Insolvency Guardian Media Centre
PayPal has been accused of letting problem gamblers spend up to 150,000 a day, prompting concerns that addicts are using the online payment system to circumvent bank limits.
MPs and gambling experts called for the company to be more responsible to stop people racking up huge debts that could force them into bankruptcy.
The Department for Digital, Culture, Media and Sport (DCMS) said the Gambling Commission could consider payment providers as part of its review of gambling on credit cards.
Henrietta Bowden-Jones, a psychiatrist who founded the NHSs only specialist gambling clinic, said: The first time I ever heard about a gambler using PayPal to pay for online gambling occurred about two weeks ago in clinic, when a young man came accompa…
Read the full article at: https://www.theguardian.com/society/2019/feb/17/paypal-problem-gamblers-misuse-avoid-bank-limits
Outcome of 16th Committee of Creditors Meeting
Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg.
We give below outcome of the 16th Meeting of the CoC:
The Committee of Creditors reviewed the resolution plans submitted by the resolution applicants and decided to give final opportunity to each resolution applicant to submit their revised resolution plan.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/viceroy-hotels-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26290975.ece
SINGAPORE: Embattled water treatment firm Hyflux on Saturday (Feb 16) morning announced its closely-watched restructuring plan which it said would help to resuscitate the company, but retail investors told Channel NewsAsia that this will see them suffering massive losses.
According to an affidavit filed by founder-CEO Olivia Lum to the High Court on Friday, holders of Hyfluxs perpetual securities and preference shares will be allocated a cash payout of S$27 million and 10.26 per cent of the companys shares post-restructuring.
The latter includes a top-up of 1.26 per cent from Ms Lum and the companys board of directors, who had earlier said they would be contributing their stakes in the company, as well…
Read the full article at: https://www.channelnewsasia.com/news/business/hyflux-proposes-restructuring-plan-retail-investors-big-losses-11249690
This is to inform you that the public announcement made pursuant to order passed by the Tribunal under Section 13 of Insolvency Code has published in Free Press Journal, Mumbai Edition Newspaper , Navakal Mumbai Edition Newspaper and Janadesh Silvasa Edition Newspaper on Friday February 15, 2019. Copy of Free Press Journal Mumbai Edition Newspaper advertisement is enclosed herewith for your information and record.
This letter may be treated as communication under Regulation 30, 47 and any other applicable provisions, if any, of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015.
You are requested to kindly take the above intimation on your records.
Pdf Link:
Sezal Glass Limited – Corporate Insolvency Resolution …
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/sezal-glass-limited-corporate-insolvency-resolution-process-cirp-public-announcement/article26289364.ece
IBBI, established in October 2016 under the IBC, has regulatory oversight over the insolvency professionals/agencies/entities and information utilitiesThe Insolvency and Bankruptcy Code (IBC), 2016, will soon have provisions dealing with individual insolvency and bankruptcy, said MS Sahoo, chairman of Insolvency and Bankruptcy Board of India (IBBI). Sahoo on Friday said the first priority would be the regulations specifically relating to guarantors to corporate debtors or personal guarantors.
Responding to a question on a timeline for the insolvency and bankruptcy resolution processes of individuals and firms, Sahoo said: That will take a little time. Preparedness is on. Wont be able to give a deadline but work is on. He was speaking at a…
Read the full article at: https://www.financialexpress.com/industry/insolvency-process-ibc-to-have-provisions-dealing-with-individual-insolvency-says-ibbi-chairman/1489195/
CEDARHURST, N.Y., Feb. 15, 2019 (GLOBE NEWSWIRE) — The securities litigation law firm of Kuznicki Law PLLC issues the following notice on behalf of shareholders of the following publicly traded companies. Shareholders who purchased shares in these companies during the dates listed below are encouraged to contact the firm regarding possible appointment as lead plaintiff and a preliminary estimate of their recoverable losses.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff…
Read the full article at: https://globenewswire.com/news-release/2019/02/15/1726279/0/en/FILING-DEADLINE-Kuznicki-Law-PLLC-Announces-Class-Actions-on-Behalf-of-Shareholders-of-IMMU-YRIV-SVXY-and-UXIN.html
MUMBAI -Failure to repay home loans might drag future defaulters to dedicated bankruptcy courts as New Delhi is seeking to put in place a broad framework on individual insolvency two years after it revamped such laws for stressed companies.
