Insolvency Guardian Media Centre
The Government of the United Kingdom is inclined to impose an outright ban on gambling with credit cards, which is established as a risk factor for developing problem gambling behaviours and fueling a gambling addiction. Following calls by the Labour Party for stopping the practice of gambling with money that you do not actually have, Culture Secretary Jeremy Wright commented that the Government intends to take action on this issue.
Gambling with credit cards, which according to estimates amounts up to 8.6 billion every year, was pointed out as one of the most significant problems in the Labour Partys gambling regulations review last year. Resulting in a terrible spiral of debt, gambling on credit ruins the lives of…
Read the full article at: http://www.casinoguardian.co.uk/2019/04/12/uk-government-intends-on-imposing-a-ban-on-credit-card-gambling/
STAR Entertainment Group says it is “vigorously” pursuing a Singaporean high roller who claims dealing “mistakes” entitle him to write off a $43.2 million gambling debt on the Gold Coast.
In a case set to provide a fascinating insight into the world of high-stakes casino betting, Star is suing Dr Wong Yew Choy in the High Court in Singapore to recover his alleged losses at Star Gold Coast in Broadbeach.
The Gold Coast Bulletin can reveal Dr Wong, amassed the debt playing baccarat during a five-day stay on the Glitter Strip in the middle of last year.
The Oasis VIP gaming area at The Star Gold Coast. Photo: Supplied
Star Entertainment Group lodged its case on February 1.
It is understood Dr Wong argues dealing “errors” …
Read the full article at: https://www.qt.com.au/news/star-casino-sues-singapore-high-roller-for-alleged/3687361/
As you are aware the Company is under Corporate Insolvency Resolution Process as per Order dated 23rd March, 2018 issued by the Honble National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT has vide its Order dated 6th August, 2018 appointed Mr. Udayraj Patwardhan (Reg. No. IBBI/IPA-001/IP-P00024/2016-2017/10057) as the Resolution Professional of our Company.
The Committee of Creditors (CoC) at its last meeting have resolved that the Company may be liquidated under liquidation as a Going Concern. In this regard the Resolution Professional has filed necessary application with the NCLT Court, Mumbai,
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/petron-engineering-construction-ltd-corporate-insolvency-resolution-process-cirp-liquidation-corporate-insolvency-resolution-process-cirp/article26819125.ece
The Sissy-Boy chian was declared bankrupt by the court of Amsterdam on Friday. The company filed for deferment of payment earlier this month. At that time, the company had 45 of its own stores and 600 employees, NU.nl reports.
The group made an attempt to become more profitable last year, by cutting costs and investing in stores. But like with many other retail chains in the Netherlands, Sissy-Boy suffered under a disappointing summer and winter, according to the newspaper.
Over the past months the owners of Sissy-Boy were looking to sell. Parent company Brand Retail Group was in advanced discussions with a “Dutch family company”, but the sale fell through at the last minute.
The Dutch Sissy-Boy was founded in 1982. I…
Read the full article at: https://nltimes.nl/2019/04/12/sissy-boy-declared-bankrupt-amsterdam-court
Europes largest technology company SAP aims to more than double its market value to between 250 billion euros and 300 billion euros ($400-$480 billion) by 2023, chief executive Bill McDermott told a German newspaper.
McDermott said SAPs market capitalisation had increased to 140 billion euros ($221 billion) from 45 billion euros ($71 billion) since his tenure as CEO began in 2010.
Measured on the market valuation of pure cloud service providers, we have potential in our portfolio for a further 90 billion euros ($142 billion) in market value, he told Thursdays edition of Frankfurter Allgemeine Zeitung newspaper.
SAP is in the middle of a restructuring plan, announced in January, that includes 4400 layoffs, as McDermo…
Read the full article at: https://www.crn.com.au/news/sap-boss-aims-to-double-market-value-to-480-billion-523771
An established Queensland farming family, whose members include an Italian bikini model and a Supercar driver, is tied to companies being examined for alleged debts of more than $11 million.
The Barberas have been farming zucchinis, capsicum and tomatoes in the Bundaberg region for almost 50 years, currently operating under M & R Farms.
Family patriarch Giatano (Guy) Barbera, whose daughter Courtney was a runner-up in the Italian World Beauty Fitness and Fashion and whose 21-year-old son Mason drives Supercars, is being targeted by four liquidators.
