to be consolidating your debts.
- Debt consolidation is a process in which you pay off your existing debts with a new larger loan or line of credit.
- Since all your existi…
Read the full article at: https://thriveglobal.com/stories/facts-and-truth-behind-and-debt-consolidation-to-know-beforehand/
Progressa, a Vancouver-based fintech company that is focused on helping sub-prime and near-prime Canadians seeking to improve their financial health, announced on Tuesday it has surpassed the $100 million milestone in funded loans for underserved Canadian consumers.
The company reported since 2013, Progressa has helped tens of thousands of Canadians improve their financial health by paying off outstanding collections items, improving their credit, and getting back to living their life. It was also noted that since inception, more than 9 out of 10 new customers who have paid off their collections with Progressa have seen a positive or neutral credit score migration.While sharing more details about the milestone, Ali Pourdad, CEO of Pr…Read the full article at: https://www.crowdfundinsider.com/2019/03/145547-canadian-fintech-progressa-surpasses-100-million-in-debt-relief/
Indias corporate sector is in such flux that bankers and investors are constantly on alert for signs of distress. At the faintest whiff of misfortune or hint of corporate collapse, these predators get ready to pounce.
Thanks to a new insolvency tribunal and bankruptcy code, creditors have more clout and a greater chance of recovering their loans, while private equity and distressed debt investors see more opportunities to pick up the pieces.
This important change in the corporate landscape becomes apparent when Asiamoney visits an investment banker in Mumbai in late January. The interview is interrupted by rapid updates from a junior banker on the state of Zee Entertainment Enterprises share price, which falls 20%, then 30%, until the int…
Read the full article at: https://www.euromoney.com/article/b1dltkr331s6gr/pe-changes-the-face-of-corporate-india
The National Company Law Appellate Tribunal (NCLAT), in its recent ruling in the case of Vishnu Kumar Agarwal v Piramal Enterprises Ltd, while examining the validity of an application made under section 7 of the Insolvency and Bankruptcy Code, 2016 (code), against corporate guarantors, held that: (1) there is no bar on filing two simultaneous applications under section 7 against the principal borrower as well as the corporate guarantors and against both guarantors; and (2) it is not necessary to initiate a corporate insolvency resolution process (CIRP) against the principal borrower before initiating a CIRP against the corporate guarantors.
Abhishek Dutta
Founder and managing partner
Aureus Law PartnersThe NCLAT was hearing th…
Read the full article at: https://www.vantageasia.com/ibc-law-guarantees-corporate-insolvency-process/
Three Kansas hospitals are among six hospitals once run by a North Kansas City-based company that have filed for Chapter 11 bankruptcy protection.
Two of the three, Horton Community Hospital and Oswego Community Hospital, have closed in the last few weeks. The third, Hillsboro Community Hospital, remains open under the auspices of a court-ordered receivership.
A spokesman for Kansas Attorney General Derek Schmidt said last week that his office is conducting an ongoing investigation into Horton Community Hospital,but he declined to provide details.
All six bankrupt hospitals at one time were operated by EmpowerHMS, which bought up ailing rural hospitals in Kansas, Missouri and other states with the aim of turning them around. Empower unt…
Read the full article at: https://www.kbia.org/post/three-small-town-kansas-hospitals-declare-bankruptcy-after-months-struggling
Debt Settlement Market Analysis & Forecast For Next 5 Years
This press release was orginally distributed by SBWire
Edison, NJ — (SBWIRE) — 03/19/2019 — A new business intelligence report released by HTF MI with title “Global Debt Settlement Market 2019 by Company, Regions, Type and Application, Forecast to 2024” has abilities to raise as the most significant market worldwide as it has remained playing a remarkable role in establishing progressive impacts on the universal economy. The Global Debt Settlement Market Report offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources and it comprises both qualitative and quan…
Read the full article at: http://www.digitaljournal.com/pr/4213666
Just days after calling in administrators, Carnegie Clean Energy has revealed hopes to resurrect the companys wave power business, while selling or winding down its fully-owned solar and micro-grid subsidiary, Energy Made Clean, that was the cause of much of its problems.
In an ASX statement on Monday, Carnegie said it had secured in principle funding support to pursue a recapitalisation of its core CETO technology, in a deal with company director and shareholder Grant Mooney through Mooney & Partners and key stakeholder Asymmetric Credit Partners.
Carnegie which started out as Carnegie Wave Energy also noted that while it had placed the company and its subsidiaries into voluntary administration with KordaMentha, the CETO wave energy s…
Read the full article at: https://reneweconomy.com.au/carnegie-flags-reboot-for-wave-power-business-as-key-investors-provide-funding-13978/
Westpac has announced changes to the way it addresses customers wealth and insurance needs.
Westpac chief executive, Brian Hartzer, said: We are committed to supporting our customers insurance, investment and superannuation needs as part of our service strategy. The changes were announcing today are about focusing our investment where we have genuine competitive advantage and growth opportunities.
The group says the changes reflect its commitment to supporting customers through their financial lives, while responding to the changing external environment.
In summary the Group is:
Realigning its major BT Financial Group (BTFG) businesses into the Consumer and B…
Read the full article at: https://www.brokernews.com.au/news/breaking-news/major-announces-business-restructure-261413.aspx
Three Kansas hospitals are among six hospitals once run by a North Kansas City-based company that have filed for Chapter 11 bankruptcy protection.
Two of the three, Horton Community Hospital and Oswego Community Hospital, have closed in the last few weeks. The third, Hillsboro Community Hospital, remains open under the auspices of a court-ordered receivership.
A spokesman for Kansas Attorney General Derek Schmidt said last week that his office is conducting an ongoing investigation into Horton Community Hospital,but he declined to provide details.
All six bankrupt hospitals at one time were operated by EmpowerHMS, which bought up ailing rural hospitals in Kansas, Missouri and other states with the aim of turning them around. Empower unt…
Read the full article at: https://www.kcur.org/post/three-small-town-kansas-hospitals-declare-bankruptcy-after-months-struggling
