Insolvency Guardian Media Centre
Pursuant to the provisions of Regulation 30 [Schedule III, Part A, Clause A (16) (g)] of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we wish to inform you that the 14th meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor) under the provisions of the Insolvency and Bankruptcy Code, 2016, is scheduled to be held on Wednesday, 17th April, 2019
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26862554.ece
By Davide Anghileri, University of Lausanne
The Italian Revenue Agency has concluded that a sale stock in an Italian company in connection with a business restructuring is exempt from the financial transactions tax because the sale was exclusively aimed at changing the legal form of the entity that will hold the stake in the Italian company not profit from the sale.
As described in Resolution n. 28/E, published 9 March, the case at stake involves a business restructuring through which 25 % of shares in an Italian company are sold by a Dutch company (the seller) to a British company (the buyer). Both the buyer and the seller are equally owned by a Dutch foundation and a British investment fund.
The issue relates to the tax regime applicab…
Read the full article at: https://mnetax.com/italy-clarifies-financial-transactions-tax-in-business-restructuring-33449
A NUMBER of Dalby businesses caught up in the 2017 collapse of Ostwald Brothers have been dealt a fresh blow, as liquidators move to recover several million dollars worth of potential “preferential payments” made in the six months before the construction business went bust.
Dalby Chamber of Commerce and Industry president Rohan May said the town “had been papered” with notices from liquidators FTI Consulting alleging preferential payments, despite many of those same businesses still being owed money by the in-liquidation Ostwald Bros Pty Ltd.
Mr May described the impact of the notices as “debilitating”.
“In addition to still being owed millions of dollars, the little amount of money they did get paid is sought to be recovered…
Read the full article at: https://www.thechronicle.com.au/news/ostwalds-liquidator-recover-money-hurting-business/3704833/
Xue Guanglin, the founder of Brightoil Petroleum Holdingsand once a billionaire on the Forbes rich list, was declared bankrupt by Hong Kong High Court following a long-running case involving financial woes at his company.
As Xue is a personal guarantor for about US$30 million debt owed by Brightoils Singapore subsidiary to Vietnamese national oil company Petrolimax, the Hong Kong High Court ruled he was bankrupt due to his guarantor status of overdue debt.
Xue, 52, ranked as high as 51st on Forbes China rich list in 2015 with a reported wealth of 19 billion yuan.
Brightoil Petroleum, one of the largest private-owned oil companies in China, has been suspended from trading since October 2017 over a series of financial difficulties.
The com…
Read the full article at: https://www.asiatimes.com/2019/04/article/brightoil-petroleum-founder-declared-bankrupt/
The committee of creditors to Gitanjali Gems, promoted by fugutive Mehul Choksi, has decided to liquidate the company to recover 12,558 crore it owes to 31 banks and financial institutions.
Choksi along with diamantaire Nirav Modi, are on the run since early last year after they misused credit facilities of banks and defaulted on loan repayment. Almost all the investigative agencies of the country are probing the multi-million scam perpetrated by Modi and Choksi together.
On Tuesday, Vijay Kumar Garg, the resolution professional of the company, informed the stock exchanges that the 180-day of Corporate Insolvency Resolution Process ended on April 6 and since the extension was not approved by the committee of creditors, the next logical s…
Read the full article at: https://www.thehindubusinessline.com/companies/gitanjali-gems-headed-for-liquidation/article26858223.ece
The court documents have revealed that businessman Wong Yew Choy visited Queensland Casino on July 26. Before departure, he was supposed to pay his A$43.2 million ($30.6 million) debt but did no such thing, claiming that during his stay, dealers made mistakes which werent specified. Star Entertainment QLD is ready to pursue this matter to collect the debt. On the other hand, Wong Yew Choy is telling his own version of the story which doesnt correspond to their allegations. This is believed to be the greatest gambling debt, handled through court proceedings in Singapore.
Two Sides to the Story
There is nothing out of the ordinary about high rollers having extended time for settling their debts. This case was no different, and after playi…
Read the full article at: https://gamblersnews.com/high-roller-refuses-to-pay-his-debt-to-casino-due-to-dealer-mistakes/356/
PayPal has been accused of allowing compulsive gamblers tospend up to 150,000per day, which prompts concerns that gambling addicts are utilizing PayPal to get around the limits established by traditional banks.