Three sets of entities will fall under the individual insolvency code. They would include the personal guarantor to corporate debtors, proprietary firms and other individual borrowers, M S Sahoo, chairman of the Insolvency and Bankruptcy Board of India (IBBI), said Friday.
The work is progressing, but I cannot comment on any timelines, said Sahoo.
According to a market source ET spoke with, the insolvency rules to recover bad loans from individuals could only come after the impending general elections…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/individual-insolvency-code-may-soon-be-a-reality/articleshow/68015306.cms
With growing demand for insolvency professionals, Indian Institute of Corporate Affairs (IICA) has launched a graduate insolvency programme (GIP).
Approved by the Insolvency and Bankruptcy Board of India (IBBI), GIP offers course for those individuals who want to join the insolvency profession or seeking other roles in the value chain, in the country and in foreign jurisdictions.
An insolvency professional is a key institution of the insolvency regime. The graduates of the GIP will add immense value to the insolvency ecosystem and contribute to its further development, IBBI chairperson M S Sahoo said.
IICA is established by the ministry of corporate affairs as a think tank that supports initiatives of the Ministry on all matters relating …
Read the full article at: https://www.thehindubusinessline.com/news/education/iica-launches-two-year-graduate-insolvency-programme/article26281642.ece
Notice of 16th Committee of Creditors Meeting
Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg.
With reference to the subject cited above, I would like to bring to your kind notice that the 16th Meeting of the Committee of Creditors (COC) of the Company is scheduled to be held on Saturday, 16th February, 2019, at the registered office of the Company situated at Plot No. 20, Sector – I, Survey No. 64, 4th Floor, HUDA Techno Enclave, Hyderabad – 500 081, Telangana, India.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/viceroy-hotels-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26280833.ece
The Insolvency and Bankruptcy Code 2016(IBC) will prevail over the Prevention of Money Laundering Act 2002(PMLA), and hence no attachment can be ordered under PMLA against the assets of corporate debtor undergoing insolvency process.
This was held by the National Company Law Tribunal, Mumbai bench, allowing an application moved by Resolution Professional of Sterling SEZ and Infrastructure Ltd, against which an application under Section 7 of IBC was admitted.
The Enforcement Directorate(ED) had initiated proceedings under the PMLA against Sterling on allegations of money laundering worth Rs 4274 crores. A provisional order of attachment was passed against some of the assets of Sterling by the Adjudicating Authority under the PMLA on May 29,…
Read the full article at: https://www.livelaw.in/news-updates/ibc-overrides-pmla-no-attachment-possible-under-pmla-during-insolvency-process-nclt-read-order-142930
The Indian Institute of Corporate Affairs (IICA) has launched the Graduate Insolvency Programme (GIP) for individuals aspiring to join the insolvency profession in India andabroad.
This is among the first such courses in the world for professionals dealing with insolvent companies and helping them achieve debt resolution.
Approved by the Insolvency and Bankruptcy Board of India (IBBI) and curated by a group comprising economists, insolvency, financial and legal experts, the GIP aims to create trained professionals in the insolvency resolution practice for the near future.
The two-year programme comprises of one year of residential classroom and another year of internship.
M S Sahoo, Chairperson,IBBIsaid, “An insolvency pro…
Read the full article at: https://www.moneycontrol.com/news/business/iica-launches-graduate-programme-for-insolvency-professionals-3543591.html
JOHANNESBURG Under CEO Sipho Maseko over the last six years, Telkom has transformed itself into a very good telecoms business that has shifted its view firmly to the future of data. A few years ago, the company embarked on a restructuring drive that also entailed trimming down its workforce. When Telkom spun-off its wholesale and network services arm Openserve in 2015, this marked another milestone for the company as it played its part in opening up the fixed-lined data market in the country. Added to this, the Telkom share price under Maseko has been on a continuous rise. And Telkoms balance sheet is so solid now that it is eyeing possibly snapping up a mobile network in South Africa. Maseko has achieved all of this with the govern…
Read the full article at: https://www.biznews.com/tech/2019/02/15/telkom-shows-restructuring-can-work