BUSINESS: LITTLE TOKYO TWO ENTREPRENEURS $2.9M PENTHOUSE ON MARKET
He is the director of 14 compan…
Read the full article at: https://www.ntnews.com.au/news/national/liquidators-pursue-barbera-farming-empire-for-alleged-debts-of-11m/news-story/9d0ad71d6a6865ad952b2b3ca69e899b
Guarantee as a form of collateral security is popular in financing deals as the liability of a guarantor and the principal debtor are coextensive. Thus, the creditor has a remedy against both the principal debtor and the surety without the having to exhaust the remedy against one of the parties before proceeding against the other. Despite this well-established principle, the question of whether simultaneous proceedings can be initiated against the principal debtor and guarantor was the subject of debates under the Insolvency and Bankruptcy Code, 2016 (code).
Partner
HSA Advocates
The National Company Law Appellate Tribunal (NCLAT), in the Vishnu Kumar Agarwal v Piramal Enterprises Ltd case, did not allow simultaneous proceed…
Read the full article at: https://www.vantageasia.com/lenders-face-choice-debtor-guarantor/
Creditors of the crushed Payless Shoes will meet this month to decide whether to give the final boot to the Parramatta-based company after it collapsed two years ago with debts of more than $18 million.
Administrators Ferrier Hodgson has confirmed total dividends of 51.03 cents in the dollar have been paid to unsecured creditors, ahead of a meeting on April 29.
The purpose of the upcoming meeting of creditors is to terminate the deed of company arrangements and finalise the matter via the liquidation process, a Ferrier Hodgson spokesman said today.
Payless Shoes went in…
Read the full article at: https://www.dailytelegraph.com.au/newslocal/parramatta/total-dividend-of-5103-cents-in-dollar-for-payless-shoes-creditors/news-story/e7b2779041f66fb096598e9db19f0e51
Axsesstoday has entered into voluntary administration after senior lenders revoked their support for the business.
Axsesstoday, a publicly listed SME lender, went into voluntary administration after senior lenders said they were unable to continue supporting the business with ongoing waivers of breaches of loan terms.
The lenders disclosure to the Australian Securities Exchange (ASX) states: Axsesstodays business has grown significantly over the past three years, placing pressure on the capital structure of the business. This, coupled with higher arrears than anticipated, has resulted in breaches of financial covenants with its lenders and a capital structure that is inadequate for the business and its continued growth.
The directors sought…
Read the full article at: https://www.mortgagebusiness.com.au/breaking-news/13322-sme-lender-goes-into-voluntary-administration
Corporate regulator ASIC has been appointing liquidators to abandoned companies in recent months to recover more than $400,000 in unpaid employee entitlements.
Companies including NISS Technologies, Jovawill Pty Ltd, Ruschi Pty Ltd, Steel Project Services and the Surat Basin Group are now being investigated by liquidators at ASICs behest, amid concern about illegal phoenixing activity.
ASIC says the wind-ups will allow a full and proper investigation into the reasons why the companies failed and may assist the recovery of any voidable or unreasonable director-related transactions.
Abandoned companies may be an indicator that the director has engaged in illegal phoenix activity.
Companies are abandoned when directors fail to put an ins…
Read the full article at: https://www.smartcompany.com.au/business-advice/legal/asic-wind-up-abandoned-companies/
THE Government may ban gambling with credit cards, a minister hinted yesterday.
Culture Secretary Jeremy Wright said it intends to take action on the back of recommendations from the Gambling Commission on the issue.
Getty – Contributor
He told MPs he has a good deal of sympathy with Labour calls to prevent credit card gambling.
His remarks came after Shadow Culture Secretary Tom Watson raised the case of a woman who racked up a debt of more than 100,000 using nine credit cards in just two days gambling online.
Mr Watson said: The operators which took her bets should be held responsible for their disgraceful conduct.
No one should go into debt to place a …
Read the full article at: https://www.thesun.co.uk/news/8846235/gambling-with-credit-cards-ban/
Sir Philip Greens Arcadia Group has drafted two restructuring specialists on to its board as it prepares to shut stores and cut pension payments as part of a company-wide overhaul.
Jamie Drummond Smith and Peter Bloxham will join the boards of Topshop, Arcadia Group and its parent firm Taveta Investments, according to a corporate announcement that highlighted the pairs significant restructuring and governance expertise.
Both appointees have been working closely with the board as advisers in recent weeks.
Their relevant expertise will be invaluable as the group works through the current restructuring options, Arcadia said. They will also play an important role engaging with the groups key stakeholders at this critical time for the busine…
Read the full article at: https://www.theguardian.com/business/2019/apr/11/philip-green-restructuring-specialists-arcadia-board