HALIFAX In an April 3 story about the QuadrigaCX insolvency process, The Canadian Press incorrectly stated that if the company was transitioned to the bankruptcy process, creditors would be allowed to file lawsuits against the company and its affiliates. Though a court-ordered stay of proceedings would be lifted, that move would only be temporary, and the protection from lawsuits would remain in place.
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State-Owned Enterprises Minister Rini Soemarno has said the ministry is considering integrating flag carrier Garuda Indonesia and two airport operators PT Angkasa Pura I (AP I) and PT Angkasa Pura II (AP II) into an aviation holding company.
We are studying the possibility of establishing a holding company, said Rini recently as quoted by tribunnews.com, adding that the holding company would be similar to state-owned mining holding company PT Indonesia Asahan Aluminium (Inalum).
The government has already formed three holding companies, the other two being state-owned energy holding company Pertamina and state-owned plantation company PT Perkebunan Nusantara III (PTPN III).
Rini, however, did not go into detail on the plan, saying a …
Read the full article at: https://www.thejakartapost.com/news/2019/04/09/soes-ministry-mulls-establishing-aviation-holding-company.html
Napoleon Perdis creditors have approved a $1.6 million proposal to save the business which will see its 28 stores remain open and more than 250 staff keep their jobs.
The cosmetics retailer, which fell into administration in January, will be purchased by KUBA investments, run by cross-border retail investor Livia Wang and her business partner Henry Lee.
Wang will undertake a restructuring of the business which will seek to stabilise Australian operations before looking at international opportunities for the business, including in China.
The eponymous chains founder Napoleon Perdis was not in attendance at the second meeting of creditors last night but will sign over his shares and remain involved in the business as a creative consulta…
Read the full article at: https://www.smartcompany.com.au/industries/retail/napoleon-perdis-bought/
The most recent bankruptcy study from personal insolvency firm Hoyes, Michalos & Associates revealed an outsized risk of insolvency among millennials in Ontario. As if that news werent concerning enough, the report also points to a significant risk within another important group.
We continue to see a rise in women filing insolvency. As of 2018, 48.6% of insolvencies were filed by female debtors and the rate of insolvencies by gender is converging towards that of the overall adult population which, according to Statistics Canada, was 50.7% female as of July 1, 2018, the study said.
Citing a previous study on women and bankruptcy that the firm published in 2017, the report said that women face a higher risk of fi…
Read the full article at: https://www.wealthprofessional.ca/news/ontario-women-see-rising-risk-of-insolvency-256269.aspx
Read the full article at: https://theprovince.com/pmn/news-pmn/canada-news-pmn/corrective-to-april-3-story-on-quadrigacx-insolvency-proceedings/wcm/f2fe7bdd-fbaa-4493-8826-616903f3ee64
The WA Nationals will push the Commonwealth Government to wipe student debts for a broader range of job seekers who commit to living in regional WA for five years in the lead up to the Federal Election.
Prime Minister Scott Morrison announced in February teachers would be eligible to have HECS debts waived if they worked in indigenous communities.
The WA Nationals Federal candidates want the scope of that policy widened to include all job seekers considering moving to the bush in any industry in need of workers.
Nationals WA Senate candidate Nick Fardell said debt relief would lure highly educated people out to the bush to fill skills shortages.
I am not just saying kids out of university, there are a lot of people in their thirties with a H…
Read the full article at: https://thewest.com.au/news/regional/nats-call-for-student-debt-relief-for-all-regional-job-seekers-ng-b881151567z
In a letter sent to the judge that ruled against his company in a lawsuit filed by one of its customers, Frama Seafoods Amado Rodriguez said his company is at risk of insolvency.
Pinecrest, Florida-based Frama Seafood was ordered to pay more than USD 1 million (EUR 891,400) in compensation after California Superior Court Judge Eddie C. Sturgeon found Frama had fraudulently sent underweight loads of poor-quality salmon to Lotus Seafood on three occasions.
Your decision has destroyed my company along with my familys financial well-being and, with all due respect, I do not think that this judgment had any merits based on the complaint and trial, Rodriguez wrote to the judge.