MPs and gambling experts called for PayPal to exercise more responsibility to stop gamblers from accruing colossal debtthat could force them into bankruptcy.
The Department of Digital, Culture, Media, and Sport (DCMS)stated that the Gambling Commission could consider payment providers in its review of gambling with credit cards.
Psychiatrist and founder of the NHSs only specialist gambling clinicHenrietta Bowden-Jones, stated: The first time I ever heard about a gambler using PayPal to pay for online gambling occurred about two weeks…
Read the full article at: https://www.usaonlinecasino.com/casino-news/problem-gamblers-using-paypal-to-gamble-legally/
Daily News
16 April 2019
Specialist technology staffing company Parity Group (PTY: LSE) reported revenue for the year ended 31 December 2018 of 86.1 million, an increase of 2.7% compared with the same period last year.
Adjusted pre-tax profit decreased by 48.7% to 850,000 last year due to costs related to the delay and subsequent loss of a Ministry of Defence contract for Parity Consultancy Services. The delay and subsequent loss of the contract also impacted operating profit which decreased by 64.8% in 2018.
The group had earlier issued a profit warning in November 2018 over the delay of the contract.
| ( millions) | FY 2018 | FY 2017 | Change |
| Revenue | 86.1 … Read the full article at: https://www2.staffingindustry.com/eng/Editorial/Daily-News/UK-Parity-Group-revenue-rises-in-2018-but-loss-of-contract-hits-profits-49646 New Delhi: Opening up a new window for promoters looking to retain control of their companies facing bankruptcy proceedings, the National Company Law Appellate Tribunal (NCLAT) has held that shareholders and owners can reach a settlement with creditors when their entity is under liquidation and an official liquidator has been appointed by the insolvency court. The NCLAT order has far reaching consequences over resolution of stressed assets, especially those where promoters are seeking settlement post-initiation of bankruptcy proceedings in the National Company Law Tribunal (NCLT). As per amendments made to the Insolvency and Bankruptcy Code (IBC), promoters are barred from participation in the resolution process of their stressed assets… Read the full article at: https://www.livemint.com/news/india/nclat-allows-promoters-under-liquidation-settle-with-creditors-1555410647435.html Gazprom has begun buying natural gas from Turkmenistan after a three-year pause, under a 25-year contract signed in 2003 and suspended in 2016. Until 2010, Russias gas giant was the biggest buyer of Turkmen gas, Reuters recalls in its report on the story, adding that this was the year when Turkmenistan began exporting gas to China. This must not have sat well with Gazprom, for whom China is a major target market, so the company began reducing its intake of Turkmen gas. However, the exports to China were not the biggest problem. In 2015, Turkmengaz, Gazproms counterpart in Turkmenistan, accused the Russian company of owing payments for gas deliveries. It even declared Gazprom insolvent, to which the Russian major responded with a… Read the full article at: https://oilprice.com/Latest-Energy-News/World-News/Why-Gazprom-Just-Resumed-Purchases-Of-Turkmen-Gas.html
Accomplished Research on Debt Settlement Market Growth 2019-2025:This is an excellent research study specially compiled to provide the latest insights into critical aspects of the Debt Settlementmarket. The report includes different market forecasts related to market size, production, revenue, consumption, CAGR, gross margin, price, and other key factors.It is prepared with the use of industry-best primary and secondary research methodologies and tools. Each segment of the global Debt Settlement Market is extensively evaluated in the research study. The segmental analysis offered within the report pinpoints key opportunities on the market within the Debt Settlement market through leading segments.The regional study of the globa… Notice along with Agenda and Notes to Agenda for the 8th Meeting of the Committee of Creditors of Southern Online Bio Technologies Limited (under Corporate Insolvency Resolution Process) under the provisions of The Insolvency and Bankruptcy code, 2016 read with Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Day & Date: Wednesday 17th April, 2019, Time: 5.00 P.M Venue: Bank of India, Telangana Zonal Office, PTI Building, 2nd Floor, A.C. Guards, Hyderabad – 500004 Thanking You, Pdf Link: Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/southern-online-bio-technologies-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26855122.ece Go to Top Call Now Button |