Insolvency Guardian Media Centre
SINGAPORE – The tycoon who made headlines in 2017 for his run-in with the management committee of the Ardmore Park condominium was declared bankrupt in the Hong Kong High Court last week.
Dr Sit Kwong Lam, who was listed as a billionaire by Forbes in 2017 but dropped off last year, had provided a personal guarantee for US$30 million worth of goods that Singapore bunker supplier Brightoil Petroleum Singapore had bought from Petrolimex Singapore, based on two invoices billed in April last year. Petrolimex had applied for a bankruptcy order against Dr Sit.
“This court is not satisfied there is a reasonable prospect of the debt being paid, either by Brightoil Singapore or the debtor, within a reasonable time,” Hong Kong High Court Judge Pe…
Read the full article at: https://www.straitstimes.com/singapore/courts-crime/ardmore-park-tycoon-declared-bankrupt-in-hong-kong
To
Date: 17th April, 2019
The General Manager
Department of Corporate Services,
BSE Limited,
PJ. Towers, Dalal Street,
Mumbai-400 001.
Dear Sir,
Sub: Outcome of 8h CoC Meeting of M/5. Southern Online Bio Technologies Limited scheduled on 17th
April, 2019.
With reference to the subject cited above, I would like to inform you that the following matters are the
outcome of the 8th Committee of Creditors Meeting of M/s. Southern Online Bio Technologies Limited
held on 17th April, 2019.
1. Discussed on the legal opinion received on the invitation of EoIs by division wise, apportionment of
admitted financial claims by division wise and also clauses/ conditions to be incorporated in the IM,
Evaluation Matrix and also RFRP document to avoid any litigations in …
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/article26866671.ece
The 7th Meeting of the COC was held on Wednesday, the 10th day of April, 2019 at the premises of State Bank of India, Stressed Assets Management Branch, TSRTC Bus Complex, Kachiguda, Hyderabad – 500 027.
The following were put for electronic voting and
were duly passed:
To extend the last date of submission of Resolution Plans by Prospective Resolution Applicants
To apply to Honble NCLT, Hyderabad to extend the period of Corporate Insolvency Resolution Process by 90 days.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/bs-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26865665.ece
DUBAI, UAE, April 17, 2019 /PRNewswire/ –Following the independent reports that projected a boost of more than $30 billion in the UAE economy and numerous job openings, Sami Raja, CEO of Sami Raja Consultancy announced his complete support to SMEs and Entrepreneurs who are involved with the event.
With numbers predicting a massive boom in the business opportunities created by the event, more and more Small and Medium Enterprises and independent entrepreneurs will shift their focus to doing direct or related business with the Expo 2020. However, when involved with such a global level event, there will be a few sure glitches along the way of doing business.
With over a decade of presence in the business consulting field, Sami…
Read the full article at: https://www.prnewswire.com/news-releases/sami-raja-consultancy-to-back-smes-and-entrepreneurs-involved-with-expo-2020-300833725.html
FARMERS in Australia operate in a highly variable environment, and agriculture is considered the most volatile sector in the Australian economy.
In fact, the volatility of the agricultural industry is nearly double that of any other industry in the country. With variability and volatility comes risk.
Unfortunately, in life, there is rarely a reward without taking a degree of risk. In farming, risk is an essential part of generating income. Managing risk is about making business decisions that exchange some level of tolerable risk for some degree of acceptable return. Decisions can be made to decrease risk, but that can often result in lower revenues.
To effectively manage risk in their business, grain producers need to understand both the …
Read the full article at: https://www.queenslandcountrylife.com.au/story/6055886/insolvencies-highlight-credit-insurancebenefits-grain-brokers-australia/
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/