Rodriguez questioned whether Lotus suffered damages from the shipment…
Read the full article at: https://www.seafoodsource.com/news/business-finance/amado-rodriguez-frama-seafood-faces-insolvency-after-losing-lawsuit
The National Company Law Appellate Tribunal said it would decide on the insolvency of debt-ridden Reliance Communications Ltd. The Anil Ambani-led Reliance Group company has pleaded with the tribunal to go ahead with insolvency proceedings against it as it is unable to pay dues to its lenders.
Swiss telecom gear maker Ericsson, which received its unpaid dues of Rs 550 crore from RCom last month following a Supreme Court order, is opposing the move.
A two-member bench headed by Chairman Justice SJ Mukhopadhaya also observed that if insolvency proceedings against RCom are allowed, then Ericsson would have to return Rs 550 crore.
“Why one party will take amount and let the financial creditors suffer,” said the NCLAT, adding that either it may …
Read the full article at: https://www.bloombergquint.com/business/nclat-to-decide-over-insolvency-plea-of-reliance-communications
Dear Sir,
Sub: Outcome of 7th CoC Meeting of M/s. Southern Online Bio Technologies Limited scheduled on 8th
April, 2019.
With reference to the subject cited above, I would like to inform you that the following matters are the
outcome of the 7th Committee of Creditors Meeting of M/s. Southern Online Bio Technologies Limited
held on 8th April, 2019.
1. Discussed on the 6th CoC meeting minutes and approved by the members of the CoC
2. Members having 97% of voting rights have present to the meeting and members having 3% of the
voting rights were not present to the CoC meeting
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/southern-online-bio-technologies-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26772324.ece
UK Renewable Investments (AD) plc was wound up on 3 April 2019 by District Judge Khan in the Business and Property Courts in Manchester. The Official Receiver has been appointed as liquidator.
In considering the petitions to wind-up the company, the court heard that between July 2015 and September 2016 UKRI sold corporate bonds to 208 people. 2.5 million was raised and investors were told their funds would go towards developing anaerobic digestion plants that generated renewable energy.
The bonds had a five-year term and were to generate an interest rate of 11% per annum. Interest payments were to be paid every six months after the first year and the bonds were to be redeemed in full at the end of the five-year term.
The major…
Read the full article at: https://www.miragenews.com/courts-shut-down-renewable-energy-investment-company/
- Australias happiest profession are sports and recreation, while government and defence are the least happy, according to SEEK.
- The head of a recruitment company says businesses undervalue happiness.
- Positive business conditions ahead for Australias unhappiest profession
New data from SEEK has found CEOs in Australia rate among the happiest workers in Australia, while Australias unhappiest workers are those in government and defence.
Almost 9 in 10 people in government and defence work said they were unhappy in their current role, according to the survey of 400 people released by job platform, SEEK. Admin and insurance roles also didnt have workers jumping out of bed in the morning. On the co…
Read the full article at: https://www.businessinsider.com.au/ceos-are-the-happiest-at-work-while-government-and-admin-workers-are-more-likely-to-be-miserable-2019-4
More than 254,000 debt relief ordershave been issued in the past 10 years, helping more than a quarter of a million people stabilise their finances.
Since the orders were launched in April 2009,some 2.3bn of debt relief has been granted to helppeople who have few assets and little surplus income, The Insolvency Service has revealed.
Those needing a DRO apply through an authorised debt adviser at organisations such as Citizens Advice, StepChange and PayPlan, who submit applications to The Insolvency Service on their behalf.
Paula Hogarth, who manages StepChanges DRO team in Birmingham, said: “While they are only suitable for a minority of people, and it is important that people go through debt advice to work out what is best for their own pa…
Read the full article at: https://www.ftadviser.com/your-industry/2019/04/08/debt-relief-worth-2-3bn-given-over-past-decade/
In 2018, 73 per cent of high-income earners ($150,000 or more) said they expected to pay down debt. That has fallen to 37 per cent.
“Given that our survey also showed that over 60 per cent of Australians are extremely concerned about the increasing cost of living the cost of essential services and increasing energy prices it seems that more households are not paying down debt because they do not have the capacity to do so,” EY chief economist Jo Masters said.
Key data on lending to households and businesses will be released on Tuesday. Lending to households for personal finance excluding refinancing has fallen more than 15 per cent in the 12 months to December while lending to households for the purchase of homes has fallen more than 19 …
Read the full article at: https://www.afr.com/news/economy/stretched-australians-unable-to-reduce-debt-20190408-p51bva